Q1 2022 Financial Performance

Canadian Economy Diverse sources of growth with a strong balance sheet 20.8% Finance, Insurance, & Real Estate 14.2% Other 3.7% Transportation & Warehousing 6.5% Professional, Scientific, & Technical Services 6.9% CANADIAN GDP BY INDUSTRY (Nov. 2021) Public Administration -12.6% Health & Education 10.6% Wholesale & Retail Trade 7.3% 9.4% Manufacturing 8.0% Mining and Oil & Gas Extraction Real GDP Growth ANNUAL % CHANGE LO 5 + 3 F U.S. Canada Eurozone 2021E-2023F U.K. Japan 2010-2019 Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Jan, 19, 2022. Construction GDP 2021E: 4.6% GDP 2022F: 3.7% GDP 2023F: 3.3% General Government Net Debt % OF GDP Government Financial Deficits 0 -3 2020 2021E (4.3) (6.8) -6 (9.5) (10.2) (9.2) (8.9) (10.8) (8.8) (10.3) (9.0) (12.5) 167 172 -9 (11.9) (14.9) (10.8) (10.9) (5.8) 142 142 88 90 92 97 99 102 103 103 -12 50 54 % OF GDP 2020 2021E 35 35 -15 GE IT FR CA GE Adv. Econ. U.K. U.S. FR IT JN Adv. Econ. JN U.K. U.S. CA* Sources: IMF Oct. 2021 Fiscal Monitor. Calendar years shown. * Canadian federal deficit reflects Scotiabank Economics' forecast as of Jan. 19, 2022. Sources: Scotiabank Economics, IMF Oct. 2021 Fiscal Monitor, CBO. Calendar years shown. 59

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