Investor Presentaiton

Canadian Household Credit Public policy changes have moderated growth in household credit • Total household credit grew at 3.7% annually in nominal terms in Q3/19 vs 2008 peak of 12.2% annually • Consumer loans excluding mortgages (cards, HELOCS, unsecured lines, auto loans, etc.) grew at 3.1% annually in Q3/19 vs > 5% in late 2017 • Mortgage credit grew at 4.0% annually in Q3/19 vs 2008 peak of 13% 25 20 HOUSEHOLD CREDIT GROWTH %, 3-month moving average 15 15 y/y % change 10 5 m/m% change, SA 0 -5 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. CONSUMER LOAN GROWTH 25 25 %, 3-month moving average 20 RESIDENTIAL MORTGAGE GROWTH 25 %, 3-month moving average 20 y/y% 15 change 15 y/y% change 10 10 5 m/m% change, SA 0 m/m% 5 change, SA 0 -5 -5 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. 65

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