2016 Year-End Financial Results

Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-15 Country 2016F 2017F 2018F Avg. Mexico 2.4 2.1 2.2 2.2 Peru 5.3 3.8 4.0 4.2 Chile 4.3 1.7 2.0 2.5 Colombia 4.3 2.4 2.8 3.5 2000-15 2016F 2017F 2018F Avg. Canada 2.1 1.2 1.9 2.0 U.S. 1.9 1.5 2.1 2.4 Source: Scotia Economics, as of November 22, 2016 25 Scotiabank®

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