Investor Presentaiton

Canadian Consumer Indebtedness Consumer balance sheets have improved faster than the growth rate in debt to disposable income Household Net Worth vs Debt Default Rates Remain Low 1000 1.4 % of 4Q-moving-sum % 0.5 % 900 disposable Income 1.3 800 1.2 700 1.1 Percent of RHS mortgage arrears, 0.4 600 1.0 500 Household net worth as 0.9 0.3 % of disposable income 400 0.8 300 0.7 Credit card Household debt to disposable income delinquency rate 0.2 200 0.6 (90+ days), LHS 100 0.5 0 0.4 90 93 96 99 9 02 05 08 11 14 17 40 04 90 0.1 06 08 10 12 14 16 18 Sources: Statistics Canada, CBA, Scotiabank Economics 28

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