Investor Presentaiton

Canadian Consumer Indebtedness Total household credit grew at 4.6% in annual nominal terms in March 2020 vs the 2008 peak of 12.2% annually • Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.) grew at 2.7% annually in Q1/20 vs > 5% in late 2017 Mortgage credit grew at 5.3% annually in Q1/20 vs 2008 peak of 13%. Lower five-year rates are driving a rebound in the pace of growth, as is strength of underlying demand HOUSEHOLD CREDIT GROWTH CONSUMER LOAN GROWTH RESIDENTIAL MORTGAGE GROWTH 25 25 20 20 %, 3-month moving average 15 y/y % change 10 25 25 %, 3-month moving average 20 15 15 10 25 25 %, 3-month moving average 20 y/y % change 15 5 m/m% change, SA 0 15 y/y % change 10 10 5 m/m% change, SA -5 -5 -5 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Bank of Canada. 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Bank of Canada. 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Bank of Canada. 5 m/m% change, SA 74

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