Q1 2023 Financial Results

% OF GDP Real GDP Growth Canadian Economy Diverse sources of growth with a strong balance sheet 20.2% Finance, Insurance, & Real Estate 14.8% Other 4.1% Transportation & Warehousing 6.6% Professional, Scientific, & Technical Services 7.0% CANADIAN GDP BY INDUSTRY (Nov. 2022) Public Administration GDP 2022E: 3.6% 12.5% Health & Education 7.3% 10.4% Wholesale & Retail Trade 9.3% Manufacturing 7.7% Mining and Oil & Gas Extraction Construction GDP 2023F: 1.1% GDP 2024F: 1.6% General Government Net Debt 2021 2022E ANNUAL % CHANGE N 3 U.S. 2010-2019 Canada Eurozone U.K. Japan 2022E-2024F Avg. Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Feb 6, 2023. Government Financial Deficits 0 N (5.0) (2.2) (3.7) (3.3) (7.2) (3.6) (10.9) (4.0) (8.0) (4.3) (6.4) (5.1) (7.2) -4 -6 168 173 138 135 -8 100 95 101 100 84 86 83 -10 75 % OF GDP 47 48 32 31 -12 CA GE Adv. CA GE U.K. Adv. Econ. U.S. FR IT JN Econ. Sources: IMF Oct 2022 Fiscal Monitor. Calendar years shown. 2021 2022E (5.4) (6.7) (7.9) U.S. U.K. FR IT JN Scotiabank Economics, IMF Oct 2022 Fiscal Monitor, CBO. Calendar years shown. 61

View entire presentation