Investor Presentaiton

Economic Outlook in Core Markets Real GDP Growth Forecast (2019 – 2021) Real GDP (Annual % Change) 2010-18 Country 2019f 2020f 2021f Average Canada 2.2 1.6 1.5 2.0 U.S. 2.3 2.3 1.7 77 1.8 Mexico 3.0 0.0 1.0 1.8 Peru 4.8 2.3 3.0 3.5 Chile 3.5 1.0 10 1.4 3.0 Colombia 3.8 3.2 3.6 3.6 PAC Average 3.8 1.6 2.3 3.0 Source: Scotiabank Economics. Forecasts as of January 13, 2020 34 ==

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