COVID-19 Business Impact Presentation

Economic Outlook in Core Markets Real GDP Growth Forecast (2019 – 2021) Real GDP (Annual % Change) Country 2010-18 Average 2019 Forecast 2020F 2021F 2.2 1.6 Previous 1 1.5 2.0 Canada Current 2 -9.1 6.5 2.3 2.3 Previous 1 1.7 1.8 U.S. Current 2 -6.3 7.0 3.0 Mexico Previous 1 1.0 1.8 Current 2 -8.4 1.1 4.8 2.3 Previous 1 3.0 3.5 Peru Current 2 -9.0 7.0 3.5 1.0 Previous 1 1.4 3.0 Chile Current 2 -4.5 2.9 3.8 3.2 Previous 1 3.6 3.6 Colombia Current 2 -2.9 3.6 3.8 1.6 Previous 1 2.3 3.0 PAC Average Current 2 -6.2 3.7 Source: Scotiabank Economics. 1 Forecast as of January 13, 2020 2 Forecasts as of April 17, 2020 for Canada; Forecasts as of May 16, 2020 for U.S., Mexico, Peru, Chile, and Colombia 24 24

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