Investor Presentaiton

% OF GDP Canadian Economy Diverse sources of growth with a strong balance sheet 19.7% Finance, Insurance, & Real Estate 15.7% Other 4.4% Transportation & Warehousing 6.1% Professional, Scientific, & Technical Services 6.8% CANADIAN GDP BY INDUSTRY (Feb 2020) Public Administration 12.3% Health & Education 7.2% 10.4% Wholesale & Retail Trade -10.0% Manufacturing 7.4% Mining and Oil & Gas Extraction Construction REAL GDP GROWTH 3 ~ ANNUAL % CHANGE C LLLLL U.S. Canada 2010-2018 Eurozone U.K. Japan 2019e-2021f Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of April 17, 2020. GENERAL GOVERNMENT NET FINANCIAL LIABILITIES GOVERNMENT FINANCIAL DEFICITS 122.5 125.7 -10 88.0 78.2 80.9 66.6 -15 (5.5) -5 (7.1) (8.3) (8.3) (9.2) (10.6) (12.7) (17.9) % OF GDP 22.8 29.0 -20 GE JN UK IT FR Adv. CA US Canada Germany OECD France U.K. U.S. Italy Japan Econ. Sources: Scotiabank Economics, OECD (2020 estimates). As of April 2020. Sources: Scotiabank Economics, IMF (2020 estimates), CBO. As of April 2020. 65

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