Q4 2019 Financial Performance

Canadian Consumer Indebtedness • Policy changes have moderated the growth in household credit Consumer loans excluding mortgages (i.e. credit cards, HELOCs, unsecured LOC, auto loans, etc.) grew at an 3.1% annual rate in Q3/19 vs > 5% in late 2017 • Mortgage credit grew at 4.0% annually in Q3/19 vs 2008 peak of 13% Household Credit Growth Consumer Loan Growth Residential Mortgage Growth 25 %, 3-month moving average 20 15 15 10 y/y % change 5 m/m% change, SA 0 -5 25 %, 3-month moving average 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. 20 25 %, 3-month moving average 20 20 15 y/y% change 15 y/y % change 10 10 5 m/m% change, SA 0 m/m% 5 change, SA 0 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. -5 -5 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. 27 27

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