Investor Presentation First Quarter 2019

% OF GDP Canadian Economy Diverse economy with a strong balance sheet 19.4%- Finance, Insurance, & Real Estate 15.4% Other 4.5% Transportation & Warehousing 5.8% Professional, Scientific, & Technical Services 6.6% CANADIAN GDP BY INDUSTRY (NOV 2018) Public Administration -12.5% Health & Education -10.4% Wholesale & Retail Trade -10.4% Manufacturing 7.7% Mining and Oil & Gas Extraction -7.2% Construction GENERAL GOVERNMENT NET FINANCIAL LIABILITIES ANNUAL % CHANGE REAL GDP GROWTH 2 3 U.S. Canada Eurozone UK Japan 2000-2017 2018e-2020f Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of February 7, 2019. GOVERNMENT FINANCIAL DEFICITS 2 1.5 124.9 130.4 % OF GDP (0.7) (1.2) (1.7) (2.0) N (2.6) 80.8 81.8 83.7 3 66.7 (3.7) 33.5 -4 23.3 (4.7) -5 Canada Germany OECD France U.S. UK Italy Japan Germany OECD* Canada Italy UK France Japan U.S. Sources: Scotiabank Economics, OECD (2018 estimates). As of February 2019. * Arithmetic mean of all OECD Financial Deficits as a % of GDP. Sources: Scotiabank Economics, IMF (2018 estimates). As of February 2019. Scotiabank® 37

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