Scotiabank Investment Thesis

Peru 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 13.7% Manufacturing 8.5% Finance, Insurance, & Real Estate 30.9% Other PERUVIAN GDP BY INDUSTRY (Q4 2018) 20.7% Transportation, Information & Commerce 6.8% Construction -14.2% 8 y/y % change 6 4 2 0 -2 Contributions to Peruvian GDP Growth -4 -6 16 Sources: Scotiabank Economics, Haver Analytics. 17 18 Net Exports Inventories Investment Government Consumption Real GDP 5.2% Mining & Energy Natural Resources Top 5 Trading Partners China 27% Others 43% United States 18% South Korea 4% Spain Brazil 4% 5% Scotiabank® 36 36

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