Investor Presentaiton

Growth in Household Credit • Total household credit, in annual nominal terms, has slowed considerably since the 2007 peak of 13.5% annually. However, the Q4-2020 growth of 5.1% y/y surpassed the average of the previous four quarters • Consumer loans excluding mortgages (i.e., cards, HELOCs, unsecured lines, auto loans, etc.) fell by 1.0% annually in Q4-2020. Consumer loan growth has trended downward since late-2000 highs of over 18% annually, with recent months' negative growth induced by consumer spending pullbacks Mortgage credit grew at 7.3% annually in Q4-2020 vs the 2007 peak of 14.0%. Underlying demand coupled with lower five-year rates drove a rebound in the pace of growth Household Credit Growth 20 20 [%, 3-month moving average y/y % 15 change 10 10 m/m% 5 change, SA 0 T Consumer Loan Growth %, 3-month moving average 25 20 225 15 10 O y/y % change Residential Mortgage Growth 20 %, 3-month moving average 15 yly% change 10 -5 -10 -15 m/m% change, SA 5 m/m% change, SA -20 0 01 03 05 07 09 11 13 15 17 19 21 01 03 05 07 09 11 13 15 17 19 21 15 17 19 21 Sources: Scotiabank Economics, Sources: Scotiabank Economics, Statistics Canada. Statistics Canada. 01 03 05 07 09 11 13 Sources: Scotiabank Economics, Statistics Canada. 65

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