Q1 2017 Financial Performance

Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-15 Country 2016F 2017F 2018F Avg. Mexico 2.4 2.1 1.5 2.1 Peru 5.3 3.8 3.8 4.2 Chile 4.3 1.5 2.0 2.5 Colombia 4.2 1.9 2.4 3.3 2000-15 2016F 2017F 2018F Avg. Canada 2.2 1.4 2.0 2.0 U.S. 1.9 1.6 2.3 2.4 Source: Scotia Economics, as of January 17, 2017 24 24 Scotiabank®

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