Q4 2019 Financial Performance

Economic Outlook in Core Markets Growth in Pacific Alliance > Canada and the U.S. in 2020/2021 2019-2021 Real GDP Growth Forecast (%) Real GDP (Annual % Change) 2010-18 Country 2019f 2020f 2021f Average Mexico 3.0 0.0 1.0 1.8 Peru 4.8 2.3 3.0 3.5 Chile 3.5 1.0 1.4 3.0 Colombia 3.8 3.2 3.6 3.6 PAC Average 3.8 1.6 2.3 3.0 Canada 2.2 1.6 1.5 2.0 U.S. 2.3 2.3 1.7 1.8 Source: Scotiabank Economics. Forecasts as of January 13, 2020. 6

View entire presentation