# EDGAR Filing Document

**Accession Number:** 0000009631
**File Stem:** 0001839882-25-041078
**Filing Date:** 2025-7
**Character Count:** 66164
**Document Hash:** 3c580d67b6beda2dddf398541308f669
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-041078.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001839882-25-041078

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF NOVA SCOTIA
- **CENTRAL INDEX KEY:** 0000009631
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134941099
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282565
- **FILM NUMBER:** 251161182

**BUSINESS ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4
- **BUSINESS PHONE:** (416) 866-3672

**MAIL ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANK OF NOVA SCOTIA /
- **DATE OF NAME CHANGE:** 19970702

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| | |
|:---|:---|
| &nbsp;&nbsp; **The information in this preliminary term sheet is not complete and may be changed. We may not sell these notes until the final term sheet is delivered in final form. We are not selling these notes, nor are we soliciting offers to buy these notes, in any State where such offer or sale is not permitted.** | &nbsp;&nbsp; **The information in this preliminary term sheet is not complete and may be changed. We may not sell these notes until the final term sheet is delivered in final form. We are not selling these notes, nor are we soliciting offers to buy these notes, in any State where such offer or sale is not permitted.** |
| &nbsp;&nbsp; **Subject to Completion**<br> **Preliminary Term Sheet**<br> **Dated July 29, 2025** | &nbsp;&nbsp; **Filed Pursuant to Rule 424(b)(2)**<br> **Registration Statement No. 333-282565**<br> **(To Prospectus dated November 8, 2024,**<br> **Prospectus Supplement dated November 8, 2024**<br> **and Product Supplement EQUITY SUN-1 dated December 11, 2024)** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Units<br>$10 principal amount per unit<br>CUSIP No.  | &nbsp;&nbsp;&nbsp;&nbsp; <br>Pricing Date\*<br>Settlement Date\*<br>Maturity Date\* | &nbsp;&nbsp; <br>August , 2025<br> September , 2025<br> September , 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Units<br>$10 principal amount per unit<br>CUSIP No.  | &nbsp;&nbsp;&nbsp;&nbsp; \*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") | &nbsp;&nbsp;&nbsp;&nbsp; \*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") |
| &nbsp;&nbsp;&nbsp; **Market-Linked One Look Notes Linked to the iShares**<sup>®</sup> **Silver Trust**<br> ￭Maturity of approximately 13 months<br> ￭If the Underlying Fund is flat or increases, a return of [19.50% to 25.50%]<br> ￭1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of your principal at risk<br> ￭All payments occur at maturity and are subject to the credit risk of The Bank of Nova Scotia<br> ￭No periodic interest payments<br> ￭In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes"<br> ￭Limited secondary market liquidity, with no exchange listing<br> ￭The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation (the "CDIC"), the U.S. Federal Deposit Insurance Corporation (the "FDIC"), or any other governmental agency of Canada, the United States or any other jurisdiction | &nbsp;&nbsp;&nbsp; **Market-Linked One Look Notes Linked to the iShares**<sup>®</sup> **Silver Trust**<br> ￭Maturity of approximately 13 months<br> ￭If the Underlying Fund is flat or increases, a return of [19.50% to 25.50%]<br> ￭1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of your principal at risk<br> ￭All payments occur at maturity and are subject to the credit risk of The Bank of Nova Scotia<br> ￭No periodic interest payments<br> ￭In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes"<br> ￭Limited secondary market liquidity, with no exchange listing<br> ￭The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation (the "CDIC"), the U.S. Federal Deposit Insurance Corporation (the "FDIC"), or any other governmental agency of Canada, the United States or any other jurisdiction | &nbsp;&nbsp;&nbsp; **Market-Linked One Look Notes Linked to the iShares**<sup>®</sup> **Silver Trust**<br> ￭Maturity of approximately 13 months<br> ￭If the Underlying Fund is flat or increases, a return of [19.50% to 25.50%]<br> ￭1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of your principal at risk<br> ￭All payments occur at maturity and are subject to the credit risk of The Bank of Nova Scotia<br> ￭No periodic interest payments<br> ￭In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes"<br> ￭Limited secondary market liquidity, with no exchange listing<br> ￭The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation (the "CDIC"), the U.S. Federal Deposit Insurance Corporation (the "FDIC"), or any other governmental agency of Canada, the United States or any other jurisdiction |

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**The notes are being issued by The Bank of Nova Scotia ("BNS"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on page TS-6 of this term sheet, "Additional Risk Factors" on page TS-7 of this term sheet and "Risk Factors" beginning on page PS-8 of product supplement EQUITY SUN-1.**

**The initial estimated value of the notes as of the pricing date is expected to be between $8.944 and $9.244 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes" on page TS-12 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

**_________________________**

None of the U.S. Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has approved or disapproved of these notes or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

**_________________________**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <u>Per Unit</u> | &nbsp;&nbsp; <u>Total</u> |
| &nbsp;&nbsp; Public offering price<sup>(</sup><sup>1</sup><sup>)</sup>  | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $ |
| &nbsp;&nbsp; Underwriting discount<sup>(</sup><sup>1</sup><sup>)</sup>  | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $ |
| &nbsp;&nbsp; Proceeds, before expenses, to BNS  | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $ |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For any purchase of 300,000 units or more in a single transaction by an individual investor or in combined transactions with the investor's household in this offering, the public offering price and the underwriting discount will be $9.95 per unit and $0.10 per unit, respectively. See "Supplement to the Plan of Distribution" below.

