Bank of Nova Scotia at TD Cowen Inaugural Financial Services Summit Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mario Mendonca - TD Cowen - Analyst : But for now, Francisco, can you guys give us starting to talk about your big priorities? You're certainly not new to banking, but you're sort of new to Scotia. So give me some outlook. What are the things that really matter to you at Scotia right now?

Question: Mario Mendonca - TD Cowen - Analyst : Now, I want to touch on a number of topics you brought up. One in particular was the efforts to build a regional banking model that needs, in my mind, a little fleshing out. I need to understand what that really means. What does that entail? And maybe let's think about what the benefits of this regional banking model are and when do we see these benefits? I know there's a lot there, but help me think through that.

Question: Mario Mendonca - TD Cowen - Analyst : How do you become really confident that the differences between Mexico and Peru like their Mexico and Peru, are extremely different countries in terms of how they're developing right now and their level of profitability and politically for sure, how do you make sure that that regional banking model, respect those big differences between countries like Mexico, Peru, Colombia, Chile, how do you do that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2024 / 1:45PM, BNS.TO - Bank of Nova Scotia at TD Cowen Inaugural Financial Services Summit

Question: Mario Mendonca - TD Cowen - Analyst : Look, let's now focus on this North American corridor opportunity. How do you how would you describe how Scotia is positioned today? What are the opportunities? What are your goals in that in that construct of a North American corridor?

Question: Mario Mendonca - TD Cowen - Analyst : That discussion around Mexico sounds very different from previous conversations I've had with Scotiabank. About Mexico. I what I'm hearing is a difference in Mexico on its own, the near-shoring and then also a different emphasis from them from the leader. Do you envision them a time when Mexico, we will start thinking of it in the same way we do Canada and the US or do we always think of it and this is not a negative thing, but a more volatile area, an area that's unpredictable. The politics are messy and scary. Does Mexico could Mexico ever feel like Canada and the US?

Question: Mario Mendonca - TD Cowen - Analyst : As promising as Mexico sounds. And as optimistic as you sound about Mexico, there is a less optimistic outlook about the longevity of Peru and Colombia for Scotia? Could you speak to the strategies and your outlook there? And I know it's never appropriate to say is that an area that the bank could exit. I appreciate that. That's not the driver of direction I want to go, but how does Peru and Colombia fit in contrast to Mexico? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2024 / 1:45PM, BNS.TO - Bank of Nova Scotia at TD Cowen Inaugural Financial Services Summit

Question: Mario Mendonca - TD Cowen - Analyst : Now, speak to the sale of credit Scotia in Peru. You're That sounds to me like consistent with what you're suggesting. It's a decision where the it just wasn't worth the capital allocation, maybe speak to that sale and for now?

Question: Mario Mendonca - TD Cowen - Analyst : It's entirely conceivable then that the international business, your business will be a net contributor of capital back to the parent company, both from organic earnings, but also some of this optimization. You're a capital contributor would be my guess

Question: Mario Mendonca - TD Cowen - Analyst : You know, someone like me.

Question: Mario Mendonca - TD Cowen - Analyst : When someone like me, here's client selection. You kind of think of this bank that's going to be shrinking here in the near term, but there's got to be some growth initiatives at the same time. Let's talk specifically about the strategies or strategies around servicing and multinational companies. That's an important part of your agenda as well. Maybe let's speak to the multinationals strategies.

Question: Mario Mendonca - TD Cowen - Analyst : So I listened to that. I listen to some of the strategies. Some of them are sound very different from what I remember, Scotia over the last many years. And so I started immediately thinking about expenses, but at the same time you're talking about this $800 million roll rate reduction over the next five years. Help me reconcile this to your expenses going up or they're going down, is the roll rate savings there to make room for all the additional spending? How do I think about expenses in this segment?

Question: Mario Mendonca - TD Cowen - Analyst : GTB. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2024 / 1:45PM, BNS.TO - Bank of Nova Scotia at TD Cowen Inaugural Financial Services Summit

Question: Mario Mendonca - TD Cowen - Analyst : We've got a minute left and I left this for the last because I don't see it as a big pressing issue yet, but it's important in Canada, we're talking about credit risk in a big way here. The credit metrics in International Banking, look pretty strong. Is there anything you'd highlight for us on the credit side?

Question: Mario Mendonca - TD Cowen - Analyst : Okay. I appreciate taking the time and Cisco. Thank you again. And one final thing after listening to this presentation, it strikes me that Scotia's; do for another international investor day. Because this isn't very different from what we heard five years ago, six years ago.

Question: Mario Mendonca - TD Cowen - Analyst : Thanks again, Francisco. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2024 / 1:45PM, BNS.TO - Bank of Nova Scotia at TD Cowen Inaugural Financial Services Summit