Investor Presentation

Public Debt Ratios in G7 Markets 300 % of GDP 250 200 150 100 50 0 G7 General Government Gross Debt 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Canada (AAA) Italy (BBB) -U.S. (AA+) France (AA) Japan (A+) Sources: Scotiabank Economics, IMF, Standard & Poor's. G7 General Government Net Debt 200 % of GDP 150 100 50 -Germany (AAA) UK (AA) 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Canada (AAA) Italy (BBB) U.S. (AA+) France (AA) Japan (A+) Sources: Scotiabank Economics, IMF, Standard & Poor's. Germany (AAA) UK (AA) 59 59

View entire presentation