Mr. Meny Grauman reports

SCOTIABANK ANNOUNCES EXPECTED CONTRIBUTION FROM KEYCORP'S THIRD QUARTER EARNINGS AND THE IMPACT OF DEFERRED TAX ASSET WRITE-DOWN FROM THE CHILE TAX RATE REDUCTION, ON ITS FOURTH QUARTER EARNINGS

The expected net income contribution from Bank of Nova Scotia's ownership interest in KeyCorp will be approximately $96-million in Q4 2026. This contribution represents the bank's share of KeyCorp's Q3 2026 net income, includes acquisition-related and other accounting impacts, is net of the bank's associated funding costs and is reported on a one-month lag.

Adjusting for the amortization of acquired intangible assets of approximately $8-million the bank's adjusted net income contribution from KeyCorp will be approximately $104-million.

The Chilean government recently approved a reduction in the corporate income tax rate by 4 per cent over the next three years to 23 per cent. The tax rate reduction will result in a one-time deferred tax asset writedown and is expected to reduce the bank and international banking segment's fourth quarter reported and adjusted earnings by approximately $55-million.

Scotiabank will release its fourth quarter financial results and host an earnings conference call on Dec. 2, 2026. Conference call and audio webcast details will be announced closer to that date.

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 Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).

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