加拿大丰业银行美股招股说明书(2025-11-25版)

PRELIMINARY PRICING SUPPLEMENTSubject To Completion, dated November 24, 2025 Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-282565(To Product Supplement No. WF-1 dated November 8, 2024,Underlier Supplement dated November 8, 2024, The Bank of Nova Scotia ◼Unlike ordinary debt securities, the securities do not pay interest.Instead, the securities provide for a maturity payment amount that may be greaterthan or equal to the face amount of the securities, depending on the performance of the Index from the starting level to the ending level.Thematurity payment amount will reflect the following terms: ◼If the level of the Index increases, you will receive the face amount plus a positive return equal to 100% of the percentage increase in thelevel of the Index from the starting level, subject to a maximum return at maturity of at least 23.00% (to be determined on the pricing date) ofthe face amount. As a result of the maximum return, the maximum maturity payment amount will be at least $1,230.00 ◼If the level of the Index remains unchanged or decreases, you will receive the face amount ◼Repayment of the face amount at maturity regardless of the performance of the Index ◼All payments on the securities are subject to the credit risk of The Bank of Nova Scotia (the “Bank”) ◼No periodic interest payments or dividends on securities included in the Index ◼No exchange listing; designed to be held to maturity If the securities priced today, the estimated value of the securities as determined by the Bank would be between $921.02 (92.102%) and $951.02(95.102%) per security. See “The Bank's Estimated Value of the Securities” in this pricing supplement for additional information.The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debtsecurities. See “Selected Risk Considerations” beginning on page P-8 herein and “Risk Factors” beginning on page PS-3 of the accompanyingproduct supplement, beginning on page S-2 of the accompanying prospectus supplement and on page 8 of the accompanying prospectus.Scotia Capital (USA) Inc., our affiliate, will purchase the securities from the Bank for distribution to other registered broker dealers includingWells Fargo Securities, LLC (“WFS”) or will offer the securities directly to investors. Scotia Capital (USA) Inc. or any of its affiliates or agents The securities are senior unsecured debt obligations of the Bank, and, accordingly, all payments are subject to credit risk. The securities arenot insured by the Canada Deposit Insurance Corporation pursuant to the Canada Deposit Insurance Corporation Act (the “CDIC Act”) orthe U.S. Federal Deposit Insurance Corporation or any other governmental agency of Canada, the United States or any other jurisdiction.Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of Scotia Capital (USA) Inc. or one of our affiliates will purchase the aggregate face amount of the securities and as part of the distribution, will sell the securitiesto WFS at a discount of up to $38.25 (3.825%) per security. WFS will provide selected dealers, which may include Wells Fargo Advisors (“WFA”, the tradename of the retail brokerage business of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession ofup to $27.50 (2.75%) per security, and WFA will receive a distribution expense fee of $0.75 (0.075%) per security for securities sold by WFA. In respect ofcertain securities sold in this offering, we may pay a fee of up to $2.00 per security to selected securities dealers in consideration for marketing and otherservices in connection with the distribution of the securities to other securities dealers. See “Terms of the Securities—Agents” herein and “Supplemental Plan Excludes any profits from hedging. For additional considerations relating to hedging activities see “Selected Risk Considerations — Risks Relating To TheEstimated Value Of The Securities And Any Secondary Market — The Inclusion of Dealer Spread and Projected Profit from Hedging in the Original OfferingPrice is Likely to Adversely Affect Secondary Market Prices” in this pricing supplement. Market Linked Securities—Upside Participation to a Cap and PrincipalReturn at Maturity Market Linked Securities—Upside Participation to a Cap and PrincipalReturn at Maturity Principal at Risk Securities Linked to the S&P 500® Additional Information about the Issuer and the Securities You should read this pricing supplement together with product supplement No. WF-1 dated November 8, 2024, the underlier supplement datedNovember 8, 2024, the prospectus supplement dated November 8, 2024 and the prospectus dated November 8, 2024 for additional informationabout the securities. Information included in this pricing supplement supersedes information in the product supplement, underlier supplemen