Mr. John McCartney reports

CEDAR LEAF CAPITAL, CANADA'S FIRST MAJORITY INDIGENOUS-OWNED INVESTMENT DEALER, HAS RECEIVED REGULATORY APPROVAL TO BEGIN OPERATIONS

Cedar Leaf Capital Inc., Canada's first majority-indigenous-owned investment dealer, plans to open its doors later this month to foster greater indigenous participation in Canada's capital markets with Bank of Nova Scotia. The partnership between Scotiabank, Nch'kay Development, Des Nedhe Group and Chippewas of Rama First Nation, first announced in February, 2024, has received all required regulatory approvals.

The new investment dealer is uniquely positioned to foster greater indigenous participation in Canadian capital markets through employment and by creating commercial opportunities for indigenous communities.

Leadership rooted in indigenous values

Cedar Leaf Capital is led by chief executive officer Clint Davis (he/him), an Inuk from Labrador and a beneficiary under the Labrador Inuit land claim agreement. Mr. Davis brings over 20 years of experience in financial institutions and indigenous organizations, driving a vision that advances indigenous development corporations and businesses and advising communities on their path toward economic empowerment and self-determination.

"Our goal is to not only support indigenous economic participation, but to empower nations through meaningful relationships built on trust and respect," said Mr. Davis. "Our clients will be partners in building a stronger and more resilient financial system. We look forward to working with those who share our vision of promoting economic sovereignty and empowering indigenous communities."

Supporting reconciliation efforts is a priority for businesses and governments alike. Through partnerships with established market participants, Cedar Leaf Capital also looks to support corporate Canada and capital market participants in fulfilling their reconciliation commitments and supporting indigenous nations and communities.

The collaboration between Scotiabank and Nch'kay Development, Des Nedhe Group and the Chippewas of Rama First Nation blends financial and market knowledge with deep understanding of indigenous business needs. It will open doors for indigenous communities to obtain tailored financial advice, build capital and drive economic development.

"Through this partnership we are supporting indigenous communities in taking control of their economic futures. Cedar Leaf Capital is a significant step toward expanding access and opportunities within capital markets to indigenous communities and supporting a financial sector where inclusion and respect are foundational values," said Scott Thomson, president and chief executive officer of Scotiabank.

Scotiabank's commitment to reconciliation

Scotiabank is committed to establishing relationships of trust among indigenous employees, clients and communities and to building a culture of reconciliation within the bank's global footprint. Scotiabank's truth and reconciliation action plan supports this commitment, and articulates 37 intentional, detailed steps toward establishing indigenous voices, knowledge, rights and inclusion into every aspect of its operations.

It is intended that Cedar Leaf Capital will become wholly indigenous owned, controlled and operated in the future. Until such time, the firm's operations will leverage Scotiabank's infrastructure and core enterprise frameworks as it develops its self-sustaining operations. Once achieved and subject to regulatory approval, Scotiabank intends to facilitate an orderly transition to reduce the bank's controlling interest in the entity.

About Cedar Leaf Capital Inc.

Cedar Leaf Capital is Canada's first majority indigenous-owned investment dealer, with a commitment to indigenous economic reconciliation. The firm will provide services as an underwriter or placement agent of new debt issues for corporate and government clients in Canada, with plans to potentially expand into advisory services and equity capital markets. Cedar Leaf Capital operates as a registered investment dealer across all provinces and territories in Canada. The company is regulated by the Canadian Investment Regulatory Organization.

The firm is committed to indigenous capacity-building by offering training, employment and mentorship opportunities, while also offering investors and issuers meaningful ways to support indigenous nations and communities.

Cedar Leaf Capital's name and logo were developed by the indigenous agency Creative Fire and reflect its deep-rooted connection to indigenous values. The cedar tree, a symbol of strength, healing and sustainability, serves as inspiration. The veins of the cedar leaf in the logo represent the connections between the people, communities and businesses that Cedar Leaf Capital is looking to strengthen through its work.

About Bank of Nova Scotia

Scotiabank's vision is to be the 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 New York Stock Exchange.