Investor Presentation

Canadian Economy Diverse sources of growth with a strong balance sheet 20.8% Finance, Insurance, & Real Estate 14.4% Other 3.7% Transportation & Warehousing 6.6% Professional, Scientific, & Technical Services 6.8% CANADIAN GDP BY INDUSTRY (Feb. 2021) Public Administration 12.4% Health & Education 7.7% 10.6% Wholesale & Retail Trade 9.4% Manufacturing 7.7% Mining and Oil & Gas Extraction Construction GDP 2021: 4.6% GDP 2022F: 4.2% GDP 2023F: 3.0% Real GDP Growth LO 5 + 3 ANNUAL % CHANGE N L U.S. General Government Net Debt % OF GDP TH 2010-2019 Canada Eurozone 2021E-2023F U.K. Japan Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Apr, 12, 2022. Government Financial Deficits 0 2021 2022F -4 N (4.7) (2.2) (3.7) (3.3) (7.3) (4.3) (8.0) -6 (10.2) (4.3) (4.8) 169 172 138 139 -8 101 96 100 100 84 87 85 76 -10 % OF GDP 49 51 2021 2022F 33 32 -12 CA GE Adv. U.K. U.S. FR IT JN Ž CA GE U.K. Adv. Econ. U.S. FR IT JN Econ. Sources: IMF Apr 2022 Fiscal Monitor. Calendar years shown. Scotiabank Economics, IMF Apr. 2022 Fiscal Monitor, CBO. Calendar years shown. 58

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