This is the largest Sustainability Bond issued by a Canadian Financial or Corporate to date. A portion of the proceeds of this bond will help advance women owned and women-led businesses through The Scotiabank Women Initiative™ - a signature program that breaks down economic barriers for women through unbiased access to capital; specialized education; and holistic advisory services and mentorship.

“Our clients look to Scotiabank for leadership in financing sustainable business growth,” said Jake Lawrence, Group Head and CEO, Global Banking and Markets at Scotiabank. “We are proud to have launched this USD 1 billion Sustainability Bond with three Diversity & Inclusion firms as active co-managers and to build on Scotiabank’s commitment to drive the evolution and enhancement of social responsibility initiatives.”

Scotiabank’s approach to sustainability is intended to deliver economic, social and environmental value to our customers, our operations and the world around us. Following the Green Bond issuance in 2019, Scotiabank updated its framework to the Sustainable Bond Framework in order to help investors align themselves better to various environmental and climate-related issues via participation in a Sustainability Bond offering.

The Sustainable Bond Framework categories include all of those listed in the Green Bond Framework as well as the following additional social categories:

• Affordable Basic Infrastructure
• Affordable/Community Housing
• Access to Essential Services
• Creating Economic Resilience
• Leadership in Diversity & Inclusion
• Women-Owned Businesses

Scotiabank launched its Sustainable Bond Framework in July 2021. The framework has received a Second-Party Opinion from Sustainalytics, a global leader in ESG and Corporate Governance research and ratings, and is in line with the Green Bond Principles 2021, Social Bond Principles 2021, and the Sustainability Bond Guidelines 2021, as administered by the International Capital Market Association.

“This is a significant milestone from a funding program and diversification perspective,” said Christy Bunker, SVP, Canadian Banking and Global Wealth Management Treasurer, Term Funding & Capital Management, Scotiabank. “This new Bond enables the Bank to expand our use of proceeds to include assets such as those originated through The Scotiabank Women Initiative among other social categories.”

"We all have an important role to play in driving a positive impact on society while enabling sustainable development and the transition to a low-carbon economy for current and future generations," said Meigan Terry, SVP, Chief Communications and Social Impact Officer at Scotiabank. "This inaugural Sustainability Bond offering helps Scotiabank put into practice the commitment we have made to improve society and drive meaningful change for every future."

Earlier this year, the Bank launched its inaugural Net Zero Research Fund as part of its commitment to pursuing Net Zero targets and Pathways. Scotiabank has committed to establishing bank-wide, quantitative, time-bound targets for reducing greenhouse gas emissions associated with our underwriting and lending activities. To get there, Scotiabank is undertaking a quantitative analysis of the greenhouse gas intensity of the Bank's loan book and underwriting activities, research on pathways to net zero, development of plans and targets for reducing emissions, and creation of a reporting framework to ensure transparency.

In addition to today’s announcement, Scotiabank continues to build on the following sustainability initiatives:

• Served as bookrunner on more than $10 billion of green, social, sustainability and sustainability-linked bonds since 2014
• Achieved a 20% reduction in operational greenhouse gas emissions from 2016 levels
• Contributed nearly $85 million to communities through donations, community sponsorships, employee volunteering and other types of community investment
• Launched ScotiaRISE – a 10-year, $500 million initiative to promote economic resilience among disadvantaged groups
• To date we have committed $3 billion to support women-owned and women-led businesses
• Renewed our five-year Diversity and Inclusion Goals, with a focus on people who identify as Black, Indigenous peoples, visible minorities, People with Disabilities and Women
• For the third consecutive year, achieved top 1% in Corporate Governance among financial institutions globally according to the Dow Jones Sustainability Index, and awarded a perfect score on Anti-Crime Policies
• Strengthened our commitment to responsible procurement and supplier diversity by joining the Canadian Aboriginal and Minority Supplier Council, and became an Aboriginal Procurement Champion for the Canadian Council for Aboriginal Business
• Published our second Green Bond Report to provide investors with an overview of the estimated impact of the use of proceeds in July 2021.
• Received a “AAA” rating from MSCI, a leading provider of critical decision support tools and services for the global investment community - held by only 2% of banks globally.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "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 approximately 90,000 employees and assets of approximately $1.1 trillion (as at April 30, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

About The Scotiabank Women Initiative
The Scotiabank Women Initiative is a signature program designed to increase economic opportunity for our clients who identify as women to be successful, now and in the future. This globally expanding, unique offering helps thousands of women pursue their best professional and financial futures by providing unbiased access to capital and tailored solutions, bespoke specialized education, holistic advisory services and mentorship. Whether supporting women to take their careers and businesses further, collaborating with leaders and companies who stand behind an inclusion agenda, providing women-owned and women-led businesses access to equitable access to funding or helping women to take charge of their finances, The Scotiabank Women Initiative breaks down barriers to empower clients to succeed on their own terms. For more information on The Scotiabank Women Initiative, visit scotiabankwomeninitiative.com.

SOURCE Scotiabank

Stephanie Cangelosi, Global Communications, stephanie.cangelosi@scotiabank.com