Investor Presentaiton

% OF GDP Canadian Economy Diverse economy with a strong balance sheet 19.4%- Finance, Insurance, & Real Estate 15.9%- Other 4.5% Transportation & Warehousing 5.8% Professional, Scientific, & Technical Services 6.7% CANADIAN GDP BY INDUSTRY (FEB 2019) Public Administration -12.4% Health & Education -10.5% Wholesale & Retail Trade -10.5% Manufacturing -7.3% Mining and Oil & Gas Extraction -7.1% Construction GENERAL GOVERNMENT NET FINANCIAL LIABILITIES ANNUAL % CHANGE REAL GDP GROWTH 2 3 U.S. 2000-2017 Canada Eurozone 2018-2020f UK Japan Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of May 9, 2019. GOVERNMENT FINANCIAL DEFICITS 2 1.1 120.3 124.7 % OF GDP (0.6) (0.6) (1.3) Ņ (2.7) (2.8) 77.1 80.7 81.4 3 (3.3) 65.1 33.5 -4 23.0 (4.6) -5 Canada Germany OECD France UK U.S. Italy Japan Germany OECD* Canada UK Italy Japan France US Sources: Scotiabank Economics, OECD (2018 estimates). As of May 2019. * Arithmetic mean of all OECD Financial Deficits as a % of GDP. Sources: Scotiabank Economics, IMF (2019 estimates). As of May 2019. Scotiabank® 39

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