An anonymous director reports

SCOTIABANK RECEIVES APPROVAL TO REPURCHASE UP TO 20 MILLION OF ITS COMMON SHARES

The Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions (OSFI) have approved Bank of Nova Scotia's 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.

Purchases under the bid may commence on May 30, 2025, and will terminate on 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 filed with the TSX. Purchases will 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.

Based on the average daily trading volume of 4,837,008 common shares during the past six calendar months on the TSX, daily purchases will be limited to 1,209,252 common shares, other than block purchase exceptions. Common shares purchased under the bid will be canceled.

Scotiabank will establish an automatic repurchase plan on May 30, 2025, under which its broker, Scotia Capital Inc., may periodically purchase its common shares pursuant to the normal course issuer bid within a defined set of criteria. The actual number of common shares purchased under the automatic repurchase plan, the timing of purchases and the price at which the common shares are bought will depend upon future market conditions.

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).

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