The Bank of Nova Scotia filed a free writing prospectus on November 12, 2026, disclosing terms of Contingent Income Auto-Callable Securities with Memory Coupon due on or about November 26, 2027, linked to the common stock of Meta Platforms, Inc.

Key Highlights

  • Underlying asset: Common stock of Meta Platforms, Inc. (Bloomberg Ticker: "META UW")
  • Stated principal amount: $1,000.00 per security, with a minimum investment of $1,000 (1 security)
  • Contingent quarterly coupon: $30.775 per security (equivalent to 12.31% per annum) if the closing price on a determination date is greater than or equal to the downside threshold price
  • Downside threshold price: 60.00% of the initial share price; if the final share price falls below this level, the payment at maturity will be less than 60.00% of the stated principal amount and could be as low as zero
  • Call threshold price: 100.00% of the initial share price, triggering automatic early redemption
  • Estimated value on pricing date: Expected to be between $945.62 and $975.62 per security
  • Commission: $17.50 per stated principal amount; securities will not be listed on any exchange

Terms and Structure of the Bank of Nova Scotia's Meta-Linked Securities

According to the filing, The Bank of Nova Scotia ("BNS") is offering senior unsecured debt securities under its Senior Note Program, Series A, with a pricing date of November 20, 2026, an original issue date of November 25, 2026, and a maturity date of November 26, 2027. The filing states that all payments on the securities are subject to the credit risk of BNS, and that the securities do not guarantee any return of principal at maturity. The CUSIP is 06419UEL5 and the ISIN is US06419UEL52, as disclosed in the filing.

The filing describes a memory coupon feature: if the closing price of the underlying stock is below the downside threshold price on one or more determination dates, those coupons are not paid. However, if a subsequent determination date shows a closing price at or above the downside threshold, all previously unpaid contingent quarterly coupons are included in that payment. The filing notes that "no interest will accrue or be paid on any previously unpaid contingent quarterly coupons." If the closing price remains below the downside threshold on every determination date, the filing states investors "will receive no contingent quarterly coupons during the term of, and will not receive a positive return on, the securities."

At maturity, if the final share price is below the downside threshold price, the filing discloses that the payment equals the stated principal amount multiplied by the share performance factor (final share price divided by initial share price), which could be as low as zero. The filing's hypothetical payout table illustrates that a -41.00% change in the underlying stock would result in a $590.00 payment at maturity, while a -100.00% change would result in $0.00. The filing was made pursuant to Rule 433 under Registration Statement No. 333-298611.

What Was Disclosed

BNS filed a free writing prospectus describing the full terms of principal-at-risk, auto-callable securities linked to Meta Platforms common stock, including coupon conditions, the memory coupon feature, early redemption triggers, downside threshold mechanics, estimated value range, and commission details.