Mr. Scott Thomson reports

SCOTIABANK RELEASES TRUTH & RECONCILIATION ACTION PLAN

Bank of Nova Scotia has released its first truth and reconciliation action plan, outlining 37 commitments designed to progress reconciliation with indigenous peoples in Canada. Acknowledging the barriers the Canadian financial system has created for indigenous peoples and the efforts needed to rebuild relationships of trust, the plan includes detailed commitments that span across six key areas: leadership and governance, education, employment, community, clients and third parties, and environment and social impact.

"Banks in Canada have a long history with indigenous people and communities that has, at times, created barriers to their economic advancement," said Scott Thomson, president and chief executive officer at Scotiabank. "Our action plan acknowledges that history and represents the start of a transformational process for the bank with truth at the centre of our reconciliation efforts. Through these meaningful, progressive actions, we will embed reconciliation within our everyday business, foster a culture of inclusion, and help advance economic opportunity for indigenous employees, clients and communities."

The bank's action plan was co-developed and informed by indigenous perspectives and responds to Section 92 of the Truth and Reconciliation Commission of Canada's calls to action.

In recent months, Scotiabank has also:

• Certified at gold level for performance in indigenous relations through the partnership accreditation in indigenous relations from the Canadian Council for Indigenous Business;
• Established a formal statement of truth and reconciliation;
• Supported truth sharing by amplifying the work of indigenous storytellers and initiatives like the moose hide campaign;
• Partnered with Nchkay Development, Des Nedhe Group and Chippewas of Rama First Nation to establish Canada's first majority indigenous-owned investment dealer: Cedar Leaf Capital.

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," it 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 the New York Stock Exchange.