Investor Presentaiton

% OF GDP Canadian Economy Diverse economy with a strong balance sheet 19.9%- Finance, Insurance, & Real Estate 14.3% Other 4.5% Transportation & Warehousing 5.6% Professional, Scientific, & Technical Services 6.2% CANADIAN GDP BY INDUSTRY (AUG 2018) Public Administration -11.8% Health & Education -11.3% Wholesale & Retail Trade -10.4% Manufacturing -8.9% Mining and Oil & Gas Extraction -7.0% Construction GENERAL GOVERNMENT NET FINANCIAL LIABILITIES 127.2 128.1 87.3 76.1 80.3 66.9 36.6 24.8 % OF GDP ANNUAL % CHANGE REAL GDP GROWTH 2 3 US 2000-2016 Canada Eurozone 2018f-2019f UK Japan Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of October 15, 2018. GOVERNMENT FINANCIAL DEFICITS 3 2 1.0 (0.6) (1.1) (1.8) (2.3) (2.6) (3.8) (4.3) -4 -5 Canada Germany OECD France US UK Italy Japan Germany OECD* Canada UK Italy France US Japan Sources: Scotiabank Economics, OECD (2017 estimates). As of May 2018. * Arithmetic mean of all OECD Financial Deficits as a % of GDP. Sources: Scotiabank Economics, IMF (2017 estimates). As of October 2018. Scotiabank® 52

View entire presentation