Energy Portfolio and Canadian Mortgage Overview

Canada: Stable Economic Fundamentals Low unemployment rate reflects solid growth in Canadian economy UNEMPLOYMENT RATE 14 120 80 6 № 6 + 20 Canada - official U.S. Canada comparable to U.S. 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through January 2020. • Solid economic growth and a gradual rebound in non-energy exports ⚫Household spending remains buoyant, underpinned by relatively low and stable unemployment, as well as low borrowing costs Population and labour-force growth supported by increasing immigration Moderate inflation within Bank of Canada target band HEADLINE INFLATION LABOUR FORCE PARTICIPATION RATE 70 Bank of Canada Target Inflation Band سلام 64 62 60 222% 68 66 Canada Май M U.S. -2 00 02 04 06 08 10 12 14 16 18 20 20 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through Jan. 2020 (Canada and US). Canada U.S. 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Statistics Canada, BLS. Data through January 2020. 70

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