The Bank of Nova Scotia filed a free writing prospectus on October 29, 2026, disclosing the summary terms of Auto-Callable Trigger Performance Leveraged Upside Securities linked to the S&P 500 Index, with a stated maturity date of December 5, 2028.

Key Highlights

  • Issuer and structure: The Bank of Nova Scotia is offering senior unsecured notes under its Senior Note Program, Series A, with a stated principal amount of $1,000.00 per security.
  • Key dates: The pricing date is November 13, 2026, the original issue date is November 18, 2026, and the final determination date is November 30, 2028.
  • Auto-call feature: If the S&P 500 Index closing value on November 22, 2027 is greater than or equal to the initial index value, the securities are automatically redeemed at $1,100.10 per security on November 26, 2027.
  • Leverage and trigger: If not redeemed early and the final index value exceeds the initial index value, a 125.00% leverage factor applies; a trigger level is set at 80.00% of the initial index value.
  • Principal at risk: If the final index value falls below the trigger level, investors lose 1% for every 1% decline from the initial index value and could lose their entire investment.
  • Estimated value: The estimated value on the pricing date is expected to be between $941.70 and $971.70 per security, below the $1,000.00 issue price.
  • Commission and listing: A commission of $25.00 per stated principal amount applies; the securities will not be listed on any securities exchange or electronic communications network.

Terms and Payout Structure of the Bank of Nova Scotia's S&P 500-Linked Notes

According to the filing, The Bank of Nova Scotia (NYSE:BNS) is offering these securities as senior unsecured debt under Registration Statement No. 333-298611. Because all payments depend on BNS's ability to meet its obligations, the filing states that "all payments on the securities are subject to the credit risk of BNS." The securities are linked solely to the price return of the S&P 500 Index, not its total return, meaning dividend income from index constituent stocks is not reflected in the payout calculation.

The filing describes one automatic call observation before the final determination date. On November 22, 2027, if the S&P 500 Index closing value equals or exceeds the initial index value set on the pricing date, holders receive $1,100.10 per security on November 26, 2027, and no further payments are made. If that observation date does not trigger early redemption, the securities proceed to the final determination date of November 30, 2028, and mature on December 5, 2028. At maturity, the 125.00% leverage factor applies only if the final index value is above the initial index value; if the index finishes between the trigger level and the initial index value, the filing states investors receive exactly $1,000.00 per security with no gain.

The hypothetical payout table included in the filing illustrates outcomes across a range of index returns. For example, a 40.00% underlying return would produce a $1,500.00 payment at maturity, while a -30.00% return would yield $700.00 per security. A -100.00% return would result in a $0.00 payment. The filing also notes that CUSIP 06419TZ27 / ISIN US06419TZ276 identifies these securities, and that the preliminary pricing supplement is available through EDGAR.

What Was Disclosed

The Bank of Nova Scotia filed a free writing prospectus summarizing the terms of principal-at-risk, auto-callable notes linked to the S&P 500 Index. The securities carry a $1,000.00 stated principal amount, a single early redemption observation date, a 125.00% leverage factor, and an 80.00% trigger level, with maturity on or about December 5, 2028.