Investor Day Summary

RATIO NUMBER OF IMMIGRANTS TO CANADA, 000S CANADIAN HOUSING FUNDAMENTALS REMAIN SOUND INTERNATIONAL IMMIGRATION 290 240 190 140 90 95 2018 Target = 310K شہر 00 05 10 15 Sources: Scotiabank Economics, Statistics Canada. RESIDENTIAL UNIT SALES TO NEW LISTINGS RATIO 1.0 0.8 Sellers' Market 0.6 Balanced Market 0.4 Buyers' Market 0.2 0.0 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, CREA MLS. Data through April 2018. % OF DISPOSABLE INCOME % OF MORTGAGES IN ARREARS 3 MONTHS OR MORE 3 TOTAL DEBT SERVICE RATIO 16 15 14 13 1990-2017 average www 10 90 92 94 96 98 00 02 04 06 08 10 12 14 16 Sources: Scotiabank Economics, Statistics Canada. Data through 2017Q4. RESIDENTIAL MORTGAGES ARREARS CO 5 U.S. Canada 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, CBA, MBA. Data through 2018Q1 (US) and January 2018 (Canada). Scotiabank 45

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