Investor Presentaiton

Canada: Stable Economic Fundamentals Low unemployment rate reflects solid growth in Canadian economy UNEMPLOYMENT RATE 14 120 80 6 + 20 Canada - official U.S. Canada comparable to U.S. 90 92 94 96 98 00 02 04 06 08 10 12 15 17 19 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2019. • Solid economic growth and a gradual rebound in non-energy exports ⚫Household spending remains buoyant, underpinned by relatively low and stable unemployment, as well as low borrowing • costs Population and labour-force growth supported by increasing immigration Moderate inflation within Bank of Canada target band HEADLINE INFLATION LABOUR FORCE PARTICIPATION RATE 70 Canada Bank of Canada Target Inflation Band 222% 68 66 U.S. -2 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2019 (Canada) and October 2019 (US). Canada U.S. 64 62 60 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2019. 66

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