#1Building a Leading P&C Insurer Acquisition of RSA's Canada and UK&I operations www.wi November 18, 2020 1111 [intact]#2Accelerating Strategy to Drive Significant Value Bolsters our Canadian business, unlocking synergies and opportunities for growth Enhances commercial lines and both direct and broker channels simultaneously Builds on our strengths in data, claims, pricing and segmentation 1 2 3 4 Expands our leadership position in Canada Creates a leading specialty lines platform Entry into the UK & Ireland at scale Financially compelling ✓ Expands North American specialty lines and broadens distribution footprint Adds international capabilities and expertise in Europe Creates a $4B+ specialty solutions leader¹ Opportunity to apply risk selection and claims management expertise to improve underwriting performance Attractive commercial and SME portfolio to share our successful operating model Opportunity to apply our customer driven and digital advantages in personal lines [intact] ¹As measured in DPW. Please refer to page 4 for details. 2No statement in this presentation is intended as a profit forecast or profit estimate. Increases investment in our core capabilities of data, risk selection, claims and supply chain management Strengthens our ability to outperform Net assets to be acquired at 0.9x book value with expected internal rate of return (IRR) in excess of our 15% threshold Expected high single digit NOIPS accretion in the first year, increasing to upper teens within 36 months² Expected to maintain mid-teens Operating ROE; BVPS expected to increase in excess of 25% at closing ✓ Over $1.5B total capital margin estimated at closing; debt-to-capital expected to return to 20% within 36 months Our values, clear purpose, and belief that insurance is about people, not things, will ground us as we grow our business over time 2#31) Expands our Leadership Position in Canada Specialty¹ Pro forma: $1.6B Intact: $1.2B RSA: $0.4B DPW by Channel Intact Bolsters our Leading Platform in the Competitive Canadian P&C Industry Pro form a 2019 DPW: $13B RSA Pro forma Personal Property Pro forma: $3.3B Intact: $2.4B RSA: $0.8B Pro forma Intact Broker Pro forma: $10.5B Intact: $8.5B RSA: $2.0B 25% RSA 25% 12% 12% 12% -27% 23% 38% 21% 42% 21% 41% Pro forma 2019 DPW: $13B 81% 87% 64% 36 % 13% 19% Commercial Pro forma: $2.8B Intact: $2.1B RSA: $0.7B Personal Auto Pro forma: $5.3B Intact: $4.1B RSA: $1.2B Pro forma Highlights Direct Pro forma: $2.5B Intact: $1.3B RSA: $1.1B RSA's Johnson is a leading direct / affinity platform in Canada Commercial Lines² Intact intends to combine its best-in-class expertise in data, claims, pricing & segmentation with RSA's well diversified $3.1B Canadian business CR: 96.0% $3.3B Intact (#1) $20B CL Canada Industry³ CR: 102.3% $1.1B RSA (#5) Source: Intact and RSA filings, MSA Research Inc. RSA Specialty as defined primarily includes lines presented on page 5. 2DPW including commercial and specialty lines. CR is combined ratio for full year 2019. As measured in DPW. $60B Canadian P&C Industry³ 17% [intact] Intact Industry Share 5% RSA 3#42) Creates a Leading Specialty Lines Platform Combined product mix bolsters North American Specialty Solutions franchise and broadens distribution footprint, while new specialties bring expertise and opportunity ~$180B NA Specialty Industry¹ RSA CANADA (~$0.4B) ▶ ▶ Energy Excess Liability Real Estate N. AMERICAN EXPANSION Specialty Auto Equip. Breakdown Niche/Schemes INTACT N. AMERICA ($2.9B) ▶ ▶ ▶ Surety Public Entities Accident Technology Tuition Others [intact] UK & International geographies open for our leading specialty products; opportunity to create strong global franchises in highly competitive lines such as Marine, Specialty Property, and E&O/D &O GLOBAL SPECIALTIES Marine Specialty Property E&O / D&O ▶ RSA UK&I ($750M +) Note: All figures refer to direct premiums written. ¹Source: SNL 2019 premiums for Commercial and Specialty lines for U.S. 2The London Market GWP in 2017 per EY 2020 UK Insurance Outlook report, IUA London Company Market Statistics Report (October 2020), and Lloyd's of London 2019 annual report. Excludes North America. ► Construction & Engineering Renewable Energy Risk Managed Liability/Casualty Expected to add over $1B of premiums to drive specialty to over $4B with sustainable low-90's combined ratio objective $70B+ UK&I Industry2 4#53) Entry into the UK & Ireland at Scale RSA UK Personal Property 28% MORE TH>N° Pet 11% Personal Auto 10% SME Focused Commercial Lines • Position: Top 5 Top 5 Position¹ with Strong Brands in the UK NPW: $3.6B RSAⓇ Commercial 51% Leading Personal Property Business UK Portfolio Highlights • Position: #2 Target combined ratio improvement from risk selection and claims management ● Leverage customer driven and digital advantages in personal lines with a focus on property Opportunity to apply our successful operating model to RSA's leading commercial & SME platform Modest Exposure to Personal Auto GBP converted to CAD at exchange rate of 1.72 where applicable. EUR converted to CAD at exchange rate of 1.55. Source: PRA most recent published returns. 1 Position: Top 20 2EY 2020 UK Insurance Outlook report. 2018 GWP for UK non-life risks, excluding most of Lloyd's business, reinsurance and marine / aviation risks. 