Additional Tier 1 Offering: Limited Recourse Capital Notes

Investor Presentation June 7, 2021

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, and any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this document. The final base shelf prospectus of The of Nova Scotia in connection with the securities described in this document is available at www.sedar.com. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. Disclaimer

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2 Caution Regarding Forward-Looking Statements

From time to time, our public communications often include oral or written forward- changes to accounting standards, rules and interpretations on these estimates; global looking statements. Statements of this type are included in this document, and may be capital markets activity; the Bank’s ability to attract, develop and retain key executives; included in other filings with Canadian securities regulators or the U.S. Securities and the evolution of various types of fraud or other criminal behaviour to which the Bank is Exchange Commission, or in other communications. In addition, representatives of the exposed; disruptions in or attacks (including cyber-attacks) on the Bank’s information Bank may include forward-looking statements orally to analysts, investors, the media technology, internet, network access, or other voice or data communications systems and others. All such statements are made pursuant to the “safe harbor” provisions of or services; increased competition in the geographic and in business areas in which we the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian operate, including through internet and mobile banking and non-traditional securities legislation. Forward-looking statements may include, but are not limited to, competitors; exposure related to significant litigation and regulatory matters; the statements made in this document, the Management’s Discussion and Analysis in the occurrence of natural and unnatural catastrophic events and claims resulting from such Bank’s 2020 Annual Report under the headings “Outlook” and in other statements events; the emergence of widespread health emergencies or pandemics, including the regarding the Bank’s objectives, strategies to achieve those objectives, the regulatory magnitude and duration of the COVID-19 pandemic and its impact on the global environment in which the Bank operates, anticipated financial results, and the outlook economy and financial market conditions and the Bank’s business, results of for the Bank’s businesses and for the Canadian, U.S. and global economies. Such operations, financial condition and prospects; and the Bank’s anticipation of and statements are typically identified by words or phrases such as “believe,” “expect,” success in managing the risks implied by the foregoing. A substantial amount of the “foresee,” “forecast,” “anticipate,” “intend,” “estimate,” “plan,” “goal,” “project,” and Bank’s business involves making loans or otherwise committing resources to specific similar expressions of future or conditional verbs, such as “will,” “may,” “should,” companies, industries or countries. Unforeseen events affecting such borrowers, “would” and “could.” industries or countries could have a material adverse effect on the Bank’s financial results, businesses, financial condition or liquidity. These and other factors may cause By their very nature, forward-looking statements require us to make assumptions and the Bank’s actual performance to differ materially from that contemplated by forward- are subject to inherent risks and uncertainties, which give rise to the possibility that our looking statements. The Bank cautions that the preceding list is not exhaustive of all predictions, forecasts, projections, expectations or conclusions will not prove to be possible risk factors and other factors could also adversely affect the Bank’s results, for accurate, that our assumptions may not be correct and that our financial performance more information, please see the “Risk Management” section of the Bank’s 2020 Annual objectives, vision and strategic goals will not be achieved. Report, as may be updated by quarterly reports.

We caution readers not to place undue reliance on these statements as a number of Material economic assumptions underlying the forward-looking statements contained risk factors, many of which are beyond our control and effects of which can be difficult in this document are set out in the 2020 Annual Report under the headings “Outlook”, to predict, could cause our actual results to differ materially from the expectations, as updated by quarterly reports. The “Outlook” sections are based on the Bank’s views targets, estimates or intentions expressed in such forward-looking statements. and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make The future outcomes that relate to forward-looking statements may be influenced by decisions with respect to the Bank and its securities, investors and others should many factors, including but not limited to: general economic and market conditions in carefully consider the preceding factors, other uncertainties and potential events. Any the countries in which we operate; changes in currency and interest rates; increased forward-looking statements contained in this document represent the views of funding costs and market volatility due to market illiquidity and competition for management only as of the date hereof and are presented for the purpose of assisting funding; the failure of third parties to comply with their obligations to the Bank and its the Bank’s shareholders and analysts in understanding the Bank’s financial position, affiliates; changes in monetary, fiscal, or economic policy and tax legislation and objectives and priorities, and anticipated financial performance as at and for the interpretation; changes in laws and regulations or in supervisory expectations or periods ended on the dates presented, and may not be appropriate for other purposes. requirements, including capital, interest rate and liquidity requirements and guidance, Except as required by law, the Bank does not undertake to update any forward-looking and the effect of such changes on funding costs; changes to our credit ratings; statements, whether written or oral, that may be made from time to time by or on its operational and infrastructure risks; reputational risks; the accuracy and completeness behalf. of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; our ability to execute our Additional information relating to the Bank, including the Bank’s Annual Information strategic plans, including the successful completion of acquisitions and dispositions, Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR including obtaining regulatory approvals; critical accounting estimates and the effect of section of the SEC’s website at www.sec.gov. 3 Summary Term Sheet

