BOGOTA, COLOMBIA – December 13, 2019 - Scotiabank announced today that it has completed the sale of its 51% interest in AFP Colfondos to an affiliate of Administradora de Fondos de Pensiones Habitat SA (“AFP Habitat”). As part of the agreement, AFP Habitat is also acquiring Mercantil Colpatria’s 49% interest in AFP Colfondos.

This transaction supports Scotiabank’s strategic decision to focus on core businesses across its footprint, where it can achieve greater scale and deliver the best value for customers.

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Scotiabank is a leading bank in Canada and a leading financial services provider in the Americas. We are here for every future. We help our customers, 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 a team of more than 100,000 employees and assets of over $1 trillion (as at October 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

For media enquiries only:

Maria Mercedes Ruiz

Gerente, Relaciones Publicas, Scotiabank Colpatria

ruizmarm@colpatria.com

Martha Rocio Rodriquez Ramos

Gerente, Relaciones Públicas, Colfondos

rrodriquez@colfondos.com