Mr. Jake Lawrence reports

SCOTIABANK ANNOUNCES REDEMPTION OF PREFERRED SHARES SERIES 17

Bank of Nova Scotia intends to exercise its right to redeem all outstanding non-cumulative preferred shares, Series 17, of Scotiabank on April 26, 2017, at a price equal to $25 per share, together with all declared and unpaid dividends. Formal notice will be issued to shareholders in accordance with the share conditions.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank.

On Feb. 28, 2017, the board of directors of Scotiabank announced a quarterly dividend of 35.0000 cents per Series 17 share. This will be the final dividend on the Series 17 shares and will be paid in the usual manner on April 26, 2017, to shareholders of record at the close of business on April 4, 2017, as previously announced.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean, Central America and Asia Pacific. It is dedicated to helping its 23 million customers become better off 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. Scotiabank has a team of more than 88,000 employees and assets of $887-billion (as at Jan. 31, 2017).