Scotiabank Investor Day Summary

(%) STABLE ECONOMIC FUNDAMENTALS IN CANADA Low unemployment rate reflects solid growth in Canadian economy UNEMPLOYMENT RATE 14 12 10 8 0 4 2 0 Canada - official US Canada comparable to US T 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through July 2018. • Strengthening economic growth and a gradual rebound in non-energy exports • • Household spending remains buoyant, underpinned by relatively low and stable unemployment, as well as low borrowing costs Population and labour force growth supported by strong immigration • Stable inflation within Bank of Canada target band HEADLINE INFLATION LABOUR FORCE PARTICIPATION RATE Canada I q US Bank of Canada Target Inflation Band 70 68 86 66 (%) 64 62 -2 60 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through July 2018. Canada US 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through July 2018. Scotiabank 60

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