3Source: Insurance Ireland Factfile 2017. Total non-life GWP in 2017. 4Source: Forsikring & Pension statistics for 2018. Based on Danish non-life GEP. 5% share in $80B+ UK P&C Industry² RSA Ireland 123.ie Personal 63% [intact] Top 10 in Ireland ³ NPW: $0.6B Commercial 37% RSAⓇ Strong strategic entry point with a 9% industry share³ Europe & International $0.7B of NPW Commercial focus in Spain, France, Netherlands and Belgium ✓ Leading presence in Middle East ✓ Co-ownership in a top-3 franchise in Denmark 4 LO 5#6Builds a Diversified Platform to Drive Shareholder Value Compelling Pro Forma Business with Expanded Market Opportunity Builds on our strengths and provides ample market opportunity to pursue outperformance Unique opportunity to share our best-in-class operating model to meet our financial objectives of 10% NOIPS growth³ and 500 bps of ROE outperformance 2015 ~$50B CANADIAN P & C ¹ Personal Auto 31% Personal Property 22% Premiums -$20B Pro-forma² 8x expansion in market opportunity since 2015 Specialty 22% Commercial 24% Canada remains at the core of our business, where outperformance is well established Canada 66% 2021 ~$400B CANADIAN P&C, U.S. SPECIALTY + UK&I P & C ¹ Premiums ~$20B Pro-forma² intact US 9% UK & Intl. 25% ¹Measured in DPW. Intact estimates based on EY 2020 UK Insurance Outlook report, SNL 2019 premiums for Commercial and Specialty lines for U.S. MSA Research 2015/2019 data for Canada, Insurance Ireland Factfile 2017, 2019 Lloyd's of London 2019 annual report, 2018 Danish non-life statistics as sourced from Forsikring & Pension. 2Direct written premiums for Intact and RSA Canada. Net premiums written for RSA UK&I. For RSA UK, Specialty includes Pet, Liability, and Marine & Other. CADGBP FX rate of 1.72 applied where relevant. RSA Specialty as defined primarily includes lines presented on page 5. 3 Annually, over time. CO 6#74) Value Creation Leads to Upper Teens NOIPS Accretion And drives improvement in RSA's current mid-90's performance Canada -75% UK & International ~20% Specialty Lines ~5% ● • Leverage RSA products and distribution to enhance our broker and direct. channel offers Expense synergies and claims internalization ● ● • Share Intact's data, analytics, risk selection and performance improvement. models on the UK&I personal and commercial lines portfolio ● Transition the portfolio to the Intact platform with benefits from Al based pricing and segmentation as well as optimized supply chain management ● ● Improvements from capital, reinsurance and tax optimization, as well as global head office and de-listing savings Optimize the combined specialty lines product offerings and expertise across North America and internationally Deploy our proven specialty lines governance and performance improvement methodology across the portfolio [intact] ¹Annual run-rate, pre-tax expected within 36 months. Synergies comprise savings in general expenses, loss adjustment expenses and other non-underwriting operating items. Over $250M¹ of expense synergies expected to be generated, before risk selection improvements Majority of the value creation is expected to be generated from combining our operations in Canada where our integration track record is proven 7#84 Expect to Maintain a Strong and Resilient Balance Sheet [intact Objective to Maintain Credit Ratings Robust Capital Position... ... and Leverage Structure MCT RBC SCR Capital Ratio >194% >400% >160% Total Capital Margin >$1.5B At Close Year 3 Leverage Ratios: Debt / Capital 26% 20% Pref/ Capital 11% 3Including cash, cash equivalents and short-term investments. 4As of 2019. Based on results for RSA, Codan Forsikring A/S and Forsikringsselskabet Privatsikring A/S. 10% A.M. Best (FSR)1 DBRS (IR) Fitch (LTR)¹ Moody's (LTR) A+ A A Baa1 Common shareholders' equity (book value) estimated at -$13B Maintain Conservative Investment Portfolio Portfolio Intact² Fixed Income, % "A-" or better, % Portfolio Fixed Income, % $19.6B RSA (ex-Scandinavia) 4 -$15B "A" or above, % 82% ³ 89% >80% ³ >80% ¹Fitch noted in a press release dated November 6, 2020 that it does not expect Intact's credit ratings to be impacted by the Acquisition. A.M. Best commented on November 11, 2020 that the Long-Term Issuer Credit Rating of Intact and the Financial Strength Ratings of its subsidiaries remain unchanged following the announcement related to the Acquisition. 2Intact Q3 2020 MD&A. 8#94 Prudent Management of Pension Liabilities RSA UK Pension Schemes ● ● ● Intact will retain and guarantee the obligations of the closed pension schemes. Pension schemes IFRS surplus estimated at £416M at September 30, 2020 Schemes are well-managed, with significant steps already taken to lower exposure to market and demographic risks Low-risk investment strategy (approximately 90% allocated to fixed income type assets) Effectively hedged against interest rate risk and inflation risk on an IAS 19 basis Longevity risk is partially hedged (15%-20% of liabilities) Agreement has been reached with the pension trustees with the following funding commitments: An additional contribution of -£75M at closing (tax deductible) Current funding arrangements of -£75M per year (tax deductible) ■ ■ ■ [intact] ■ 9