Investor Presentaiton

Economic Outlook in Core Markets Growth in Pacific Alliance expected to be above that of Canada and the U.S. in 2020 2019-2020 REAL GDP GROWTH FORECAST (%) Real GDP (Annual % Change) 2000-18 Country 2019f 2020f average Mexico 2.2 0.0 1.0 Peru 4.9 2.3 3.0 Chile 3.9 1.0 1.4 Colombia 3.8 3.2 3.6 PAC Average 3.7 1.6 2.3 Canada 2.1 1.6 1.5 U.S. 2.1 2.3 1.6 Source: Scotiabank Economics. Forecasts as of January 6, 2020. 9

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