Mr. Scott Thomson reports

SCOTIABANK ANNOUNCES DEPARTURE OF JAKE LAWRENCE; PAUL SCURFIELD AND MICHAEL KRUSE TAKE ON EXPANDED ROLES

Jake Lawrence, chief executive officer and group head, global banking and markets, has made the decision to leave Bank of Nova Scotia to join Power Corp. of Canada. Mr. Lawrence joined Scotiabank in 2002, and has held progressively senior roles in finance, treasury, and global banking and markets, most recently leading the bank's wholesale banking and capital markets business.

"I would like to thank Jake for his significant contributions over his impressive 22-year career with Scotiabank and wish him every success as he joins another storied Canadian institution. Under Jake's leadership of the global banking and markets business, we have strengthened our brand and prioritized alignment in our key markets, building out our presence in the U.S. and positioning this business well for future growth," said Scott Thomson, president and chief executive officer for Scotiabank. "Among his many contributions, Jake has built a talented team that is strongly positioned to deliver against our strategy for sustainable and profitable growth across our priority markets."

The bank recently announced the appointment of Paul Scurfield to global head, capital markets, global banking and markets, and Michael Kruse now takes on the role of interim global head, corporate and investment banking, global banking and markets. Mr. Scurfield and Mr. Kruse will report directly to Mr. Thomson, president and chief executive officer, effective immediately, as Mr. Lawrence moves into the role of strategic adviser ahead of leaving the bank on March 15, 2024.

Mr. Scurfield joined Scotiabank in 2019 with 20 years of capital markets experience at Bank of America in the United States. Most recently, he led the bank's global fixed-income, commodities and currencies business. Since joining Scotiabank, Mr. Scurfield has been instrumental in strengthening the bank's fixed-income origination business, building the sustainable finance advisory team and expanding the bank's structured finance capabilities.

Mr. Kruse joined Scotiabank in 2018, leading the bank's corporate and investment banking business in the U.S. and most recently serving as head of global banking and markets U.S. Mr. Kruse has deep corporate and investment banking experience and a proven record of success in driving business across regions. Under his leadership, Scotiabank has grown its U.S. business advisory capabilities for its clients and invested in talent across the market.

"I am pleased to have Paul and Michael playing expanded leadership roles as we focus on executing on our strategy and priorities for our global banking and markets business. These are two seasoned senior leaders with deep expertise and experience across large global financial institutions, and I am confident in their ability to help us execute against our strategic priorities and build on the foundation and team we have in place," said Mr. Thomson.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. 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 Oct. 31, 2023), Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.