#1[intact] INVESTOR PRESENTATION Intact Financial Corporation (TSX: IFC) Updated: August 1st, 2019#2Page 2 | Investor Presentation Canada's largest home, auto and business insurer [intact] Largest market share in a fragmented industry 1 Distinct brands IFC 16% [intact] #2 10% #3 #4 6% 9% 2018 DPW by line of business INSURANCE 15% Top 5 represent 47% belairdirect. BrokerLink® U.S. platform #5 6% market share One Beacon INSURANCE GROUP Commercial Lines U.S. 15% Commercial Lines Canada 26% Industry data: IFC estimates based on MSA Research Inc. Please refer to Important notes on page 2 of the Q2-2019 MD&A for further information. 1 All market share data as at December 31, 2018. Personal Property 22% Personal Auto 37% 85%#3Page 3 | Investor Presentation [intact] What we are aiming to achieve Our people Be a best employer are Be a destination for top talent and experts 3 out of 4 customers are our advocates 3 out of 4 customers actively engage with us digitally Our customers are our advocates engaged Achieve combined ratio in the low 90s Generate $3 billion in annual DPW Our Specialty Solutions business is a leader in N.A. Our company is one of the most respected Exceed industry ROE by 5 points Grow NOIPS 10% yearly over time#4Page 4 | Investor Presentation [intact] Unique strategic advantages to achieve our objectives Every year beat industry ROE by 500bps 10% NOIPS growth per year over time Leading N. American P&C Operator Scaled & Diversified Core Operation Seamless Distribution Strategy Digital First Experiences Engaged & Talented Teams Sophisticated Data & Analytics Capabilities Deep Claims Expertise & Network Proven Consolidator & Integrator Tailored Investment Management#5Page 5 | Investor Presentation [intact] Strong track record of achieving our financial objectives ROE outperformance versus the industry Net operating income per share Quarterly common dividend per share CAGR 10-yr avg 890 10.4% $5.74 CAGR $0.70 9.1% 650 bps bps $2.35 $0.32 We have 2009 2018 2009 2018 consistently exceeded our 500 bps ROE outperformance target versus the industry AONⓇ BESTEMPLOYER PLATINUM CANADA | 2019 Canada's Top 100 Employers BOARD GAMES 2019 FY2018 Industry data: IFC estimates based on MSA Research. Please refer to Important notes on page 2 of the Q2-2019 MD&A for further information. IFC's ROE corresponds to the AROE. 4th CONSECUTIVE YEAR AON PLATINUM AWARD AND BEST EMPLOYER #2 GOVERNANCE OUT OF 242 COMPANIES IN CANADA#6Page 6 | Investor Presentation [intact] Broad based outperformance Historical outperformance versus the Canadian P&C industry Five-year average loss ratio outperformance gap in Canada -0.5 pts ■5 year ■10 year 9.5 pts Premium 7.3 pts growth 1 4.3 pts 6.2 pts Combined 2.7 pts ratio 2 5.7 pts 1.7 pts 7.0 pts Return on equity 3 6.5 pts Personal Auto Personal Property Commercial Commercial P&C Auto Industry data: IFC estimates based on MSA Research Inc. as at Dec. 31, 2018. Please refer to Important notes on page 2 of the Q2-2019 MD&A for further information in FY2018 industry results. 1 Premium growth includes the impact of industry pools. Calculated on a CAGR basis. IFC's outperformance versus the industry benchmark. 2 Combined ratio includes the market yield adjustment (MYA). IFC's outperformance versus the industry benchmark. 3 IFC's ROE is adjusted return on common shareholders' equity (AROE).#7Page 7 | Investor Presentation [intact] How we will outperform in the next decade Build fortress in Canada (insure 1 in 3 Canadians) Scale in distribution Transform competitive advantages Drivers of growth Consolidate Further fragmented consolidation specialty in Canada market Digital engagement (3 of 4 缈 Leading Low 90's customer combined experience ratio customers) Become the best insurance Al shop in world Going deeper into Claims Optimize investment platforms Attract and retain talent # Leading North American specialty insurer Help employees adapt to Al & automation The future of work#8Page 8 | Investor Presentation [intact] P&C industry 12-month outlook' We expect growth at a mid-to- upper single-digit level in personal auto The market is hard with rate actions continuing, tightening of capacity and further increases in residual market volumes १ We expect mid-to-upper single- digit growth in personal property We expect that the severe winter weather will lead to further hardening of market conditions We expect upper single-digit to low-double digit growth in commercial lines Canada Market conditions are hard, with industry combined ratios above 100% in 2018 and Q1-2019 良 We expect low single-digit growth in U.S. commercial lines The market remains competitive but is firming, with improving upward pricing trends continuing Volatility in capital markets may put some pressure on investment market values and capital levels Overall the Canadian industry's ROE is expected to improve but remain below its long-term average of 10% over the next 12 months. 