Scotiabank's 2024 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis (MD&A) are available at www.scotiabank.com along with the supplementary financial information and regulatory capital disclosure reports, which include fourth quarter financial information. All amounts are in Canadian dollars and are based on our audited annual consolidated financial statements and accompanying MD&A for the year ended October 31, 2024 and related notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted.

Additional information related to the Bank, including the Bank's Annual Information Form, can be found on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov.

Fiscal 2024 Highlights on a Reported Basis (versus Fiscal 2023)	Fourth Quarter 2024 Highlights on a Reported Basis (versus Q4 2023)
• Net income of $7,892 million, compared to $7,450 million • Earnings per share (diluted) of $5.87, compared to $5.72 • Return on equity⁽¹⁾ of 10.2%, compared to 10.3%	• Net income of $1,689 million, compared to $1,354 million • Earnings per share (diluted) of $1.22, compared to $0.99 • Return on equity of 8.3%, compared to 7.0%

Fiscal 2024 Highlights on an Adjusted Basis⁽²⁾ (versus Fiscal 2023)	Fourth Quarter 2024 Highlights on an Adjusted Basis⁽²⁾ (versus Q4 2023)
• Net income of $8,627 million, compared to $8,363 million • Earnings per share (diluted) of $6.47, compared to $6.48 • Return on equity of 11.3%, compared to 11.6%	• Net income of $2,119 million, compared to $1,643 million • Earnings per share (diluted) of $1.57, compared to $1.23 • Return on equity of 10.6%, compared to 8.7%

Fiscal 2024 Performance versus Medium-Term Financial Objectives

The following table provides a summary of our 2024 performance against our medium-term financial objectives⁽³⁾:

Medium-Term Objectives	Fiscal 2024 Results
	Reported	Adjusted⁽²⁾
Diluted earnings per share growth of 7%+	2.6 %

Scotiabank reports fourth quarter and 2024 results