Ms. Claire Dawson reports

SCOTIABANK AND DAVIVIENDA RECEIVE REGULATORY APPROVALS FOR TRANSFER OF SCOTIABANK'S BANKING OPERATIONS IN COLOMBIA, COSTA RICA AND PANAMA

Bank of Nova Scotia and Davivienda have received all required regulatory approvals for completion of the transfer of Scotiabank's banking operations in Colombia, Costa Rica and Panama to Davivienda. The combined operations of both institutions will operate under a new holding company, Davivienda Group.

As previously announced on Jan. 6, 2025, Scotiabank entered into an agreement with Davivienda providing for the transfer of the above referenced banking operations in exchange for an approximate 20-per-cent ownership stake in Davivienda Group.

Scotiabank and Davivienda will work together to enable a smooth transition for clients and employees in these countries.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by the 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 July 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange and New York Stock Exchange.

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