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Investor Presentaiton

Canada: Consumer and Business Observing signs of economic recovery Business Confidence - CFIB Business Barometer Key Economic Indicators 140 index, Feb 2020 levels 100 75 index, 50 stronger 120 70 65 Avg. 2011- present 100 60 80 5544 232 3-month moving 60 6-month moving 50 average average 40 20 40 35 Feb Headline index 30 25 ܂ 11 12 13 14 15 16 17 18 19 20 20 Sources: Scotiabank Economics, CFIB. Mar Apr May Jun Jul Aug Sep Oct Auto Sales Housing Starts Employment Mfg Shipments Retail Sales Manufacturing PMI Exports Sources: Scotiabank Economics, Bloomberg. Canada Auto Sales Canada Real Retail Sales 105 Feb 2020-100 100 95 90 mn, saar units 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 GOGO 885 85 80 75 70 65 0.4 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 60 Sources: Scotiabank Economics, DesRosiers Automotive Consultants Inc. Apr-19 Jul-19 Oct-19 Jan-19 Sources: Scotiabank Economics, Statistics Canada. Jan-20 Apr-20 Jul-20 64
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