Investor Presentaiton

% OF GDP REAL GDP GROWTH Canadian Economy Diverse economy with a strong balance sheet 19.5% Finance, Insurance, & Real Estate 15.6% Other 4.5% Transportation & Warehousing 5.9%- Professional, Scientific, & Technical Services 6.7% CANADIAN GDP BY INDUSTRY (AUG 2019) Public Administration - 12.4% Health & Education 7.0% 10.4% Wholesale & Retail Trade -10.3% Manufacturing 7.6% Mining and Oil & Gas Extraction Construction ANNUAL % CHANGE GENERAL GOVERNMENT NET FINANCIAL LIABILITIES 122.0 126.1 78.5 80.1 84.5 66.1 31.7 22.9 Canada Germany OECD France U.K. U.S. Italy Japan Sources: Scotiabank Economics, OECD (2019 estimates). As of November 2019. 3 N U.S. Canada 2000-2018 Eurozone 2019f-2021f U.K. Japan Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of October 10, 2019. GOVERNMENT FINANCIAL DEFICITS % OF GDP 2 - -5 0 1 2 3 4 5 6 1.1 T (0.8) (0.7) (1.4) (2.0) (3.0) (3.3) (5.6) -6 Germany OECD* Canada U.K. Italy Japan France U.S. * Arithmetic mean of all OECD financial deficits as a % of GDP. Sources: Scotiabank Economics, IMF (2019 estimates). As of November 2019. 56

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