Ms. Lana Gogas reports

SCOTIABANK RECEIVES APPROVAL TO REPURCHASE UP TO 15 MILLION OF ITS COMMON SHARES

Bank of Nova Scotia has received Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions (OSFI) approval for its normal course issuer bid to purchase up to 15 million of its common shares. This represents approximately 1.2 per cent of the 1,231,433,660 common shares issued and outstanding as of March 24, 2026. The bank intends to terminate its existing normal course issuer bid on April 6, 2026, and to establish the New bid.

The bank's existing bid commenced on May 30, 2025, and was scheduled to terminate on May 29, 2026, unless terminated earlier in accordance with its terms. As of April 1, 2026, the bank has purchased all of the 20 million common shares under its existing bid on the TSX as well as alternative Canadian trading systems at an average price of $90.47 per common share for a total amount of $1,809-million. Pursuant to the TSX rules, the common shares purchased under the existing bid have been deducted in calculating the maximum number of shares that would be permitted for the new bid, which is greater than the 15 million common shares that were approved.

The proposed new bid will allow the bank to purchase its common shares at market prices, which provides added flexibility for the bank to manage its capital position, offset options exercise dilution and generate shareholder value.

Purchases under the New bid may commence on April 7, 2026, and will terminate on April 6, 2027, or on such earlier date as Scotiabank may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSX. Purchases under the new bid will be made on the open market by Scotiabank through the facilities of the TSX, the New York Stock Exchange, and other designated exchanges or alternative Canadian trading systems. The price that Scotiabank will pay for any such common shares pursuant to the new bid will be the market price of such common shares at the time of acquisition. Purchases may also be made through other means permitted by the TSX and applicable securities laws, including by private agreements or under specific share repurchase programs pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

Based on the average daily trading volume of 4,456,008 common shares during the last six calendar months on the TSX, daily purchases will be limited to 1,114,002 common shares, other than block purchase exceptions. Common shares purchased under the bid will be cancelled.

Scotiabank will establish an automatic repurchase plan on April 7, 2026, under which its broker, Scotia Capital Inc., may periodically purchase its common shares pursuant to the new bid within a defined set of criteria. The actual number of common shares purchased under the automatic repurchase plan, the timing of purchases and the price at which the common shares are bought will depend upon future market conditions.

About Bank of Nova Scotia

Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by Scotiabank's purpose: "for every future," the bank helps its clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.5-trillion (as at Jan. 31, 2026), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).

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