Form 424B2 BANK OF NOVA SCOTIA



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The information in this Preliminary Pricing Supplement is not complete and may be changed. We may
not sell these notes until the Pricing Supplement 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.

Subject to Completion. Dated July 1, 2021

Filed Pursuant to Rule 424(b)(2)

Registration No. 333-228614

The Bank of Nova Scotia

$      Capped Buffered Enhanced Participation Basket-Linked Notes Due [●]

The notes will not bear interest. The amount that you will be paid on your notes at maturity (expected to be the 2nd business day after the
valuation date) is based on the performance of a weighted basket comprised of the EURO STOXX 50® Index (36.00% weighting), TOPIX (29.00% weighting), the FTSE® 100 Index (16.00% weighting), the Swiss Market Index (11.00%
weighting) and the S&P/ASX 200 Index (8.00% weighting) as measured from the trade date to and including the valuation date (expected to be between approximately 16 and 19 months after the trade date). The initial basket level will be set to 100 on
the trade date and the final basket level will equal the sum of the products, as calculated for each basket component, of: (i) the final index level divided by the
initial index level (set on the trade date and may be higher or lower than the actual closing level of the basket component on the trade date) multiplied by (ii) the
applicable initial weighted value for each basket component. If the final basket level on the valuation date is greater than the initial basket level, the return on your notes will be positive, subject to the maximum payment amount (expected to be
between $1,132.22 and $1,155.54 for each $1,000 principal amount of your notes). If the final basket level declines by up to 10.00% from the initial basket level, you will receive the principal amount of your notes. If
the final basket level declines by more than 10.00% from the initial basket level, the return on your notes will be negative and you may lose up to your entire principal amount. Specifically, you will lose approximately 1.1111% for every 1% negative
basket return below the buffer level of 90.00% of the initial basket level. Any payment on your notes is subject to the creditworthiness of The Bank of Nova Scotia.

To determine your payment at maturity, we will calculate the basket return, which is the percentage increase or decrease in the final basket level from the initial basket level. At maturity, for each
$1,000 principal amount of your notes:

if the final basket level is greater than the initial basket level (the basket return is positive), you will receive an amount in cash equal to the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the basket return times (c) 110%, subject to the maximum payment amount;

if the final basket level is equal to the initial basket level or less
than
the initial basket level but not by more than 10.00% (the basket return is zero or negative but equal to or
greater than
-10.00%), you will receive an amount in cash equal to $1,000; or

if the final basket level is less than the initial basket level by more than 10.00% (the basket return is negative and is less than
-10.00%), you will receive an amount in cash equal to the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) approximately 111.11% times (c) the sum of the basket return plus
10.00%.

Declines in one basket index may offset increases in the other basket indices. Due to the unequal weighting of each basket component, the performances of the EURO STOXX 50® Index,
TOPIX and the FTSE® 100 Index will have a significantly larger impact on your return on the notes than the performance of the Swiss Market Index or the S&P/ASX 200 Index. 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-17 of this pricing supplement and “Additional Risk Factors Specific to the
Notes” beginning on page PS-6 of the accompanying product prospectus supplement and “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement and on page 5 of the accompanying prospectus.

The initial estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $966.00 and $986.00 per $1,000 principal amount,
which will be 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-17 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.

 

  Per Note

Total1

Original Issue Price

100.00%

 $

Underwriting commissions

0.00%

$

Proceeds to The Bank of Nova Scotia

100.00%

$

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, accompanying prospectus supplement or accompanying product prospectus 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.

Pricing Supplement dated July   , 2021

The Capped Buffered Enhanced Participation Basket-Linked Notes Due [●] (the “notes”) offered hereunder are unsubordinated and unsecured obligations of The Bank of Nova Scotia (the “Bank”) and are subject to
investment risks including possible loss of the principal amount invested due to the negative performance of the basket and the credit risk of The Bank of Nova Scotia. As used in this pricing supplement, the “Bank,” “we,” “us” or “our” refers to The Bank
of Nova Scotia. The notes will not be listed on any U.S. securities exchange or automated quotation system.

The return on your notes will relate to the price return of the basket components and will not include a total return or dividend component. The notes are derivative products based
on the performance of the basket. The notes do not constitute a direct investment in any of the shares, units or other securities represented by the basket components. By acquiring the notes, you will not have a direct economic or other interest in,
claim or entitlement to, or any legal or beneficial ownership of any such share, unit or security and will not have any rights as a shareholder, unitholder or other security holder of any of the issuers including, without limitation, any voting rights
or rights to receive dividends or other distributions.

Scotia Capital (USA) Inc. (“SCUSA”), our affiliate, will purchase the notes from us for distribution to one or more registered broker dealers. SCUSA or any of its affiliates or
agents may use this pricing supplement in market-making transactions in notes after their initial sale. Unless we, SCUSA or another of our affiliates or agents selling such notes to you informs you otherwise in the confirmation of sale, this pricing
supplement is being used in a market-making transaction. See “Supplemental Plan of Distribution (Conflicts of Interest)” in this pricing supplement and “Supplemental Plan of Distribution (Conflicts of Interest)” on page PS-36 of…



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