# EDGAR Filing Document

**Accession Number:** 0000009631
**File Stem:** 0001839882-25-041355
**Filing Date:** 2025-7
**Character Count:** 33561
**Document Hash:** 4939949cc834daa565e9d16783d93966
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-041355.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001839882-25-041355

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-282565
- **FILM NUMBER:** 251165612

**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
**FILED BY**: 

**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:** FWP

**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

**Filed Pursuant to Rule 433<br> Registration Statement No. 333-282565**

<br> CAPPED NOTES WITH ABSOLUTE RETURN BUFFER (CAPPED NOTES)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Capped Notes with Absolute Return Buffer Linked to the MSCI<sup>®</sup> Emerging Markets Index<sup>SM</sup>  | &nbsp;&nbsp; Capped Notes with Absolute Return Buffer Linked to the MSCI<sup>®</sup> Emerging Markets Index<sup>SM</sup>  | &nbsp;&nbsp; Capped Notes with Absolute Return Buffer Linked to the MSCI<sup>®</sup> Emerging Markets Index<sup>SM</sup>  | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |
| &nbsp;&nbsp; **Issuer** | &nbsp;&nbsp;&nbsp; The Bank of Nova Scotia ("BNS") | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Principal Amount** | &nbsp;&nbsp;&nbsp; $10.00 per unit | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Term** | &nbsp;&nbsp;&nbsp; Approximately two years | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Market Measure** | &nbsp;&nbsp;&nbsp; The MSCI<sup>®</sup> Emerging Markets Index<sup>SM</sup> (Bloomberg symbol: "MXEF") | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Payout Profile at Maturity** | &nbsp;&nbsp;&nbsp; ●1-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value<br> ●A positive return equal to the absolute value of the percentage decline in the level of the Market Measure only if the Market Measure does not decline by more than 10.00% (e.g., if the negative return of the Market Measure is -5%, you will receive a positive return of +5%)<br> ●1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% of your principal at risk | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Capped Value** | &nbsp;&nbsp;&nbsp; [$11.70 to $12.10] per unit, a [17.00% to 21.00%] return over the principal amount, to be determined on the pricing date | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Threshold Value** | &nbsp;&nbsp;&nbsp; 90.00% of the Starting Value | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Interest Payments** |  | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Preliminary Offering Documents** | &nbsp;&nbsp;&nbsp; [http://www.sec.gov/Archives/edgar/data/9631/000183988225041299/bns_424b2-22148.htm](http://www.sec.gov/Archives/edgar/data/9631/000183988225041299/bns_424b2-22148.htm) | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp; **Exchange Listing** | &nbsp;&nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |  |
| &nbsp;&nbsp;&nbsp; ***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***<br> **<u>Risk Factors</u>**<br> Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:<br> ●Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal. <br> ●Payments on the notes are subject to the credit risk of BNS, and actual or perceived changes in the creditworthiness of BNS are expected to affect the value of the notes. If BNS becomes insolvent or is unable to pay its obligations, you may lose your entire investment.<br> ●Your potential for a positive return based on the depreciation of the Market Measure is limited and may be less than that of a comparable investment that takes a short position directly in the Market Measure (or the stocks included in the Market Measure). The absolute value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value is 90.00% of the Starting Value, any positive return due to the depreciation of the Market Measure is limited to 10.00%. Any decline in the Ending Value from the Starting Value by more than 10.00% will result in a loss, rather than a positive return, on the notes. In contrast, for example, a short position in the Market Measure (or the stocks included in the Market Measure) would allow you to receive the full benefit of any decrease in the level of the Market Measure (or the stocks included in the Market Measure).<br> ●Your investment return based on any increase in the level of the Market Measure is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.<br> ●The initial estimated value of the notes on the pricing date will be less than their public offering price.<br> ●If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.<br> ●You will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.<br> ●The value of, and your return on, the notes may be affected by factors affecting the international securities markets, specifically changes in the countries represented by the Market Measure. In addition, you will not obtain the benefit of any increase in the value of the currencies in which the securities in the Index trade against the U.S. dollar which you would have received if you had owned the securities in the Market Measure during the term of your notes, although the level of the Market Measure may be adversely affected by general exchange rate movements in the market.<br> ●There are risks associated with emerging markets.<br> *Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.* | &nbsp;&nbsp;&nbsp; ***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***<br> **<u>Risk Factors</u>**<br> Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:<br> ●Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal. <br> ●Payments on the notes are subject to the credit risk of BNS, and actual or perceived changes in the creditworthiness of BNS are expected to affect the value of the notes. If BNS becomes insolvent or is unable to pay its obligations, you may lose your entire investment.