Ms. Rebecca Hoang reports

SCOTIABANK ANNOUNCES REDEMPTION OF US $1,250 MILLION 4.900% FIXED RATE RESETTING PERPETUAL SUBORDINATED ADDITIONAL TIER 1 CAPITAL NOTES

Bank of Nova Scotia intends to redeem all outstanding $1.25-billion (U.S.) 4.900 per cent fixed-rate resetting perpetual subordinated additional Tier 1 capital notes (non-viability contingent capital (NVCC)) at 100 per cent of their principal amount plus accrued and unpaid interest to, but excluding, the date fixed for redemption. The redemption of the notes will occur on June 4, 2025. Formal notice will be delivered to the noteholders in accordance with the terms and conditions set forth in the related trust indenture.

The redemption of the notes has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank. The redemption is part of the bank's continuing management of its Tier 1 capital.

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," 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 Jan. 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange and the New York Stock Exchange.

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