Mr. Scott Thomson reports

SCOTIABANK APPOINTS TRAVIS MACHEN TO LEAD GLOBAL BANKING AND MARKETS BUSINESS

Bank of Nova Scotia has appointed Travis Machen as chief executive officer and group head of its global banking and markets (GBM) business, effective May 6, 2024.

In this role, Mr. Machen will be responsible for leading the execution of a global banking business strategy that builds on Scotiabank's unique North American reach, and GBM's strategic presence in Latin America, Europe and Asia Pacific. He will focus on expanding product offerings and earning more primary clients to deliver sustainable and profitable growth for the bank's GBM business, which provides corporate clients with lending and transaction services, investment banking advice and access to capital markets in 20-plus countries. The business serves clients across Canada, the United States and Latin America, with a strategic presence in Europe and Asia-Pacific.

"Travis is a forward-thinking leader with the vision and experience to lead our global banking and markets business," said Scott Thomson, president and chief executive officer, Scotiabank. "Throughout his career in corporate, investment and commercial banking, Travis has earned a reputation for being a client-focused relationship banker. I am confident in his ability to build our business across our key markets, and to execute on our strategy for our clients, our bank and our shareholders."

Mr. Machen brings more than 25 years of industry expertise to his new role at Scotiabank. He was most recently managing director and head of banks, diversified and financial infrastructure, at Morgan Stanley, and, previously, managing director and group head, financial institutions group, corporate and commercial banking, at JPMorgan Chase, where he provided expertise and advisory services to global financial institution clients. Mr. Machen also has a significant record of successfully executing on M&A (merger and acquisition) advisory mandates. Mr. Machen brings deep knowledge of the financial industry regulatory landscape and is a member of the financial sector advisory council for the Federal Reserve Bank of Dallas. He will be based in New York and Toronto.

"I am delighted to join Scotiabank and the global banking and markets team," said Mr. Machen. "I have been impressed by the scale and capabilities of Scotiabank's global wholesale banking business, and see the opportunity to capitalize on our unique positioning throughout the North American corridor and across our footprint. I look forward to working with the full GBM team to deliver on the bank's vast potential."

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," Scotiabank 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 the New York Stock Exchange.