Key Features - Limited Recourse Capital Notes (LRCN)

Issuer: The Bank of Nova Scotia (“BNS”, “Scotiabank” or the “Bank”)

Instrument: $1,000 par note

Redeemable, subject to OSFI approval, every 5 years (1 month call windows) at the option of the Bank, with a final Maturity / Call Date: maturity of 60 years

Fixed rate, quarterly payments that reset every 5 years at the 5-year Government of Canada yield plus the initial Coupon: credit spread

Interest Deferability: Interest payments are non-deferrable

1. Non-payment in cash of interest by the Bank that is not cured within 5 business days of the related interest payment date 2. Non-payment in cash of the principal amount of the LRCN by the Bank, together with any accrued and unpaid interest, on the Maturity Date Recourse Events: 3. Non-payment in cash of the Redemption Price by the Bank, in connection with the redemption of the LRCN 4. An Event of Default (bankruptcy, insolvency, or liquidation of the Bank) 5. NVCC Trigger Event

Upon a Recourse Event (other than an NVCC Trigger Event), LRCN holders receive BNS AT1 Notes held in the Trust. Upon an NVCC Trigger Event, LRCN holders receive common shares in exchange for LRCNs upon automatic NVCC Trigger Event: conversion of AT1 Notes held in the Trust. Conversion of BNS Common Shares based on a $5.00 floor price and 1.25x multiplier

Capital Treatment: Additional Tier 1

S&P: BBB- Expected Ratings:1, 2 Moody’s: Baa3 (hyb) DBRS: BBB (high)

1 A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency. 2 Expected ratings 4 LRCN Structural Overview

BNS Limited Recourse Capital Notes (“LRCN”) Structural Overview

1 The Bank of Nova Scotia (Issuer) 1 Proceeds • LRCNs issued directly by BNS Investors • Ongoing coupon payments are paid by BNS and derived from the Bank’s internal cash flow generation 60NC5 LRCN

2 2 Limited Recourse Trust

• BNS establishes a Trust, and the Trust acquires Fixed Rate Limited Resetting Perpetual Subordinated Additional Tier 1 Capital Notes Recourse Trust1 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (“BNS AT1 Notes”) from the Bank • The assets held in the Trust in respect of such series of LRCN will be the BNS AT1 Notes • Upon a Recourse Event2 other than an NVCC Trigger Event, • Legal form of instrument as debt with a dated maturity including non-payment in cash of interest which has not been cured within 5 business days or the Bank’s failure to pay the • Qualifies as Additional Tier 1 Capital as investors’ sole recourse upon a Redemption Price in cash in connection with a redemption of the Recourse Event is limited to the delivery of the related recourse assets LRCN, BNS AT1 Notes are delivered to holders of the LRCN held in the Trust which comprise BNS AT1 Notes or, following an NVCC Trigger Event, BNS common shares • The coupon rate (including reset spread and benchmark reference) and payment frequency of the BNS AT1 Notes match those of the relevant LRCN 3

1 The Trust has been established in accordance with the laws of the Province of Manitoba with Computershare Trust Company of Canada as Trustee

2 “Recourse Event” occurs (a) if there is non-payment in cash by the Bank of the principal amount of the LRCN, together with any accrued and unpaid interest, on the Maturity Date, (b) upon a non-payment in cash of interest which is not cured within 5 business days, (c) if the Bank does not pay the redemption price in connection with a redemption of the LRCN in cash, or (d) upon an event of default under the LRCN; or (e) NVCC Trigger Event

3 The Trustee is expected to waive coupon payments on the AT1 Notes at all times while it holds them. 5 Comparison of BNS AT1 Capital Instruments

Offered LRCN Existing AT1 Capital Notes Rate Reset Preferred Shares

Issuing Entity: The Bank of Nova Scotia The Bank of Nova Scotia The Bank of Nova Scotia

Note / Note / Preferred / Format / Denomination: $1,000 Par1 $1,000 Par $25 par

Capital Treatment: Additional Tier 1 Additional Tier 1 Additional Tier 1

Pari-passu with Pari-passu with Subordinated to Offered LRCN Effective Ranking: Existing AT1 Capital Notes Offered LRCN and Existing AT1 Capital Notes

NVCC Multiplier: 1.25x 1.25x 1.0x

Fixed Rate Fixed Rate Resetting or Fixed to Fixed or Floating Coupon: Resetting Fixed to Floating Reset

LRCN: No2 Coupon Deferral: Yes Yes AT1 Notes: Yes

Bankruptcy, Insolvency, Events of Default: Bankruptcy, Insolvency, Liquidation Bankruptcy, Insolvency, Liquidation Liquidation

