Mr. Alex Mathias reports

SCOTIA GLOBAL ASSET MANAGEMENT ANNOUNCES SUB-ADVISOR CHANGE

Bank of Nova Scotia's Scotia Global Asset Management, the manager of 1832 AM Emerging Markets Equity Pool, will add Pzena Investment Management LLC as a subadviser of the fund, effective on or about May 13, 2025.

There will be no change to the investment objectives of the fund resulting from this change.

About Scotia Global Asset Management

Scotia Global Asset Management is a business name used by 1832 Asset Management LP, a limited partnership, the general partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, exchange-traded funds (ETFs), liquid alternative mutual funds, private asset funds and customized investment solutions, for institutions and managed asset programs.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by its 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 $1.4-trillion (as at Jan. 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange and New York Stock Exchange.