Scotiabank Announces the Sale of its Operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank, a subsidiary of OFG Bancorp

Dear Valued Customer,

We are writing to inform you that Oriental Bank and Scotiabank have reached an agreement under which Oriental Bank will acquire Scotiabank’s operations in Puerto Rico and the U.S. Virgin Islands.

This agreement is subject to regulatory approval. Customers do not have to take any action as a result of this announcement. Until regulatory approval is obtained, customary closing conditions are met and the transaction closes, all operations will continue as usual.

We are pleased to have come to this agreement with Oriental Bank – a well-established player who is committed to further growing the business over the long-term.

Oriental and Scotiabank both have a long standing history in the Caribbean; providing high quality products and services to their valued customers. In addition, Oriental shares our values; both companies have a strong commitment to serving our customers’ needs and providing growth opportunities for our employees.

Once the transaction closes, Oriental and Scotiabank will work together to facilitate a smooth transition for the business.

We thank you for your valued business and giving us the opportunity to continue serving your needs.

If you have any further questions regarding this change, please feel free to visit your branch of preference or contact us at 1-340-714-5703 or 1-866-972-6842.

Sincerely,

Scotiabank