Filed Pursuant to Rule 424(b)(2)
Registration No. 333-282565
The Bank of Nova Scotia
$418,000 Capped Buffered Index-Linked Notes
Linked to the Least Performing of the Russell 2000® Index and the S&P 500® Index Due June 25, 2026
The notes do not bear interest. The amount that you will be paid on your notes at maturity (June 25, 2026) is based on the performance of the least performing of the Russell 2000® Index and the S&P 500® Index (each, a “reference asset”) as measured from the trade date (December 19, 2024) to and including the valuation date (June 22, 2026).
If the final level of each reference asset on the valuation date is greater than its initial level (2,221.498 with respect to the Russell 2000® Index and 5,867.08 with respect to the S&P 500® Index (which in each case is the closing level or an intra-day level of such reference asset on the trade date)), the return on your notes will be positive and will equal the participation rate of 120.00% times the reference asset return of the least performing reference asset, subject to the maximum upside payment amount of $1,164.00 for each $1,000 principal amount of your notes. If the final level of any reference asset is equal to or less than its initial level, but the final level of each reference asset is greater than or equal to 90.00% of its initial level, the return on your notes will equal the participation rate times the absolute value of the reference asset return of the least performing reference asset (e.g., if the reference asset return of the least performing reference asset is -5.00%, your return will be +6.00%).
If the final level of any reference asset is less than 90.00% of its initial level, the return on your notes will be negative and will equal the reference asset return of the least performing reference asset plus 10.00%. Specifically, you will lose 1% for every 1% negative percentage change in the level of the least performing reference asset below 90.00% of its initial level. You may lose up to 90.00% of the principal amount of your notes. Any payment on your notes is subject to the creditworthiness of The Bank of Nova Scotia.
The amount that you will be paid on your notes at maturity is based on the performance of the least performing reference asset, which is the reference asset with the lowest reference asset return. The reference asset return of each reference asset is the percentage increase or decrease from its initial level to its final level.
At maturity, for each $1,000 principal amount of your notes, you will receive an amount in cash equal to:
●if the final level of each reference asset is greater than its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the least performing reference asset return times (c) the participation rate, subject to the maximum upside payment amount;
●if the final level of any reference asset is equal to or less than its initial level, but the final level of each reference asset is greater than or equal to 90.00% of its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the absolute value of the least performing reference asset return times (c) the participation rate; or
●if the final level of any reference asset is less than 90.00% of its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the sum of (1) the least performing reference asset return plus (2) 10.00%. You will receive less than the principal amount of your notes and could lose up to 90.00% of the principal amount of your notes.
Following the determination of the initial levels, the amount you will be paid on your notes at maturity will not be affected by the closing level of any reference asset on any day other than the valuation date. In addition, no payments on your notes will be made prior to maturity.
Investment in the notes involves certain risks. You should refer to “Additional Risks” beginning on page P-14 of this pricing supplement and “Additional Risk Factors Specific to the Notes” beginning on page PS-6 of the accompanying product supplement and “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement and on page 8 of the accompanying prospectus.
The initial estimated value of your notes at the time the terms of your notes were set on the trade date was $944.40 per $1,000 principal amount, which is less than the original issue price of your notes listed below. See “Additional Information Regarding Estimated Value of the Notes” on the following page and “Additional Risks” beginning on page P-14 of this document for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.
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Per Note
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Total1
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Original Issue Price
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100.00%
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$418,000.00
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Underwriting commissions1
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2.10%
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$8,778.00
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Proceeds to The Bank of Nova Scotia1
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97.90%
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$409,222.00
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1 For additional information, see “Supplemental Plan of Distribution (Conflicts of Interest)” herein.
Neither the United States Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement, the accompanying prospectus, prospectus supplement, underlier supplement or product supplement. Any representation to the contrary is a criminal offense.
The notes are not insured by the Canada Deposit Insurance Corporation (the “CDIC”) pursuant to the Canada Deposit Insurance Corporation Act (the “CDIC Act”) or the U.S. Federal Deposit Insurance Corporation or any other government agency of Canada, the United States or any other jurisdiction.
Scotia Capital (USA) Inc. Goldman Sachs & Co. LLC
Dealer
Pricing Supplement dated December 19, 2024