**The notes:**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Are Not FDIC Insured** | &nbsp;&nbsp; **Are Not Bank Guaranteed** | &nbsp;&nbsp; **May Lose Value** |

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**BofA Securities**

August , 2025

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Summary

The Market-Linked One Look Notes Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 (the "notes") are our senior unsecured debt securities. The notes are not guaranteed or insured by the CDIC or the FDIC, and are not, either directly or indirectly, an obligation of any third party. The notes are not bail-inable debt securities (as defined in the prospectus). **The notes will rank equally with all of our other unsecured senior debt. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of BNS.** The notes provide you with a Step Up Payment if the Ending Value of the Market Measure, which is the shares of the iShares<sup>®</sup> Silver Trust (the "Underlying Fund"), is equal to or greater than the Starting Value. If the Ending Value is less than the Starting Value, you will lose all or a portion of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Underlying Fund, subject to our credit risk. See "Terms of the Notes" below.

The economic terms of the notes (including the Step Up Payment) are based on our internal funding rate, which is the rate we would pay to borrow funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging related charge described below, will reduce the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes will be greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value range for the notes. This range of estimated values was determined by reference to our internal pricing models, which take into consideration certain factors, such as our internal funding rate on the pricing date and our assumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-12.

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| | | |
|:---|:---|:---|
|  Terms of the Notes | Terms of the Notes | Redemption Amount Determination |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp; The Bank of Nova Scotia ("BNS") | &nbsp;&nbsp; Notwithstanding anything to the contrary in the accompanying product supplement, the Redemption Amount will be determined as set forth in this term sheet. On the maturity date, you will receive a cash payment per unit determined as follows:  |
| &nbsp;&nbsp; **Principal Amount:** | &nbsp;&nbsp; $10.00 per unit | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Term:** | &nbsp;&nbsp; Approximately 13 months | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Market Measure:** | &nbsp;&nbsp; The iShares<sup>®</sup> Silver Trust (Bloomberg symbol: "SLV") | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Starting Value:** | &nbsp;&nbsp; The Closing Market Price of the Market Measure on the pricing date | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Ending Value:** | &nbsp;&nbsp; The Closing Market Price of the Market Measure times the Price Multiplier on the calculation day. The scheduled calculation day is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-28 of product supplement EQUITY SUN-1. | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Price Multiplier:**  | &nbsp;&nbsp; 1, subject to adjustment for certain events relating to the Underlying Fund, as described beginning on page PS-30 of product supplement EQUITY SUN-1. | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Step Up Payment:** | &nbsp;&nbsp; [$1.95 to $2.55] per unit, which represents a return of [19.50% to 25.50%] over the principal amount. The actual Step Up Payment will be determined on the pricing date. | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Threshold Value:** | &nbsp;&nbsp; 100.00% of the Starting Value. | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Calculation Day:** | &nbsp;&nbsp; Approximately the fifth scheduled Market Measure Business Day immediately preceding the maturity date.  | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Fees and Charges:** | &nbsp;&nbsp; The underwriting discount of $0.15 per unit listed on the cover page and the hedging related charge of $0.05 per unit described in "Structuring the Notes" on page TS-12. | &nbsp;&nbsp; <br> ![](image6.gif) |
| &nbsp;&nbsp; **Calculation Agent:** | &nbsp;&nbsp; BofA Securities, Inc. ("BofAS"). | &nbsp;&nbsp; <br> ![](image6.gif) |

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<br> Market-Linked One Look Notes TS-2

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

The terms and risks of the notes are contained in this term sheet and in the following:

￭Product supplement EQUITY SUN-1 dated December 11, 2024:<br>[<u>http://www.sec.gov/Archives/edgar/data/9631/000183988224044766/bns_424b2-25827.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000183988224044766/bns_424b2-25827.htm)

￭Prospectus supplement dated November 8, 2024:<br>[<u>http://www.sec.gov/Archives/edgar/data/9631/000183988224038303/bns_424b3-21311.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000183988224038303/bns_424b3-21311.htm)

￭Prospectus dated November 8, 2024:<br>[<u>http://www.sec.gov/Archives/edgar/data/9631/000119312524253771/d875135d424b3.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000119312524253771/d875135d424b3.htm)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. You should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY SUN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar references are to BNS.

