Wholesale Funding and Energy Portfolio Strategy

Economic Outlook in Key Markets Growth expected to accelerate across the Pacific Alliance 2018 AND 2019 REAL GDP GROWTH FORECAST (%) Real GDP (Annual % Change) Country 2000-17 Avg. 2018F 2019F 2020F Mexico 2.2 1.8 2.1 2.4 Peru 5.0 3.7 4.0 4.1 Chile 3.9 3.9 3.2 3.2 Colombia 3.9 2.5 3.5 3.6 PACS Avg. 3.8 3.0 3.2 3.3 2000-17 Avg. 2018F 2019F 2020F Canada 2.2 2.1 2.2 1.8 U.S. 2.0 2.9 2.4 1.7 Source: Scotiabank Economics. Forecasts as of October 15, 2018. Scotiabank® 55 55

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