Investor Presentaiton

ECONOMIC OUTLOOK IN KEY MARKETS Macro economic growth outlook remains positive for the Pacific Alliance countries Real GDP (Annual % Change) Country 2017 2018 2019F 2020F Canada 3.0 1.9 1.4 2.0 U.S. 2.2 2.9 2.5 1.6 Mexico 2.1 2.0 0.9 1.1 Peru 2.5 3.9 3.1 3.7 ★ Chile 1.5 4.0 3.2 3.2 Colombia 1.4 2.6 3.2 3.6 Source: Scotia Economics, as of July 12, 2019 Scotiabank. | 40

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