Investor Considerations

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| | |
|:---|:---|
| &nbsp;&nbsp; **You may wish to consider an investment in the notes if:** | &nbsp;&nbsp; **The notes may not be an appropriate investment for you if:** |
| &nbsp;&nbsp; ￭You anticipate that the price of the Underlying Fund will not decrease from the Starting Value to the Ending Value.<br> ￭ You accept that the return on the notes will be limited to the return represented by the Step Up Payment.<br> ￭You are willing to risk a substantial or entire loss of principal if the price of the Underlying Fund decreases from the Starting Value to the Ending Value.<br> ￭You are willing to forgo interest payments that are paid on conventional interest-bearing debt securities.<br> ￭You are willing to forgo the benefits of owning the Underlying Fund or the commodity held by the Underlying Fund. <br> ￭You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and charges on the notes.<br> ￭You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount. | &nbsp;&nbsp; ￭You believe that the price of the Underlying Fund will decrease from the Starting Value to the Ending Value or that it will increase by more than the return represented by the Step Up Payment.<br> ￭You seek principal repayment or preservation of capital.<br> ￭You seek interest payments or other current income on your investment.<br> ￭You want to receive the benefits of owning the Underlying Fund or the commodity held by the Underlying Fund.<br> ￭You seek an investment for which there will be a liquid secondary market.<br> ￭You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes. |

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We urge you to consult your investment, legal, tax, accounting, and other advisors concerning an investment in the notes.

<br> Market-Linked One Look Notes TS-3

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

The graph below is based on **hypothetical** numbers and values.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Market-Linked One Look Notes**<br> ![](image2.gif)  | &nbsp;&nbsp; This graph reflects the returns on the notes, based on the Threshold Value of 100.00% of the Starting Value and a hypothetical Step Up Payment of $2.25 per unit (the midpoint of the Step Up Payment range of [$1.95 to $2.55]. The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the Market Measure.<br> This graph has been prepared for purposes of illustration only. |

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The following table and examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on a hypothetical Starting Value of 100, a hypothetical Threshold Value of 100, a hypothetical Step Up Payment of $2.25 per unit and a range of hypothetical Ending Values. **The actual amount you receive and the resulting total rate of return will depend on the actual Starting Value, Threshold Value, Ending Value, Step Up Payment and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For recent actual levels of the Market Measure, see "The Underlying Fund" section below. All payments on the notes are subject to issuer credit risk.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ending Value** | &nbsp;&nbsp; **Percentage Change from the Starting Value to the Ending Value** | &nbsp;&nbsp; **Redemption Amount per Unit** | &nbsp;&nbsp; **Total Rate of Return on the Notes** |
| &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; -100.00% |
| &nbsp;&nbsp; 25.00 | &nbsp;&nbsp; -75.00% | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; -75.00% |
| &nbsp;&nbsp; 50.00 | &nbsp;&nbsp; -50.00% | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; -50.00% |
| &nbsp;&nbsp; 60.00 | &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; $6.00 | &nbsp;&nbsp; -40.00% |
| &nbsp;&nbsp; 70.00 | &nbsp;&nbsp; -30.00% | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; -30.00% |
| &nbsp;&nbsp; 80.00 | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; $8.00 | &nbsp;&nbsp; -20.00% |
| &nbsp;&nbsp; 90.00 | &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; -10.00% |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(1)(2)</sup> | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$12.25<sup>(3)</sup> | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 102.00 | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 105.00 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 110.00 | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 120.00 | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 122.50 | &nbsp;&nbsp; 22.50% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 130.00 | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 140.00 | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; 150.00 | &nbsp;&nbsp; 50.00% | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; 22.50% |

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(1)This is the **hypothetical** Threshold Value.

(2)The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not represent a likely actual Starting Value for the Market Measure.

(3)This amount represents the sum of the principal amount and the **hypothetical** Step Up Payment of $2.25.

<br> Market-Linked One Look Notes TS-4

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

**Redemption Amount Calculation Examples**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example 1** |  |
| &nbsp;&nbsp; The Ending Value is 60.00, or 60.00% of the Starting Value: |  |
| &nbsp;&nbsp; Starting Value: 100.00 |  |
| &nbsp;&nbsp; Threshold Value: 100.00 |  |
| &nbsp;&nbsp; Ending Value: 60.00 |  |
| &nbsp;&nbsp; ![](image3.gif)  | &nbsp;&nbsp; **$6.00 Redemption Amount per unit** |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example 2** |  |
| &nbsp;&nbsp; The Ending Value is 110.00, or 110.00% of the Starting Value: |  |
| &nbsp;&nbsp; Starting Value: 100.00 |  |
| &nbsp;&nbsp; Ending Value: 110.00 |  |
| &nbsp;&nbsp; ![](image4.gif)  | &nbsp;&nbsp; **$12.25 Redemption Amount per unit**, *the principal amount plus the Step Up Payment, since the Ending Value is equal to or greater than the Starting Value.*  |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example 3** | &nbsp;&nbsp; **Example 3** |
| &nbsp;&nbsp; The Ending Value is 140.00, or 140.00% of the Starting Value: | &nbsp;&nbsp; The Ending Value is 140.00, or 140.00% of the Starting Value: |
| &nbsp;&nbsp; Starting Value: 100.00 | &nbsp;&nbsp; Starting Value: 100.00 |
| &nbsp;&nbsp; Ending Value: 140.00 | &nbsp;&nbsp; Ending Value: 140.00 |
| &nbsp;&nbsp; ![](image4.gif)  | &nbsp;&nbsp; **$12.25 Redemption Amount per unit**, *the principal amount plus the Step Up Payment, since the Ending Value is equal to or greater than the Starting Value.* |

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In this example, even though the Ending Value greater than the Starting Value by more than the return represented by the Step Up Payment, your return on the notes will be limited to the return represented by the Step Up Payment.