<br> ●Your potential for a positive return based on the depreciation of the Market Measure is limited and may be less than that of a comparable investment that takes a short position directly in the Market Measure (or the stocks included in the Market Measure). The absolute value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value is 90.00% of the Starting Value, any positive return due to the depreciation of the Market Measure is limited to 10.00%. Any decline in the Ending Value from the Starting Value by more than 10.00% will result in a loss, rather than a positive return, on the notes. In contrast, for example, a short position in the Market Measure (or the stocks included in the Market Measure) would allow you to receive the full benefit of any decrease in the level of the Market Measure (or the stocks included in the Market Measure).<br> ●Your investment return based on any increase in the level of the Market Measure is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.<br> ●The initial estimated value of the notes on the pricing date will be less than their public offering price.<br> ●If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.<br> ●You will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.<br> ●The value of, and your return on, the notes may be affected by factors affecting the international securities markets, specifically changes in the countries represented by the Market Measure. In addition, you will not obtain the benefit of any increase in the value of the currencies in which the securities in the Index trade against the U.S. dollar which you would have received if you had owned the securities in the Market Measure during the term of your notes, although the level of the Market Measure may be adversely affected by general exchange rate movements in the market.<br> ●There are risks associated with emerging markets.<br> *Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.* | &nbsp;&nbsp;&nbsp; ***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***<br> **<u>Risk Factors</u>**<br> Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:<br> ●Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal. <br> ●Payments on the notes are subject to the credit risk of BNS, and actual or perceived changes in the creditworthiness of BNS are expected to affect the value of the notes. If BNS becomes insolvent or is unable to pay its obligations, you may lose your entire investment.<br> ●Your potential for a positive return based on the depreciation of the Market Measure is limited and may be less than that of a comparable investment that takes a short position directly in the Market Measure (or the stocks included in the Market Measure). The absolute value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value is 90.00% of the Starting Value, any positive return due to the depreciation of the Market Measure is limited to 10.00%. Any decline in the Ending Value from the Starting Value by more than 10.00% will result in a loss, rather than a positive return, on the notes. In contrast, for example, a short position in the Market Measure (or the stocks included in the Market Measure) would allow you to receive the full benefit of any decrease in the level of the Market Measure (or the stocks included in the Market Measure).<br> ●Your investment return based on any increase in the level of the Market Measure is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.<br> ●The initial estimated value of the notes on the pricing date will be less than their public offering price.<br> ●If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.<br> ●You will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.<br> ●The value of, and your return on, the notes may be affected by factors affecting the international securities markets, specifically changes in the countries represented by the Market Measure. In addition, you will not obtain the benefit of any increase in the value of the currencies in which the securities in the Index trade against the U.S. dollar which you would have received if you had owned the securities in the Market Measure during the term of your notes, although the level of the Market Measure may be adversely affected by general exchange rate movements in the market.<br> ●There are risks associated with emerging markets.<br> *Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.* | &nbsp;&nbsp;&nbsp; ![](image1.jpg) <br> *The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.*<br> \| \| \| \|<br> \|:---\|:---\|:---\|<br> \| Hypothetical Percentage Change from the Starting Value to the Ending Value \| Hypothetical Redemption Amount per Unit \| Hypothetical Total Rate of Return on the Notes \|<br> \| -100.00% \| $1.00 \| -90.00% \|<br> \| -75.00% \| $3.50 \| -65.00% \|<br> \| -50.00% \| $6.00 \| -40.00% \|<br> \| -40.00% \| $7.00 \| -30.00% \|<br> \| -30.00% \| $8.00 \| -20.00% \|<br> \| -20.00% \| $9.00 \| -10.00% \|<br> \| -10.00%(1) \| $11.00 \| 10.00% \|<br> \| -5.00% \| $10.50 \| 5.00% \|<br> \| 0.00% \| $10.00 \| 0.00% \|<br> \| 2.00% \| $10.20 \| 2.00% \|<br> \| 5.00% \| $10.50 \| 5.00% \|<br> \| 10.00% \| $11.00 \| 10.00% \|<br> \| 19.00% \| $11.90(2) \| 19.00% \|<br> \| 20.00% \| $11.90 \| 19.00% \|<br> \| 30.00% \| $11.90 \| 19.00% \|<br> \| 40.00% \| $11.90 \| 19.00% \|<br> \| 50.00% \| $11.90 \| 19.00% \| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This **hypothetical** percentage change corresponds to the Threshold Value.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Any positive return based on the appreciation of the Market Measure cannot exceed the **hypothetical** Capped Value. |

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The Bank of Nova Scotia ("BNS") has filed a registration statement (which includes a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the notes that are described in this Guidebook. Before you invest, you should carefully read the prospectus in that registration statement and other documents that BNS has filed with the SEC for more complete information about BNS and any offering described in this Guidebook. You may obtain these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov. BNS's Central Index Key, or CIK, on the SEC website is 9631. Alternatively, Merrill Lynch will arrange to send you the prospectus and other documents relating to any offering described in this document if you so request by calling toll-free 1-800-294-1322. BNS faces risks that are specific to its business, and we encourage you to carefully consider these risks before making an investment in its securities.