Medium-Term Financial Objectives

% OF GDP Canadian Economy Diverse economy with a strong balance sheet 19.4%- Finance, Insurance, & Real Estate 15.5% Other 4.6% Transportation & Warehousing 5.8% Professional, Scientific, & Technical Services 6.7% CANADIAN GDP BY INDUSTRY (MAY 2019) Public Administration -12.4% Health & Education -10.4% Wholesale & Retail Trade -10.5% Manufacturing -7.8% Mining and Oil & Gas Extraction -7.0% Construction GENERAL GOVERNMENT NET FINANCIAL LIABILITIES REAL GDP GROWTH ANNUAL % CHANGE 3 2 U.S. T Canada Eurozone 2018-2020f UK Japan 2000-2017 Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of July 12, 2019. GOVERNMENT FINANCIAL DEFICITS 2 120.3 124.7 % OF GDP 0 = ≈ 77.1 80.7 81.4 3 65.1 33.5 -4 23.0 1.1 (0.6) (0.6) (1.3) (2.7) (2.8) (3.3) (4.6) -5 Canada Germany OECD France UK U.S. Italy Japan Germany OECD* Canada UK Italy Japan France US Sources: Scotiabank Economics, OECD (2018 estimates). As of August 2019. * Arithmetic mean of all OECD Financial Deficits as a % of GDP. Sources: Scotiabank Economics, IMF (2019 estimates). As of August 2019. Scotiabank® 41

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