加拿大丰业银行美股招股说明书(2025-10-16版)

PRELIMINARY PRICING SUPPLEMENTDated October 15, 2025Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-282565(To Prospectus dated November 8, 2024,Prospectus Supplement dated November 8, 2024and Product Supplement dated November 8, 2024)The Bank of Nova Scotia $●Trigger Autocallable GEARS Linked to an Equally-Weighted Basket of Selected Equities due on or about October 31, 2030Investment Description The Bank of Nova Scotia Trigger Autocallable GEARS (the “Securities”) are senior unsecured debt securities issued by The Bank of Nova Scotia (“BNS” or the “issuer”) linked to anequally-weighted basket (the “underlying basket”) consisting of 20 selected equity securities (each, a “basket asset”, together the “basket assets”), as specified herein under“Underlying Basket”. BNS will automatically call the Securities (an “automatic call”) if the closing level of the underlying basket (the “basket closing level”) on the observation date isequal to or greater than the autocall barrier. If the Securities are subject to an automatic call, BNS will pay you a cash payment per Security on the call settlement date equal to the“call price”, which is the principal amount plus a call return based on the call return rate, and no further payments will be owed to you under the Securities. If the Securities are notsubject to an automatic call, the amount you receive at maturity will be based on the direction and percentage change in the level of the underlying basket from the initial basket levelto the final basket level (the “basket return”) and whether the basket closing level on the final valuation date (the “final basket level”) is less than the downside threshold. If theSecurities are not subject to an automatic call and the basket return is positive, BNS will pay you a cash payment per Security at maturity equal to the principal amount plus apercentage return equal to the basket return multiplied by the upside gearing. If the Securities are not subject to an automatic call, the basket return is zero or negative and the finalbasket level is equal to or greater than the downside threshold, BNS will pay you a cash payment per Security at maturity equal to the principal amount. If, however, the Securities arenot subject to an automatic call, the basket return is negative and the final basket level is less than the downside threshold, BNS will pay you a cash payment per Security at maturitythat is less than the principal amount, if anything, resulting in a percentage loss of your principal amount equal to the basket return and, in extreme situations, you could lose yourentire investment in the Securities.Investing in the Securities involves significant risks. The Securities do not pay interest. You may lose a significant portion or all of yourinvestment in the Securities. The contingent repayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including anyrepayment of principal, is subject to the creditworthiness of BNS. If BNS were to default on its payment obligations you may not receive any amounts owed to you underthe Securities and you could lose your entire investment in the Securities. Features AutomaticCall Feature:BNS will automatically call the Securities if the basket closing level onthe observation date is equal to or greater than the autocall barrier, which is equal to the initialbasket level. If the Securities are subject to an automatic call, BNS will pay you a cash paymentper Security on the call settlement date equal to the call price. Following an automatic call, nofurther payments will be owed to you under the Securities. Enhanced Exposure to Positive Basket Return:If the Securities are not subject to anautomatic call, at maturity, the Securities provide exposure to any positive basket return multipliedby the upside gearing. ContingentRepayment of Principal at Maturity with Potential for Full Downside MarketExposure:If the Securities are not subject to an automatic call, the basket return is zero ornegative and the final basket level is equal to or greater than the downside threshold, BNS willpay you a cash payment per Security at maturity equal to the principal amount. If, however, theSecurities are not subject to an automatic call, the basket return is negative and the final basketlevel is less than the downside threshold, BNS will pay you a cash payment per Security atmaturity that is less than the principal amount, if anything, resulting in a percentage loss of yourprincipal amount equal to the basket return and, in extreme situations, you could lose your entireinvestment in the Securities. The contingent repayment of principal applies only if you hold theSecurities to maturity. Any payment on the Securities, including any repayment of principal, is *Expected. See page P-2 for additional details.**Weexpect to deliver the Securities against payment on or about the second business dayfollowing the trade date. Under Rule 15c6-1 of the Secur