Canadian Housing Market Financial Analysis

Global Registered Covered Bond Program 1 CAD$36 billion Global Covered Bond Program LOAN-TO-VALUE RATIOS2 CREDIT SCORES 43% 33% 60% 18% 4% 5% 19% 2% 1% 2% 12% 0-20% 20-40% 40-60% 60-80% 80+% <599 600-650 651-700 701-750 751-800 800< REMAINING TERM DISTRIBUTION (MONTHS) 36.1% 24.1% 11.1% 11.8% Alberta 0.1% Yukon 2.5% Saskatchewan 7.2% PROVINCIAL DISTRIBUTION 13.6% 9.1% Quebec 6.0% <12 12-23.99 24-35.99 36-41.99 42-47.99 48< 0.2% P.E.I. 53.8% Ontario 1 As at April 30, 2019 2 Uses indexation methodology as outlined in Footnote 1 of the Scotiabank Global Registered Covered Bond Monthly Investor Report 18.6% British Columbia 1.2% Manitoba 1.0% New Brunswick 1.5% Newfoundland 2.0% Nova Scotia Scotiabank® 60

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