Credit Performance Review

Peruvian Economy Resilient economic fundamentals • Peru's important resource sectors are increasingly balanced by stronger service-sector activity and solid economic fundamentals Peru has 16 free-trade agreements with 49 countries that account for 66% of global GDP Investment is making a consistently strong contribution to GDP, which should make higher growth rates more sustainable in the future 12.7% Manufacturing 9.6% Finance, Insurance, & Real Estate 31.5% PERUVIAN GDP BY INDUSTRY (Q3 2018) 20.7% Transportation, Information & Commerce 5.8% Construction 8 y/y % change 6 4 2 0 -2 -4 -6 Contributions to Peruvian GDP Growth 17 16 Sources: Scotiabank Economics, Haver Analytics. Other 5.1% Natural Resources 14.6% Mining & Energy Top 5 Trading Partners China 26% Others 44% Net Exports Inventories GFCF Government United States Consumption Real GDP 18% 18 South Korea 3% Spain Brazil 4% 5% Scotiabank® 41

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