An anonymous director reports

SCOTIABANK AMENDS NORMAL COURSE ISSUER BID TO REPURCHASE UP TO 40 MILLION OF ITS COMMON SHARES

The Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions (OSFI) have approved Bank of Nova Scotia's (Scotiabank) amended normal course issuer bid. The purpose of the amendment is to increase the number of common shares that Scotiabank may purchase for cancellation from 15 million to 40 million. This amended amount represents approximately 3.25 per cent of the 1,231,433,660 common shares issued and outstanding as of March 24, 2026. The effective date of the amendment is Oct. 6, 2026.

As of Aug. 31, 2026, the bank has purchased 13,044,315 common shares since the commencement of its current normal course issuer bid. No other terms of the normal course issuer bid have been amended.

The normal course issuer bid will continue until the earlier of: (i) Scotiabank purchasing the maximum number of common shares under the amended normal course issuer bid; (ii) Scotiabank providing a notice of termination of the normal course issuer bid; or (iii) April 6, 2027.

Under the normal course issuer bid, purchases can be made on the open market by Scotiabank through the facilities of the TSX, the New York Stock Exchange, and other designated exchanges or alternative Canadian trading systems. The price that Scotiabank will pay for any such common shares pursuant to the new bid will be the market price of such common shares at the time of acquisition. Purchases may also be made through other means permitted by the TSX and applicable securities laws, including by private agreements or under specific share repurchase programs pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

Based on the average daily trading volume of 4,456,008 common shares during the six calendar months prior to the commencement of the normal course issuer bid on the TSX, daily purchases will be limited to 1,114,002 common shares, other than block purchase exceptions. Common shares purchased by the bank under the bid will be cancelled.

Scotiabank previously established an automatic repurchase plan on April 7, 2026, under which its broker, Scotia Capital Inc., may periodically purchase its common shares pursuant to the normal course issuer bid within a defined set of criteria and such plan will be amended to reflect the increase in the maximum number of common shares that may be repurchased. The actual number of common shares purchased under the automatic repurchase plan, the timing of purchases and the price at which the common shares are bought will depend upon future market conditions.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner and deliver sustainable, profitable growth. 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 $1.5-trillion (as at July 31, 2026), Scotiabank is one of the largest banks in North America by assets and trades on the TSX (symbol: BNS) and the NYSE (symbol: BNS).

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