PCL Ratios and Provision for Credit Losses Review

ECONOMIC OUTLOOK IN KEY MARKETS Macro economic growth improving for Pacific Alliance countries • Stronger economic growth outlook in 2019 for the Pacific Alliance countries than U.S. and Canada Real GDP (Annual % Change) Country 2017 2018F 2019F Canada 3.0 2.2 2.0 U.S. 2.2 2.8 2.3 Mexico 2.0 2.1 2.5 Peru 2.5 3.5 4.0 Chile 1.5 3.7 3.9 Colombia 1.8 2.5 3.5 Source: Scotia Economics, as of August 2, 2018 Scotiabank® | 28

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