The Bank of Nova Scotia filed a free writing prospectus on November 12, 2026, disclosing terms for Market Linked Securities auto-callable with contingent downside, linked to the lowest performing of Alphabet Inc. Class A common stock, the Nasdaq-100 Index, and Space Exploration Technologies Corp. Class A common stock, due November 25, 2030.

Key Highlights

  • Face amount: $1,000 per security, with denominations in any integral multiple of $1,000.
  • Pricing and issue dates: Pricing date is November 20, 2026 (subject to change); issue date is November 25, 2026 (subject to change).
  • Auto-call rate: Call premiums accrue at a simple (non-compounding) return of at least approximately 34.70% per annum, to be determined on the pricing date.
  • Threshold value: 70.00% of each underlying's starting value; if the lowest performing underlying falls below this at maturity, principal loss exceeds 30% and may reach 100%.
  • Estimated value at pricing: Between $911.80 (91.18%) and $941.80 (94.18%) per security, according to the filing.
  • Agent discounts: Wells Fargo Securities, LLC will receive a discount of up to 2.575%; dealers including Wells Fargo Advisors, LLC may receive a selling concession of up to 2.00% and a distribution expense fee of 0.075%.
  • CUSIP / ISIN: 06419UDX0 / US06419UDX00.

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

According to the filing, the securities are issued under The Bank of Nova Scotia's Senior Note Program, Series A, pursuant to Registration No. 333-298611. The offering is filed under Rule 433 as a free writing prospectus, with the term sheet dated November 12, 2026 supplementing a preliminary pricing supplement dated November 11, 2026. The three market measures are the Class A common stock of Alphabet Inc., the Nasdaq-100 Index, and the Class A common stock of Space Exploration Technologies Corp., with the payout on each call date and at maturity determined solely by whichever of the three is the lowest performing.

The filing discloses that automatic call is triggered on any call date if the closing value of the lowest performing underlying is greater than or equal to its starting value on that date. The first call date listed is November 26, 2027, carrying a call premium of at least 34.700%, for a payment of at least $1,347.00 per security. Premiums escalate monthly, reaching at least 138.80% of face amount (at least $2,388.00 per security) on the final calculation day of November 20, 2030. Scotia Capital Inc., an affiliate of the Bank, is designated as the calculation agent.

The filing states that if the securities are not called and the ending value of the lowest performing underlying is below its threshold value at the final calculation day, investors receive $1,000 multiplied by the performance factor of the lowest performing underlying, meaning principal loss of more than 30% and possibly all of the face amount is possible. The filing further discloses that "any positive return on the securities will be limited to the applicable call premium" and that no periodic interest is paid. The Bank's estimated value of the securities at pricing is disclosed as between $911.80 and $941.80 per security, reflecting inclusion of dealer spread and projected profit from hedging in the original offering price.

What Was Disclosed

The Bank of Nova Scotia disclosed a term sheet for auto-callable, principal-at-risk securities linked to three underlyings, with a stated maturity of November 25, 2030, call premiums accruing at least approximately 34.70% per annum, a 70.00% threshold value, and an estimated value of $911.80 to $941.80 per security at pricing.