LRCN: 60NC5 Tenor: PerpNC5 PerpNC5 AT1 Notes : PerpNC5

Ratings3 BBB- / Baa3 (hyb) / BBB (high) 4 BBB- / Baa3 (hyb) / BBB (high) BBB- / Baa3 (hyb) / Pfd-2 (S&P / Moody’s / DBRS):

BNS US$1.25bn BNS C$300mm Select Examples: Offered Structure 4.90% PerpNC5 4.85% PerpNC5

1 Minimum $200,000 denominations 2 Non-payment in cash of interest results in a Recourse Event where LRCN holders will receive their proportionate share of the Corresponding Trust Assets 3 A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency. 6 4 Expected ratings BNS LRCN Structural Enhancements

The BNS LRCN structure offers investors several enhancements, in comparison to peer offerings, highlighted below.

BNS LRCN Structure Peer LRCN Structure • The trust asset has been issued in an established institutional Currency CAD CAD market in other jurisdictions

Coupon The trust will hold AT1 Notes Quarterly Semi-Annual • Frequency compared to institutional Preferred Shares which is Recourse beneficial to investors due to: Perpetual Debt (AT1) Preferred Shares Assets o Higher ranking in the subordination hierarchy

NVCC 1.25x 1.0x o Higher NVCC multiplier of Multiplier (on face value + accrued interest) (on par value) 1.25x

• Accrued and unpaid interest on Ranking of BNS LRCN is incorporated into Recourse Deeply Subordinated Indebtedness Preferred Equity Asset in note value at NVCC Conversion Liquidation which is more favourable to investors

Payment of LRCNs Additional LRCNs AT1 Notes Amounts

7 Investor Outcomes

Three Main Scenarios

. LRCN is a 60NC5 callable note

o In 60 years (at maturity), if BNS does not pay the principal together with Normal Course accrued and unpaid interest in cash, then the AT1 Notes held in the Trust Environment are delivered to LRCN holders . Coupon resets every 5 years at the prevailing 5-year Government of Canada yield plus the initial credit spread

. Regulatory Call / Tax Call

Special Events o Subject to OSFI approval, LRCN is redeemable, at the option of the Bank, for cash equal to the principal amount of the LRCN plus accrued and unpaid interest

. Non-payment / Bank Insolvency

o Non-payment in cash of interest or principal, or Bank insolvency: BNS AT1 Stress Events Notes held in the Trust are delivered to LRCN holders . NVCC Trigger Event

o Common Shares issued on conversion of BNS AT1 Notes held in the Trust are delivered to LRCN holders

8 Capital Buffer to Support LRCN

LRCNs Qualify as Additional Tier 1 (“AT1”) Capital

Regulatory Requirement vs. Capitalization 18.0%

15.7% 16.0% 1.3% (CAD $5.5 billion) AT1 2.1% includes CAD Equiv. $3.2 14.0% billion outstanding of USD 12.5% 1.3% AT1 Capital Notes 12.0% 2.0% Tier 2 4.3% cushion (CAD $17.3 billion) above the 8.0% 10.0% 1.5% Additional Tier 1 Common Equity Tier 1 OSFI regulatory minimum 1.0% Domestic Stability Buffer1 8.0% level 1.0% D-SIB Buffer

12.3% 6.0% 2.5% Capital Conservation Buffer

Common Equity 4.0% Tier 1 Minimum Common Equity 2.0% 4.5%

0.0% Regulatory Requirements BNS Q2/21

1 The Domestic Stability Buffer is determined by OSFI and is expected to be set between 0% and 2.5% of risk weighted assets with the current requirement being 1.0% 9 Additional Information

Moody's Investors Scotiabank Credit Ratings1 Standard & Poor's Fitch Ratings DBRS Limited Services

Senior Debt2 A2 A- AA- AA (low)

Subordinated Debt (NVCC) Baa1 (hyb) BBB+ - A (low)

Limited Recourse Capital Notes (NVCC) 3 Baa3 (hyb) BBB- - BBB (high)

AT1 Capital Note (NVCC) Baa3 (hyb) BBB- - BBB (high)

Short Term Deposits/Commercial Paper P-1 A-1 F1+ R-1 (high)

Outlook Stable Stable Negative Stable

1 A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency. 2 Subject to conversion under the bank recapitalization "bail-in" regime 3 Expected ratings 10 Investor Relations

Sophia Saeed Vice President 416-933-8869 [email protected]

Funding Contact Tom McGuire Executive Vice President & Group Treasurer Information 416-860-1688 [email protected]

Christy Bunker SVP, Canadian Banking & GWM Treasurer, Term Funding and Capital Management 416-933-7974 [email protected]

Darren Potter Managing Director, Term Funding and Capital Management 416-860-1784 [email protected]

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