<br> Market-Linked One Look Notes TS-5

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Risk Factors

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-8 of product supplement EQUITY SUN-1, page S-2 of the prospectus supplement, and* page 8 of the prospectus *identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors concerning an investment in the notes.*

**<u>Structure-R</u><u>elated Risks</u>**

￭Depending on the performance of the Underlying Fund as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

￭Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.

￭Your investment return is limited to the return represented by the Step Up Payment and may be less than a comparable investment directly in the Underlying Fund or the commodity held by the Underlying Fund.

**<u>Market Measure-Related Risks</u>**

￭The sponsor and trustee of the Underlying Fund may adjust the Underlying Fund in a way that may adversely affect the value of the notes and the amount payable on the notes, and these entities have no obligation to consider your interests.

￭You will have no rights of a holder of the Underlying Fund or the commodity held by the Underlying Fund, and you will not be entitled to receive any shares of the Underlying Fund or the commodity held by the Underlying Fund.

￭While we, MLPF&S, BofAS or our or their respective affiliates may from time to time own shares of the Underlying Fund or the commodity held by the Underlying Fund, none of us, MLPF&S, BofAS or our or their respective affiliates control the Underlying Fund or have verified any disclosure made with respect to the Underlying Fund.

￭There are liquidity and management risks associated with the Underlying Fund.

￭The performance of the Underlying Fund may not correlate with the performance of the commodity held by the Underlying Fund as well as the net asset value per share of the Underlying Fund, especially during periods of market volatility when the liquidity and the market price of the shares of the Underlying Fund and/or the commodity held by the Underlying Fund may be adversely affected, sometimes materially.

￭If the liquidity of the commodity held by the Underlying Fund is limited, the value of the Underlying Fund and, therefore, the return on the notes, would likely be impaired.

￭Suspension or disruptions of market trading in the commodity held by the Underlying Fund may adversely affect the value of your notes.

￭The notes will not be regulated by the U.S. Commodity Futures Trading Commission.

￭The Redemption Amount will not be adjusted for all corporate events that could affect the Underlying Fund. See "Description of The Notes— Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" beginning on page PS-31 of product supplement EQUITY SUN-1.

**<u>Valuation- and Market-Related Risks</u>**

￭Our initial estimated value of the notes will be lower than the public offering price of the notes. Our initial estimated value of the notes is only an estimate. The public offering price of the notes will exceed our initial estimated value because it includes costs associated with selling and structuring the notes, as well as hedging our obligations under the notes with a third party, which may include BofAS or one of its affiliates. These costs include the underwriting discount and an expected hedging related charge, as further described in "Structuring the Notes" on page TS-12.

￭Our initial estimated value of the notes does not represent future values of the notes and may differ from others' estimates. Our initial estimated value of the notes is determined by reference to our internal pricing models when the terms of the notes are set. These pricing models consider certain factors, such as our internal funding rate on the pricing date, the expected term of the notes, market conditions and other relevant factors existing at that time, and our assumptions about market parameters, which can include volatility, dividend or distribution rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the notes that are different from our initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any of our assumptions may prove to be incorrect. On future dates, the market value of the notes could change significantly based on, among other things, the performance of the Underlying Fund, changes in market conditions, our creditworthiness, interest rate movements and other relevant factors. These factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways. Our initial estimated value does not represent a minimum price at which we or any agents would be willing to buy your notes in any secondary market (if any exists) at any time.

<br> Market-Linked One Look Notes TS-6

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

￭Our initial estimated value is not determined by reference to credit spreads or the borrowing rate we would pay for our conventional fixed-rate debt securities. The internal funding rate used in the determination of our initial estimated value of the notes generally represents a discount from the credit spreads for our conventional fixed-rate debt securities and the borrowing rate we would pay for our conventional fixed-rate debt securities. If we were to use the interest rate implied by the credit spreads for our conventional fixed-rate debt securities, or the borrowing rate we would pay for our conventional fixed-rate debt securities, we would expect the economic terms of the notes to be more favorable to you. Consequently, our use of an internal funding rate for the notes would have an adverse effect on the economic terms of the notes, the initial estimated value of the notes on the pricing date, and the price at which you may be able to sell the notes in any secondary market.

￭A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market.

