TORONTO, Sept. 3, 2020 /CNW/ - The Board of Directors of BNS Split Corp. II (the "Company") has declared today dividends of $0.1971 per Preferred Share and $0.2150 per Capital Share, payable on September 22, 2020 to holders of record at the close of business on September 18, 2020.

The Class A Capital Shares ("Capital Shares") and Class B Preferred Shares, Series 2 ("Preferred Shares") will be redeemed by the Company in accordance with their terms on September 22, 2020 and the Company will wind up and terminate as soon as practicable after such date. The redemption price for each Preferred Share will be an amount equal to the Series 2 Preferred Share Redemption Price (as defined in the provisions attaching to the Preferred Shares). The Series 2 Preferred Share Redemption Price will equal the lesser of (i) $19.71; and (ii) Unit Value (as defined in the provisions attaching to the Preferred Shares). The redemption price (the "Capital Share Redemption Price") for every two Capital Shares redeemed will be an amount equal to the amount, if any, by which the Unit Value exceeds $19.71.

Holders of Capital Shares who requested to receive a redemption payment equal to the Capital Share Redemption Price in common shares of The Bank of Nova Scotia ("BNS") (rounded down to the nearest whole share) rather than cash and gave notice to this effect and tendered $19.71 for every two Capital Shares by August 24, 2020 will receive their pro rata share of BNS shares. The redemption of Capital Shares and Preferred Shares will constitute a taxable disposition of the Company's shares at the time of the redemption whether the payment is received in the form of cash or BNS shares.

A further press release will be issued by the Company in connection with the redemption prices on September 21, 2020. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on September 22, 2020.

BNS Split Corp. II is a mutual fund corporation created to hold a portfolio of common shares of The Bank of Nova Scotia.  Capital Shares and Preferred Shares of BNS Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols BSC and BSC.PR.C respectively.

SOURCE BNS Split Corp. II

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