Canadian Banking and Residential Mortgages Overview

PAC Fundamentals Driving Growth Strong Governance Democratic countries with open economies Independent central banks with inflation- targeting regimes Free trade agreements and free-floating currencies ⚫ Business-friendly environments Sound Macro Environment Diversified economies with solid GDP growth • Resilience to economic and political cycles Relatively low debt/GDP ratios compared with OECD and emerging-market economies • Increasing adoption of banking services Favourable Demographics ⚫ 232 million people with median age of 30 years • Rebounding domestic consumption • Increasing exposure to Asian growth markets Among the fastest growing smartphone markets in the world • Considerable growth in middle class 28

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