An anonymous director reports

SCOTIABANK ANNOUNCES INTENTION TO REPURCHASE UP TO 20 MILLION OF ITS COMMON SHARES

Bank of Nova Scotia intends to seek regulatory approval, including from the Toronto Stock Exchange (TSX), for a normal course issuer bid to purchase up to 20 million of its common shares, representing approximately 1.6 per cent of the 1,245,577,909 common shares issued and outstanding as of May 23, 2025.

The proposed normal course issuer bid will allow the bank to purchase its common shares at market prices, which Scotiabank believes provides added flexibility for the bank to manage its capital position and generate shareholder value.

Subject to regulatory approvals, purchases under the bid are expected to commence on or about May 30, 2025, and are expected to terminate on or about May 29, 2026, or on such earlier date as Scotiabank may complete its purchases pursuant to the notice of intention to make a normal course issuer bid expected to be filed with the TSX. Purchases are intended to be made on the open market by Scotiabank through the facilities of the TSX, as well as alternative Canadian trading systems. The price that Scotiabank will pay for any such common shares will be the market price of such common shares at the time of acquisition. Purchases may also be made through other means permitted by the TSX and applicable securities laws, including by private agreements or under specific share repurchase programs pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner, delivering 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. The bank has assets of approximately $1.4-trillion (as at April 30, 2025).

We seek Safe Harbor.