Fourth Quarter 2018 Investor Presentation

Mexican Economy Diverse economy with a strong balance sheet • The Mexican economy reflects a solid mix of commodities, goods production, and services. Trade remains dominated by the US, but Mexico's diversification agenda is underpinned by 13 free-trade agreements with 47 countries that account for 40% of global GDP Despite NAFTA-related uncertainty, investment has rebounded in 2018 and trade has returned to making a positive contribution to economy- wide growth Contributions to Mexican GDP Growth 16.0% Finance, Insurance, & Real Estate 16.0% Other 3.2% Natural Resources 5.8% Health & Education MEXICAN GDP BY INDUSTRY (Q2 2018) 6.5% Transportation 1.9% & Warehousing Professional, 3.9% Scientific, & Technical Public Services Administration Top 5 Trading Partners 17.4% Wholesale & Retail Trade 15.9% Manufacturing 6.3% Mining and Oil & Gas Extraction 7.0% Construction 5 y/y % change 4 3 2 1 0 -1 -2 -3 16 Other Net Exports Inventories Investment Government Consumption Real GDP 17 Sources: Scotiabank Economics, Haver Analytics. 18 Others 21% Germany 3% Japan 3% United States Canada 4% China 10% 59% Scotiabank® 39

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