Economic Forecasts and Performance Review

Recent Acquisition Activity 2018-2019 Increasing Scale via Strategic Acquisitions Canada $3.5B MD MD Financial Management CMA Companies JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT Chile $2.9B BBVA Adds wealth management assets of $96B. Adds 110,000 potential primary customers. Expands wealth management offering. Doubles market share. Creates 3rd largest bank. Further diversifies business. Peru $0.2B banco cencosud Creates 2nd largest bank in credit cards. Further diversifies business. Colombia $0.4B citibank Creates market leader in credit cards. Dominican Republic $0.4B PROGRESO. Doubles customer base. Creates 4th largest bank. 77

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