**<u>Conflict-Related Risks</u>**

￭Our business, hedging and trading activities, and those of MLPF&S, BofAS and our and their respective affiliates (including trades in the Underlying Fund or the commodity held by the Underlying Fund), and any hedging and trading activities we, MLPF&S, BofAS or our or their respective affiliates engage in for our clients' accounts, may affect the market value of, and return on the notes and may create conflicts of interest with you.

￭There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and remove the calculation agent.

**<u>General Credit</u><u>-Related</u> <u>Risks</u>**

￭Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

**<u>Tax-Related Risks</u>**

￭The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See "Summary of U.S. Federal Income Tax Consequences" below.

￭The conclusion that no portion of the interest paid or credited or deemed to be paid or credited on a note will be "Participating Debt Interest" subject to Canadian withholding tax is based in part on the current published administrative position of the CRA. There cannot be any assurance that CRA<sup>'</sup>s current published administrative practice will not be subject to change, including potential expansion in the current administrative interpretation of Participating Debt Interest subject to Canadian withholding tax. If, at any time, the interest paid or credited or deemed to be paid or credited on a note is subject to Canadian withholding tax, you will receive an amount that is less than the Redemption Amount. You should consult your own adviser as to the potential for such withholding and the potential for reduction or refund of part or all of such withholding, including under any bilateral Canadian tax treaty the benefits of which you may be entitled. For a discussion of the Canadian federal income tax consequences of investing in the notes, see "Summary of Canadian Federal Income Tax Consequences" below, "Canadian Taxation—Debt Securities" on page 66 of the prospectus, and "Supplemental Discussion of Canadian Federal Income Tax Consequences" on page PS-41 of product supplement EQUITY SUN-1.

Additional Risk Factors

**<u>Additional</u> <u>Risk Factors Related to the Underlying Fund</u>**

**The price of the Underlying Fund will be influenced by the prices of silver, which may change unpredictably and affect the value of the notes in unforeseeable ways.**

The Underlying Fund generally attempts to reflect the price of silver, before fees and expenses, each as described below. The price of silver may be influenced by a number of factors that interrelate in complex and unpredictable ways, including, without limitation, supply and demand for silver for use in jewelry, industrial applications or other settings, governmental regulation, geopolitical events, and/or developments or expected developments regarding inflation, interest rates or other economic variables. Any of these factors may lead to negative movements in the price of silver, which may in turn have an adverse effect on the price of the Underlying Fund and the value of your notes.

**The Underlying Fund is concentrated in a single commodity.** 

The Underlying Fund is linked exclusively to the price of silver. Accordingly, the performance of the Underlying Fund will be significantly affected by the market value of only a single commodity. An investment in securities linked to the performance of the Underlying Fund lacks diversification. The price of silver may not correlate to the price of commodities generally and may diverge significantly from the prices of commodities generally. Because the Underlying Fund is linked to the price of a single commodity, it can carry greater risk and may be more volatile than a fund linked to the prices of multiple commodities or a broad based commodity index.

<br> Market-Linked One Look Notes TS-7

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

**Changes in the methodology used to calculate the silver spot price or changes in laws or regulations, which affect the price of silver, may affect the value of the notes.**

Members of the London Bullion Market Association (the "LBMA") set the fixings of silver (the "spot price") used to determine the value of silver held by the Underlying Fund, and may adjust the determination of the spot price in a way that adversely affects the value of the notes. In setting the spot price, the LBMA has no obligation to consider your interests. The LBMA may from time to time change any rule or bylaw or take emergency action under its rules, any of which could affect the spot price. Any change of this kind could cause a decrease in the spot price of silver, which would adversely affect the value of the notes.

In addition, the price of silver could be adversely affected by the promulgation of new laws or regulations or by the reinterpretation of existing laws or regulations (including, without limitation, those relating to taxes and duties on commodities or commodity components) by one or more governments, governmental agencies, courts, or other official bodies. Any event of this kind could adversely affect the spot price and, as a result, could adversely affect the value of the notes.

**The market value of the notes may be affected by price movements in distant-delivery futures contracts associated with the silver spot price.** 

Price movements in the spot price of silver may not be reflected in the market value of the notes. If you are able to sell your notes, the price you receive could be affected by changes in the values of futures contracts on silver, which have more distant delivery dates than the silver spot price. The prices for these futures contracts may not increase to the same extent as the silver spot price, or may decrease to a greater extent, which may adversely affect the value of the notes.

<br> Market-Linked One Look Notes TS-8

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

The Underlying Fund

All disclosures contained in this term sheet regarding the Underlying Fund, including, without limitation, its make-up and method of calculation have been derived from publicly available sources, without independent verification. The information reflects the policies of, and is subject to change by, iShares Delaware Trust Sponsor LLC ("iShares Delaware"). iShares Delaware has no obligation to continue to publish, and may discontinue publication of, the Underlying Fund. The consequences of iShares Delaware discontinuing publication of the Underlying Fund are discussed in the section entitled "Description of the Notes— Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" beginning on page PS-31 of product supplement EQUITY SUN-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance, or publication of the Underlying Fund or any successor Underlying Fund.

