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ECONOMIC OUTLOOK IN KEY MARKETS Macro economic growth improving for Pacific Alliance countries Real GDP (Annual % Change) Country 2000-16 Avg. 2016 2017 2018F 2019F Mexico 2.2 2.9 2.0 2.3 2.8 Peru 5.1 3.9 2.5 3.3 3.7 Chile 4.0 1.2 1.5 3.6 3.9 Colombia 4.1 2.1 1.8 2.5 3.5 2000-16 Avg. 2016 2017 2018F 2019F Canada 2.1 1.4 3.0 2.2 2.1 U.S. 1.9 1.5 2.3 2.6 2.4 Source: Scotia Economics, as of May 3, 2018 ⑤Scotiabank® | 26

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