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Investor Presentaiton

Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-15 Country 2016A 2017F 2018F Avg. Mexico 2.4 2.3 2.1 2.5 Peru 5.3 3.9 2.5 3.7 Chile 4.3 1.6 1.6 2.6 Colombia 4.3 2.0 1.9 2.2 2000-15 2016A 2017F 2018F Avg. Canada 2.2 1.5 2.9 1.9 U.S. 2.0 1.5 2.1 2.2 Source: Scotia Economics, as of August 2, 2017 24 24 Scotiabank®
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