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Investor Presentaiton

80 60 85 90 CA: Consumer and Business Activity 110 Index, 2019Q4 = 100 105 Jan 13, 2020 forecast 100 95 95 GDP Getting Back on Track Business Confidence - CFIB Business Barometer 80 index, 50 stronger 60 Jan. 19, 2022 forecast 50 50 19Q4 20Q1 20Q2 Key Economic Indicators index, Feb 2020 levels 100 Source: Scotiabank Economics, Statistics Canada. 2003 2004 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 2204 23Q1 23Q2 23Q3 23Q4 180 160 140 120 100 80 60 40 20 ༄༄¥ཤྰཎྜ¥ & Feb-20 Mar-20- Apr-20 May-20 Jun-20 Jul-20- Aug-20- Sep-20 Oct-20- Nov-20 Nov-20 Dec-20- Jan-21- Feb-21- Feb-21- Mar-21. Apr-21 May-21. Auto Sales ⚫Mfg Shipments Exports Housing Starts Retail Sales Sources: Scotiabank Economics, Bloomberg. Jun-21- Jul-21 Aug-21- Sep-21. Oct-21. Nov-21 Dec-21 Jan-22 Employment Manufacturing PMI 80 85 90 30 40 70 70 20 T 11 12 13 14 Sources: Scotiabank Economics, CFIB. 105 Feb. 2020=100 100 95 Headline index 3-month moving average 6-month moving average 15 16 17 18 19 20 21 22 Labour Market Recovery Canada Has Recovered Lost Jobs Canada's Labour Force Participation Rate Feb-20- Apr-20- Jun-20- Aug-20- Oct-20- Dec-20- Feb-21 Apr-21 Jun-21- Aug-21- Oct-21- Dec-21- Sources: Scotiabank Economics, Statistics Canada. 59 60 61 Feb-20 66 % 65 64 63 62 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21] Oct-21 66 99 Dec-21]
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