**The iShares**<sup>®</sup> **Silver Trust**

The Bank of New York Mellon is the trustee of the iShares<sup>®</sup> Silver Trust (as used herein, "SLV"), and JPMorgan Chase Bank, N.A., London branch is the custodian of the SLV.

The SLV seeks to reflect generally the price of silver before the payment of its expenses and liabilities. The assets of the SLV consist primarily of silver held by the custodian on behalf of the SLV. The SLV issues shares ("Shares") in exchange for deposits of silver and distributes silver in connection with the redemption of Shares. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.

The SLV issues Shares in blocks of 50,000 Shares (a block of 50,000 Shares is called a "Basket") to certain authorized participants, on an ongoing basis. Baskets are only issued or redeemed in exchange for an amount of silver determined by the trustee on each day that NYSE Arca is open for regular trading.

The Shares represent units of fractional undivided beneficial interest in and ownership of the assets of the SLV. The SLV is a passive investment vehicle and the trustee of the SLV does not actively manage the silver held by the SLV. The trustee of the SLV sells silver held by the SLV to pay the SLV's expenses on an as-needed basis irrespective of then-current silver prices. Currently, the SLV's only ordinary recurring expense is expected to be iShares Delaware's fee, which is accrued daily at an annualized rate equal to 0.50% of the NAV of the SLV and is payable monthly in arrears. The trustee of the SLV will, when directed by iShares Delaware, and, in the absence of such direction, may, in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of iShares Delaware's fee and of SLV expenses or liabilities not assumed by iShares Delaware.

The SLV trades under the ticker symbol "SLV" on NYSE Arca, Inc. Information provided to or filed with the SEC by the SLV pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended, can be located by reference to SEC file numbers 333-239613 and 001-32863, respectively, through the SEC's website at sec.gov. The information on that website about the SLV is not included or incorporated by reference in this document. According to the SLV's prospectus, the SLV is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act and is not subject to regulation thereunder. The SLV is not a commodity pool within the meaning of the Commodity Exchange Act, as amended, and is not subject to regulation thereunder, and iShares Delaware is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor.

**Creation and Redemption**

The SLV issues and redeems Baskets on a continuous basis. Baskets are only issued or redeemed in exchange for an amount of silver determined by the trustee on each day that NYSE Arca is open for regular trading. No Shares are issued unless the custodian has allocated to the SLV's account (except for an unallocated amount of silver not in excess of 1,100 ounces), the corresponding amount of silver. At the creation of the SLV, a Basket required delivery of 500,000 ounces of silver. The amount of silver necessary for the creation of a Basket, or to be received upon redemption of a Basket, will decrease over the life of the SLV, due to the payment or accrual of fees and other expenses or liabilities payable by the trust. Baskets may be created or redeemed only by Authorized Participants, who pay the trustee a transaction fee for each order to create or redeem Baskets.

**Valuation of Silver; Computation of NAV**

On each business day, as soon as practicable after 4:00 p.m. (New York time), the trustee evaluates the silver held by the SLV and determines the NAV of the SLV and the NAV per Share. For purposes of making these calculations, a business day means any day other than a day when NYSE Arca is closed for regular trading. The trustee values the silver held by the SLV using that day's LBMA Silver Price. LBMA Silver Price is the price per ounce, in U.S. dollars, of unallocated silver delivered in London determined by the ICE Benchmark Administration following an electronic auction consisting of one or more 30-second rounds starting at 12:00 p.m. (London time) on each day that the London silver market is open for business and published shortly thereafter. Once the value of the SLV's silver has been determined, the trustee subtracts all accrued fees, expenses and other liabilities of the SLV from the total value of the silver and all other assets of the SLV. The resulting figure is the NAV of the SLV. The trustee determines the NAV per Share by dividing the NAV of the SLV by the number of Shares outstanding on the day the computation is made.

<br> Market-Linked One Look Notes TS-9

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

***Historical Data***

***The following graph shows the daily historical performance of the Underlying Fund on its primary exchange in the period from January 1, 2015 through July 22, 2025. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On July 22, 2025, the Closing Market Price of the Underlying Fund was $35.72. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.***

**Historical Performance of the Underlying Fund**

***This historical data on the Underlying Fund is not necessarily indicative of the future performance of the Underlying Fund or what the value of the notes may be. Any historical upward or downward trend in the price per share of the Underlying Fund during any period set forth above is not an indication that the price per share of the Underlying Fund is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of the Underlying Fund.

<br> Market-Linked One Look Notes TS-10

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of the underwriting discount set forth on the cover of this term sheet.

We will pay a fee to LFT Securities, LLC for providing certain electronic platform services with respect to this offering, which will reduce the economic terms of the notes to you. An affiliate of BofAS has an ownership interest in LFT Securities, LLC.

We may deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, if the initial settlement of the notes occurs more than one business day from the pricing date, purchasers who wish to trade the notes more than one business day prior to the settlement date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Underlying Fund and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

The value of the notes shown on your account statement produced by MLPF&S will be based on BofAS's estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions, and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding BNS or for any purpose other than that described in the immediately preceding sentence.

