Trading Results & Economic Outlook

COVID-19 Response in Core Markets Policy Action Canada United States Mexico Peru Chile Colombia Policy Rate Cuts 150 bps 150 bps 275 bps 200 bps 125 bps 250 bps (Since March 1, 2020) Fiscal & Financial Measures (% of GDP) Liquidity program 17.5% 13.5% 0.7% 20.0%¹ 17.5%¹ 2.8% Key Measures Wage and payroll support programs Payment deferral programs Small business and sectoral programs Loan guarantees Household income supplementary funds Retirement savings withdrawals Tax holidays Source: Scotiabank Economics. As at November 14, 2020 1 Includes pension withdrawals and deposit relief 24

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