Mr. Aris Bogdaneris reports

SCOTIABANK ANNOUNCES THE APPOINTMENT OF TERRI-LEE WEEKS AS PRESIDENT AND CEO, TANGERINE, EFFECTIVE NOVEMBER 1, 2024

Gillian Riley, president and chief executive officer of Tangerine, has planned to retire after a 31-year career with Bank of Nova Scotia. Ms. Riley will stay on as strategic adviser until Dec. 31, 2024, and as chair of the board of Roynat Capital. Scotiabank also announced the appointment of Terri-Lee Weeks to the role of president and chief executive officer, Tangerine, effective Nov. 1, 2024.

Ms. Riley joined Scotiabank in 1994 and has held senior executive positions in commercial banking, small business, retail banking and wealth management as well as executive vice-president of commercial banking and, most recently, president and chief executive officer of Tangerine for the last six years.

"In each of her roles at Scotiabank and Tangerine, Gillian has led with a steadfast focus on growing her businesses, delivering value for clients and building her teams," said Aris Bogdaneris, group head, Canadian banking, at Scotiabank. "In addition to her many accomplishments, she has left a lasting legacy at the bank as the founder of the Scotiabank Women Initiative, through which Scotiabank has stood apart from its competitors with our commitment to helping women grow their businesses, advance their careers and invest in their futures so they can succeed on their own terms."

On her decision to retire, Ms. Riley said: "It has been an honour and a privilege to lead the Tangerine business and, together with the team, I am so proud to have built a market-leading brand in Canada that provides outstanding customer value and mobile capabilities that are best in class. I feel confident that this is the right time to pass the torch to a new leader who will continue to build on our track record of success."

Ms. Weeks joined Scotiabank in September, 2021, as executive vice-president, retail customer, a role in which she has successfully built client value and deepened client loyalty with retail products that drive exceptional client experience across the Canadian bank.

"Terri-Lee is a seasoned leader with deep experience across retail banking, wealth management and capital markets," said Mr. Bogdaneris. "Her wide-ranging financial services experiences, deep understanding of the Canadian retail landscape, and her track record of success in scaling digital business, interactive customer experience design and transformation uniquely qualify her for this important role on our team. I have every confidence in her ability to deliver on the strong growth potential of our digital bank.

"On behalf of all employees at Scotiabank, I would like to thank Gillian for the leadership and the mentorship she has provided both at Scotiabank and across the financial industry in Canada and we wish Terri-Lee great success in her new role," continued Mr. Bogdaneris.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner to deliver sustainable, profitable growth and maximize total shareholder return. Guided by its purpose, "for every future," Scotiabank 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 $1.4-trillion (as at July 31, 2024), Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.