Ms. Meigan Terry reports

SCOTIABANK RELEASES 2023 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORT AND CLIMATE REPORT

Bank of Nova Scotia has released its 2023 ESG (environmental, social and report) and 2023 climate report, providing insight into the bank's sustainability activities and performance over the year. Together, these publications outline the bank's efforts to create value and be a trusted bank wherever Scotiabank operates.

"I am proud to share Scotiabank's 2023 ESG and climate reports, which outline our ongoing progress towards our social and environmental goals, with a view to supporting our clients, employees and communities," said Scott Thomson, president and chief executive officer at Scotiabank. "As we deliver against our vision to be our clients' most trusted financial partner, we are further integrating ESG actions within our business strategy, including in our products, services and the ways that we recognize and reward success."

The 2023 ESG report incorporates the bank's Canadian public accountability statement and annual sustainable bond use of proceeds reporting. Highlights from the year include:

• ScotiaRise investment of a cumulative $102-million in the last three years across 200 organizations, progressing toward a goal of $500-million over 10 years to help strengthen economic resilience;
• Reaching employee engagement of 87 per cent, above financial sector industry averages;
• The Scotiabank Women Initiative engaging over 25,000 women entrepreneurs worldwide and deploying $8-billion in capital for women-led and women-owned businesses in Canada since fiscal year 2019, nearing a commitment to deploy $10-billion in capital by 2025.

2023 climate report

"Our climate report articulates our goals of providing financing for climate-related activities, advancing to net-zero financed emissions and reducing our own emissions," said Meigan Terry, senior vice-president and chief sustainability, social impact and communications officer at Scotiabank. "There is no question that there remains challenging, urgent and complex work ahead of us in addressing climate change. We will continue to contribute to this global imperative by supporting clients in all sectors in their efforts and helping to bring forward a more resilient planet for every future."

Scotiabank's separate 2023 climate report outlines the bank's efforts in advancing its climate-related goals, in engaging with clients and in enhancing the bank's understanding of clients' transition planning activities. Among other updates, the report highlights:

• Releasing the climate-related finance framework and reaching $132-billion toward the goal of providing $350-billion in climate-related finance by 2030. Setting an interim emissions intensity reduction target for the automotive manufacturing sector;
• Distributing $1-million through the Net-Zero Research Fund and a cumulative $3-million since fiscal year 2021 to 31 research projects and leading initiatives.

Scotiabank continues to be recognized for the caliber of its sustainability reporting, retaining a AAA ESG rating (as at March 1, 2024) from MSCI for the third consecutive year, held by only 5 per cent of global industry peers. The bank ranks first among banks in North America in the S&P Global Corporate Sustainability Assessment (as of Dec. 8, 2023) and is included in the Dow Jones Sustainability Index North America for the sixth consecutive year.

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.