Credit Performance Review

Chilean Economy Advanced economy with wide-ranging trade links Chile's mix of economic activities reflects its status as an advanced market economy Chile's diversified trading relationships are supported by 21 free-trade agreements with 59 countries that account for 70% of global GDP Investment has been a strong contributor to growth in Chile over the past year, which should underpin future productivity gains 15.1% Finance, Insurance, & Real Estate 8.7% Other 1.9% Restaurants & Hotels 8.5% Transportation & Warehousing 3.4% Natural Resources CHILEAN GDP BY INDUSTRY (SEP 2018) 19.3% Housing & Personal Services 9.7% Wholesale & Retail Trade -10.2% Manufacturing -12.5% Mining and Oil & Gas Extraction 6.2% Construction 4.6% Public Administration 8 y/y % change 6 4 2 0 -2 -4 -6 Contributions to Chilean GDP Growth 17 16 Sources: Scotiabank Economics, Haver Analytics. Net Exports Inventories Investment Government Consumption Real GDP 18 Top 5 Trading Partners Others 40% China 27% South Korea 4% United States 16% Japan Brazil 6% 7% Scotiabank® 40 40

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