加拿大丰业银行美股招股说明书(2026-01-07版)

The notes will not bear interest.The amount that you will be paid on your notes at maturity (expected to be the 2 business day after the valuation date) is based on the performance of the S&P 500® Index (the reference asset) asmeasured from the trade date to and including the valuation date (expected to be approximately 26 to 29 months after thetrade date). If the final level on the valuation date is equal to or greater than 85.00% of the initial level (set on the tradedate), you will receive the maximum payment amount (expected to be between $1,150.50 and $1,177.00 for each $1,000principal amount of your notes).If the final level on the valuation date is less than 85.00% of the initial level, the To determine your payment at maturity, we will first calculate the reference asset return, which is the percentage increase ordecrease in the final level from the initial level. At maturity, for each $1,000 principal amount of your notes: ●if the final level isequal to or greater than85.00% of the initial level (the reference asset return isequal to or greaterthan-15.00%), you will receive the maximum payment amount; or●if the final level isless thanthe initial level by more than 15.00% (the reference asset return is negative and isless than-15.00%), you will receive an amount in cash equal to thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) Following the determination of the initial level, the amount you will be paid on your notes at maturity will not be affected bythe closing level of the reference asset on any day other than the valuation date.In addition, no payments on your noteswill be made prior to maturity. Investment in the notes involves certain risks. You should refer to “Additional Risks” beginning on page P-15 ofthis pricing supplement and “Additional Risk Factors Specific to the Notes” beginning on page PS-6 of theaccompanying product supplement and “Risk Factors” beginning on page S-2 of the accompanying prospectus The initial estimated value of your notes at the time the terms of your notes are set on the trade date is expected tobe between $957.30 and $987.30 per $1,000 principal amount, which will be less than the original issue price ofyour notes listed below.See “Additional Information Regarding Estimated Value of the Notes” on the following page and“Additional Risks” beginning on page P-15 of this document for additional information. The actual value of your notes at any Neither the United States Securities and Exchange Commission (the “SEC”) nor any state securities commissionhasapproved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricingsupplement, the accompanying prospectus, prospectus supplement, underlier supplement or product supplement. The notes are not insured by the Canada Deposit Insurance Corporation (the “CDIC”) pursuant to the CanadaDeposit Insurance Corporation Act (the “CDIC Act”) or the U.S. Federal Deposit Insurance Corporation or any othergovernment agency of Canada, the United States or any other jurisdiction. Scotia Capital (USA) Inc.Pricing Supplement dated,2026 The Digital Notes Linked to the S&P 500®Index Due [•] (the “notes”) offered hereunder are unsubordinated and unsecuredobligations of The Bank of Nova Scotia (the “Bank”) and are subject to investment risks including possible loss of the principalamount invested due to the negative performance of the reference asset and the credit risk of the Bank. As used in this pricingsupplement, the “Bank,” “we,” “us” or “our” refers to The Bank of Nova Scotia. The notes will not be listed on any U.S. securities The return on your notes will relate to the price return of the reference asset and will not include a total return or dividendcomponent. The notes are derivative products based on the performance of the reference asset. The notes do not constitute adirect investment in any of the shares, units or other securities represented by the reference asset. By acquiring the notes, you willnot have a direct economic or other interest in, claim or entitlement to, or any legal or beneficial ownership of any such share, unit Scotia Capital (USA) Inc. (“SCUSA”), our affiliate, will purchase the notes from us for distribution to one or more registered brokerdealers. SCUSA or any of its affiliates or agents may use this pricing supplement in market-making transactions in notes after theirinitial sale. Unless we, SCUSA or another of our affiliates or agents selling such notes to you informs you otherwise in theconfirmation of sale, this pricing supplement is being used in a market-making transaction. See “Supplemental Plan of Distribution(Conflictsof Interest)”in this pricing supplement and“Supplemental Plan of Distribution(Conflicts of Interest)”in the The original issue price, commissions and proceeds to the Bank listed above relate to the notes we issue initially. We may decideto sell additional notes after the date of the final pricing supplement, at original issue prices