Commentary & Deal Flow

Book Update: Books over €1.75bn (incl. €300m JLM)
Guidance: 4yr: MS+25a

• Issuer: The Bank of Nova Scotia
• LEI: L3I9ZG2KFGXZ61BMYR72
• Guarantor: Scotiabank Covered Bond Guarantor Limited Partnership
• Collateral: Canadian legislative covered bond, backed by Canadian residential mortgages
• Exp Issue Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Format: Reg S, Registered form
• Distribution: Regulation S compliance Category 2, TEFRA not applicable
• Tenor: 4Yr
• Size: € Benchmark
• Settlement: 17-Jun-26 (T+5)
• Maturity: 17-Jun-30
• Guidance: MS+25bps area
• Coupon: [●]%, fixed, Annual, ACT/ACT (ICMA), following unadjusted
• Listing / Denoms: London / EUR 100k + 1k
• Clearing: Euroclear/Clearstream
• Target Market: MiFID II / UK MiFIR professionals/ ECPs-only
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Joint Lead Managers: Commerzbank, Erste Group, DZ BANK, ING, Natixis, Scotiabank
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors participating in the transaction on request.
• Documentation: Issued under the Global Covered Bond Programme as described in the Prospectus dated 10-Oct-25 as supplemented (together, the “Prospectus”)
• Timing: Books open, today's business