An investor's household, as referenced on the cover of this term sheet, will generally include accounts held by any of the following, as determined by MLPF&S in its discretion and acting in good faith based upon information then available to MLPF&S:

● the investor's spouse (including a domestic partner), siblings, parents, grandparents, spouse's parents, children and grandchildren, but excluding accounts held by aunts, uncles, cousins, nieces, nephews or any other family relationship not directly above or below the individual investor;

● a family investment vehicle, including foundations, limited partnerships and personal holding companies, but only if the beneficial owners of the vehicle consist solely of the investor or members of the investor's household as described above; and

● a trust where the grantors and/or beneficiaries of the trust consist solely of the investor or members of the investor's household as described above; provided that, purchases of the notes by a trust generally cannot be aggregated together with any purchases made by a trustee's personal account.

Purchases in retirement accounts will not be considered part of the same household as an individual investor's personal or other non-retirement account, except for individual retirement accounts ("IRAs"), simplified employee pension plans ("SEPs"), savings incentive match plan for employees ("SIMPLEs"), and single-participant or owners only accounts (i.e., retirement accounts held by self-employed individuals, business owners or partners with no employees other than their spouses).

Please contact your Merrill financial advisor if you have any questions about the application of these provisions to your specific circumstances or think you are eligible.

<br> Market-Linked One Look Notes TS-11

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Structuring the Notes

The notes are our unsecured senior debt securities, the return on which is linked to the performance of the Underlying Fund. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes reflect our actual or perceived creditworthiness at the time of pricing. The internal funding rate we use in pricing the market-linked note is typically lower than the rate we would pay when we issue conventional fixed-rate debt securities of comparable maturity. This generally relatively lower internal funding rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked notes, typically results in the initial estimated value of the notes on the pricing date being less than their public offering price.

At maturity, we are required to pay the Redemption Amount to holders of the notes, which will be calculated based on the performance of the Underlying Fund and the $10 per unit principal amount. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined by seeking bids from market participants, including MLPF&S, BofAS and its affiliates, and take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Underlying Fund, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors — Conflict-Related Risks" beginning on page PS-19 and "Use of Proceeds and Hedging" on page PS-23 of product supplement EQUITY SUN-1.

<br> Market-Linked One Look Notes TS-12

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Summary of Canadian Federal Income Tax Consequences

See "Supplemental Discussion of Canadian Federal Income Tax Consequences" in product supplement EQUITY SUN-1. In addition to the assumptions, limitations and conditions described therein, such discussion assumes that no amount paid or payable to a Non-Resident Holder will be the deduction component of a "hybrid mismatch arrangement" under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Act.

Summary of U.S. Federal Income Tax Consequences

The following is a general description of certain U.S. federal tax considerations relating to the notes. Prospective purchasers of the notes should consult their tax advisors as to the consequences under the tax laws of the country of which they are residents for tax purposes and the tax laws of the U.S. of acquiring, holding and disposing of the notes and receiving payments under the notes. This summary is based upon the law as in effect on the date of this document and is subject to any change in law that may take effect after such date. We urge you to read the more detailed discussion in the "Material U.S. Federal Income Tax Consequences" section beginning on page PS-43 of product supplement EQUITY SUN-1.

No statutory, regulatory, judicial or administrative authority directly discusses how the notes should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the notes are uncertain. Accordingly, we urge you to consult your tax advisor as to the tax consequences of your investment in the notes (and of having agreed to the required tax treatment of your notes described below) and as to the application of state, local or other tax laws to your investment in your notes and the possible effects of changes in federal or other tax laws.

Pursuant to the terms of the notes, BNS and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize your notes as prepaid derivative contracts with respect to the Underlying Fund. If your notes are so treated, subject to the discussion below regarding Section 1260 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), you should generally recognize long-term capital gain or loss if you hold your notes for more than one year (and, otherwise, short-term capital gain or loss) upon the taxable disposition (including cash settlement) of your notes in an amount equal to the difference between the amount you receive at such time and the amount you paid for your notes. The deductibility of capital losses is subject to limitations.

*Section 1260.* Because the Underlying Fund would be treated as a "pass-thru entity" for purposes of Section 1260 of the Code, it is possible that an investment in the notes could be treated as a "constructive ownership transaction" within the meaning of Section 1260 of the Code. If the notes were treated as a constructive ownership transaction certain adverse U.S. federal income tax consequences could apply (i.e., all or a portion of any long-term capital gain that you recognize upon the taxable disposition of your notes could be recharacterized as ordinary income and you could be subject to an interest charge on any deferred tax liability with respect to such recharacterized gain). Additionally, if Section 1260 of the Code were to apply to the notes, all or a portion of any long-term capital gain that you recognize with respect to the Notes that is not recharacterized as ordinary income would be subject to tax at a special 28% maximum rate that is applicable to "collectibles". We urge you to read the discussion concerning the possible treatment of the notes as a constructive ownership transaction under "Material U.S. Federal Income Tax Consequences - Section 1260" of product supplement EQUITY SUN-1.

**Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that it would be reasonable to treat your notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the notes, it is possible that your notes could alternatively be treated for tax purposes as a single contingent payment debt instrument or pursuant to some other characterization (including possible treatment as a "constructive ownership transaction" under Section 1260 of the Code), such that the timing and character of your income from the notes could differ materially and adversely from the treatment described above.** 

*Notice 2008-2.* In 2007, the Internal Revenue Service (the "IRS") released a notice that may affect the taxation of holders of the notes. According to Notice 2008-2, the IRS and the U.S. Department of the Treasury (the "Treasury") are considering whether a holder of an instrument such as the notes should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the notes will ultimately be required to accrue income currently and this could be applied on a retroactive basis. According to the Notice, the IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non-U.S. holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special "constructive ownership rules" of Section 1260 of the Code, should be applied to such instruments. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations.

*Proposed Legislation.* In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of notes purchased after the bill was enacted to accrue interest income over the term of the notes despite the fact that there will be no interest payments over the term of the notes.

<br> Market-Linked One Look Notes TS-13

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Furthermore, in 2013 the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the effect of this legislation generally would have been to require instruments such as the notes to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.

It is impossible to predict what any such legislation or administrative or regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect securities that were issued before the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any legislative or administrative action may adversely affect the tax treatment of your notes.

*Medicare Tax on Net Investment Income.* U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a portion of their "net investment income," or "undistributed net investment income" in the case of an estate or trust, which may include any income or gain realized with respect to the notes, to the extent of their net investment income or undistributed net investment income (as the case may be) that, when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the regular income tax. U.S. holders should consult their tax advisors with respect to the 3.8% Medicare tax.

*Specified Foreign Financial Assets*. U.S. holders may be subject to reporting obligations with respect to their notes if they do not hold their notes in an account maintained by a financial institution and the aggregate value of their notes and certain other "specified foreign financial assets" (applying certain attribution rules) exceeds an applicable threshold. Significant penalties can apply if a U.S. holder is required to disclose its notes and fails to do so.

*Backup Withholding and Information Reporting*. The proceeds received from a taxable disposition of the notes will be subject to information reporting unless you are an "exempt recipient" and may also be subject to backup withholding at the rate specified in the Code if you fail to provide certain identifying information (such as an accurate taxpayer number, if you are a U.S. holder) or meet certain other conditions.

Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax liability, provided the required information is furnished to the IRS.

*Non-U.S. Holders.* If you are a non-U.S. holder, subject to FATCA, discussed below, you should generally not be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your notes if you comply with certain certification and identification requirements as to your non-U.S. status including providing us (and/or the applicable withholding agent) a properly executed and fully completed applicable IRS Form W-8. Gain realized from the taxable disposition of a note generally will not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by you in the U.S., (ii) you are a non-resident alien individual and are present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) you have certain other present or former connections with the U.S.

*U.S. Federal Estate Tax Treatment of Non-U.S. Holders.* A note may be subject to U.S. federal estate tax if an individual non-U.S. holder holds the note at the time of his or her death. The gross estate of a non-U.S. holder domiciled outside the U.S. includes only property situated in the U.S. Individual non-U.S. holders should consult their tax advisors regarding the U.S. federal estate tax consequences of holding the notes at death.

*FATCA.* The Foreign Account Tax Compliance Act ("FATCA") was enacted on March 18, 2010, and imposes a 30% U.S. withholding tax on "withholdable payments" (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits, and income, and on the gross proceeds from a disposition of property of a type which can produce U.S.-source interest or dividends) and "passthru payments" (i.e., certain payments attributable to withholdable payments) made to certain foreign financial institutions (and certain of their affiliates) unless the payee foreign financial institution agrees (or is required), among other things, to disclose the identity of any U.S. individual with an account at the institution (or the relevant affiliate) and to annually report certain information about such account. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or do not certify that they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes..

Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally apply to certain "withholdable payments", will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru payments only to the extent that such payments are made after the date that is two years after final regulations defining the term "foreign passthru payment" are published. If withholding is required, we (or the applicable paying agent) will not be required to pay additional amounts with respect to the amounts so withheld. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Investors should consult their own advisors about the application of FATCA, in particular if they may be classified as financial institutions (or if they hold their notes through a foreign entity) under the FATCA rules.

**Both U.S. and non-U.S. holders should consult their tax advisors regarding the U.S. federal income tax consequences of an investment in the notes, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction (including that of BNS).**

<br> Market-Linked One Look Notes TS-14

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<br> <u> Market-Linked One Look Notes<br>Linked to the iShares<sup>®</sup> Silver Trust, due September , 2026 </u>  

Where You Can Find More Information

We have filed a registration statement (including a product supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents that we have filed with the SEC, for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S or BofAS toll-free at 1-800-294-1322.

<br> Market-Linked One Look Notes TS-15