An anonymous director reports

SCOTIABANK ANNOUNCES DIVIDEND ON OUTSTANDING SHARES

Bank of Nova Scotia has declared a dividend on the outstanding shares of the bank, payable April 26, 2024, to shareholders of record at the close of business on April 2, 2024.

Common shares:

• Dividend No. 619 of $1.06 per share.

Holders may elect to receive their dividends in common shares of the bank in lieu of cash dividends, in accordance with the bank's shareholder dividend and share purchase plan. Under the plan, the bank determines whether the additional common shares will be purchased on the open market or issued by the bank from treasury. At this time, and until such time as the bank elects otherwise, for the purposes of dividend reinvestments and stock dividends under the plan, the bank will continue to issue common shares (as defined in the plan) from treasury, with a 2-per-cent discount to the average market price (as defined in the plan). For optional share purchases made under the plan, the bank will issue common shares from treasury at 100 per cent of the average market price (as defined in the plan). Such shares will be allotted for issuance by Computershare Trust Company of Canada, as agent under the plan, for the account of participants in the plan, in an amount determined in accordance with the provisions of the plan.

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, 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. With assets of approximately $1.4-trillion (as at Jan. 31, 2024), Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.