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Investor Presentaiton

Canadian Economy Real GDP Growth annual % change 3 2 1 0 U.S. U.K. Euro zone Canadian GDP by Industry November 2015 Finance, Insurance & Real Estate Health & Education 2000-2014 ■2015F-2016F 15% 20% 4% 5% Wholesale & Retail Trade Manufacturing Mining and Oil & Gas Extraction 12% Construction 7% 7% 11% 8% Public Administration Professional, Scientific & Technical Services Transportation & Warehousing 11% Other Canada Japan Source: Statistics Canada, Scotiabank Economics. Forecasts as at February 1, 2016. Source: Scotiabank Economics. General Government Net Financial Liabilities 140 % of GDP 120 100 80 88 60 60 40 10 45.9 40.8 87.1 80.7 71.7 73.6 Government Financial Deficits 128.7 131.3 0.3 0 -1 -2 -1.6 -3 20 0 Canada Germany OECD France U.K. U.S. Japan Source: OECD (2014 estimates); Scotiabank Economics. As at February 22, 2016. -5 4 5 6 -4 -6 -7 % of GDP -8 Italy Germany Canada 11 -3.0 -4.0 -4.1 Italy France U.S. -5.7 -7.3 U.K. Japan Source: IMF (2014 estimates), Scotiabank Economics. As at February 22, 20166. Scotiabank®
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