The Bank of Nova Scotia filed a free writing prospectus on November 11, 2026, disclosing the terms of Contingent Income Auto-Callable Securities with Memory Coupon linked to the common stock of Micron Technology, Inc., with a pricing date of November 16, 2026, and a maturity date of November 21, 2029.

Key Highlights

  • Underlying stock: Common stock of Micron Technology, Inc. (Bloomberg Ticker: "MU UW")
  • Stated principal amount: $1,000.00 per security, with a minimum investment of $1,000 (1 security)
  • Contingent quarterly coupon: $47.30 per security, equivalent to 18.92% per annum of the stated principal amount, paid only when the closing price on a determination date is greater than or equal to the downside threshold price
  • Downside threshold price: 55.00% of the initial share price; if the final share price falls below this level, payment at maturity will be less than 55.00% 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 $934.86 and $964.86 per security
  • Commission: $22.50 per stated principal amount; CUSIP 06419UEB7 / ISIN US06419UEB70

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

According to the filing, the securities are senior unsecured debt obligations of The Bank of Nova Scotia ("BNS"), issued under its Senior Note Program, Series A, pursuant to Registration Statement No. 333-298611. The original issue date is November 19, 2026, three business days after the pricing date. All payments on the securities are subject to the credit risk of BNS, and the securities will not be listed on any securities exchange or electronic communications network.

The filing discloses a memory coupon feature: if the closing price of the underlying stock is below the downside threshold price on one or more determination dates, any unpaid contingent quarterly coupons accumulate and become payable on a later determination date when the closing price meets or exceeds the downside threshold price. The filing states that "no interest will accrue or be paid on any previously unpaid contingent quarterly coupons." If the closing price remains below the downside threshold price 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."

The filing's hypothetical payout table illustrates that principal is returned in full at maturity for underlying stock declines of up to 45.00%, but a 46.00% decline produces a hypothetical maturity payment of $540.00, and a 100.00% decline results in a payment of $0.00. The filing notes that the securities "do not guarantee any return of principal at maturity" and that investors "will not participate in any appreciation of the underlying stock."

What Was Disclosed

The Bank of Nova Scotia disclosed the preliminary terms of principal-at-risk auto-callable securities linked to Micron Technology common stock, including coupon conditions, the memory coupon mechanism, early redemption triggers, downside threshold levels, estimated value range, and commission details.