1 Refer to Section 6 - P&C Insurance Industry Outlook of the Q2-2019 MD&A#9Page 9 | Investor Presentation Strong financial position Our balance sheet is strong¹ $1.3B in total capital margin 21.6% debt-to-total capital ratio (returning to 20% by the end of 2019) Low BVPS sensitivity to capital markets volatility2 ($0.98) ($1.53) per 100 bps increase in interest rates per 10% decrease in common share prices Credit ratings³ Financial strength ratings of IFC's principal Canadian P&C insurance subsidiaries Senior unsecured debt ratings of IFC Financial strength ratings of OneBeacon U.S. regulated entities [intact] ($0.31) per 5% decrease in preferred share prices A.M. Best DBRS Moody's Fitch A+ AA (low) A1 AA- a- A+ A Baa1 A- A2 AA- 1 As of June 30, 2019. 2 Refer to Section 24 - Sensitivity analyses of the Q4-2018 MD&A for additional commentary and break outs. Data as of December 31, 2018. 3 Refer to Section 11.2 - Credit ratings of the Q2-2019 MD&A for additional commentary.#10Invest in growth opportunities Share buybacks Maintain leverage ratio (20% debt-to-total capital by the end of 2019) Page 10 | Investor Presentation [intact] Proven and consistent capital management strategy Increase dividends 8.1% 10.3% 10.0% 8.0% 7.4% 7.1% 6.5% 18.7% 17.3% 16.6% 18.6% 23.1% 22.0% 20.0% 2013 2014 2015 2016 2017 2018 Target ■Debt-to-total capital ratio ■Preferred shares-to-total capital ratio ■Equity-to-total capital ratio Manage volatility $0.65 * Annualized quarterly dividend declared $1.00 $1.08 $1.24 $1.28 $1.36 $1.48 Capital structure 68.8% 67.7% 70.0% 73.2% 75.3% 76.2% 74.8% Yearly common share dividends (per share) $1.60 $1.76 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* $1.92 $2.12 $2.32 $2.56 $2.80 $3.04#11Page 11 | Investor Presentation [intact] People advantage We continue to invest in people and create a strong and diverse workplace Depth of talent with an average of 8 successors for each Senior Leadership role 16 years of experience, on average, that Executive Committee members have with the organization in various roles 90 CUSTOMER DRIVEN COMPANY PRACTICES MANAGER EFFECTIVE CTIVENESS & REER OPMENT COLLABORATION 85 80 75 70 65 60 IFC Engagement 2018 55 50 * As of December 31, 2018 Culture is aligned with goals SENDERSHIP WORK TASKS ■Canadian Financials Sector BRAND TALENT & STAFFING ப & RECOGNITION PERFORMANCE REWARDS ENABLING WORK Source: Aon Hewitt#12Page 12 | Investor Presentation 1 23 4 Key takeaways Sustainable competitive edge driven by strong fundamentals, scale and discipline Customer driven with diversified offers to meet changing needs Solid financial position and proven track record of consolidation Deep, diverse, engaged, loyal talent pool [intact]#13Appendices [intact]#14Page 14 | Investor Presentation [intact] P&C insurance in Canada A $54 billion market representing approximately 3% of GDP • Fragmented market: - Top five represent 47%, versus bank/lifeco markets which are closer to 65-75% IFC is largest player with approximately 16% market share, versus largest bank/lifeco with 22- 25% market share P&C insurance shares the same regulator as the banks and lifecos Home and commercial insurance rates unregulated; personal auto rates regulated in many provinces. Capital is regulated nationally by OSFI* and by provincial authorities in the case of provincial insurance companies. Distribution in the industry is currently close to two thirds through brokers and 40% through direct writers. • Industry has grown at ~5% CAGR and delivered ROE of ~10% over the last 30 years. Industry DPW by line of business Personal Property, 24% Personal Auto, 37% Commercial P&C and other, 31% Commercial Auto, 7% Industry - premiums by province Quebec, 18% Alberta, 17% Other provinces and territories, Industry data: IFC estimates based on MSA Research Inc. and Insurance Bureau of Canada. Please refer to Important notes on page 2 of the Q2-2019 MD&A for further information. All data as at December 31, 2018. * OSFI = Office of the Superintendent of Financial Institutions Canada Ontario, 46% 19%#15Page 15 | Investor Presentation P&C industry 10-year performance versus IFC IFC's competitive advantages Scale advantage 110% Sophisticated pricing and underwriting 105% discipline 100% In-house claims expertise Broker relationships Solid investment returns 95% 90% 85% Combined ratio [intact] 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CAD Industry1 10-year avg. = 99.7% US Industry1 10-year avg. = 101.0% [intact] 10-year avg. = 95.4% 18% 16% Strong organic growth potential Return on equity [intact] 230 (Base 100 = = 2008) 210 14% 10-year avg. 190 12% = 13.2%2 170 10% US Industry1 8% 10-year avg. 150 6% = 7.3% 130 Direct premiums written growth [intact] 10-yr CAGR = 7.6% CAD Industry¹ 10-yr CAGR = 4.2% US Industry1 4% CAD Industry1 2% 10-year avg. = 6.7% 110 10-yr CAGR = 3.1% 90 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 Industry data: IFC estimates based on S&P Global Market Intelligence and MSA Research excluding Lloyd's, ICBC, SGI, SAF, MPI, Genworth and IFC. All data as at Dec 31, 2018. 2 ROES reflect IFRS beginning in 2010. Since 2011, IFC's ROE is adjusted return on common shareholders' equity (AROE).#16Page 16 | Investor Presentation Q2-19 Personal Lines Performance Personal auto commentary: DPW were up 6%, driven by rate increases in hard market conditions, supported by strong rate momentum across all regions. Our improving competitiveness is also driving unit momentum. Combined ratio of 99.5% reflects strong underlying performance, offset by 9.9 points of unfavourable PYD. Our profitability actions combined with strong rate momentum in hard market conditions, position us well to capture growth opportunities as our competitive position continues to improve. Personal property commentary: DPW growth was strong at 6%, driven by rate increases and accelerating unit growth supported by hardening market conditions. Combined ratio of 99.6% improved by 3.1 points, mainly driven by lower CAT losses. Despite the severe weather experienced so far this year, the fundamentals of this business remain solid and the hardening market conditions position us well for the future. [intact] (in C$ millions, except as Q2-2019 Q2-2018 otherwise noted) Change DPW 1,204 1,137 6% Written insured risks 1,310 1,318 (1)% (in thousands) NEP 939 935 Underwriting income 4 42 (90)% (loss) Claims ratio 77.1% 72.9% 4.2 pts Expense ratio 22.4% 22.7% (0.3) pts Combined ratio 99.5% 95.6% 3.9 pts (in C$ millions, except as otherwise noted) Q2-2019 Q2-2018 Change DPW 679 640 6% Written insured risks 704 694 1% (in thousands) NEP 537 521 3% Underwriting income 2 (14) 114% Claims ratio 67.5% 69.1% (1.6) pts Expense ratio 32.1% 33.6% (1.5) pts Combined ratio 99.6% 102.7% (3.1) pts#17Page 17 | Investor Presentation Q2-19 Commercial Lines Performance Commercial lines commentary: Strong DPW growth of 11% with contributions from all segments, led by rate increases deployed in hard market conditions. Growth in specialty lines was in the mid-teens. Combined ratio of 92.8% was solid, despite elevated large losses. The underlying fundamentals of this business remain strong, supported by hard market conditions and a high-quality portfolio. [intact] (in C$ millions, except as otherwise noted) Q2-2019 Q2-2018 Change DPW 844 757 11% Commercial P&C 566 517 9% Commercial auto 278 240 16% NEP 679 613 11% Underwriting income 49 43 14% (loss) Claims ratio 58.6% 57.1% 1.5 pts Expense ratio 34.2% 35.8% (1.6) pts Combined ratio 92.8% 92.9% (0.1) pts P&C United States' commentary: Premiums of $425 million reflected strong growth of 10% on a constant currency basis. Strong new business, rate increases and high retention levels drove double-digit growth in lines not undergoing profitability improvement plans. Combined ratio was solid at 94.8% and reflected a strong performance in lines not undergoing profitability improvement plans. We continued to show good progress towards our goal of achieving a sustainable combined ratio in the low-90s by the end of 2020. 1 P&C U.S. excludes the results of exited lines (in C$ millions, except as otherwise noted) Q2-2019 Q2-2018 Change DPW 425 374 14% NEP 343 340 1% Underwriting income 18 21 (3) Claims ratio 56.2% 57.0% (0.8) pts Expense ratio 38.6% 36.8% 1.8 pts Combined ratio 94.8% 93.8% 1.0 pts#18Page 18 | Investor Presentation [intact] High quality investment portfolio C$17 billion of high quality investments - strategically managed Investment mix by asset class Cash and (net exposure) short-term Loans Fixed-income securities credit quality. A AA 31% 18% Preferred notes 2% 2% shares 7% Common equity 14% AAA Fixed-income 41% 75% P2 90% of fixed-income securities are rated 'A-' or better. 84% • The weighted-average rating of our preferred share portfolio is 'P2'. • $17.4 billion in invested assets All data as at June 30, 2019. BBB 8% BB and lower (including not rated) 2% Preferred shares credit quality P3 16%#19Page 19 |Investor Presentation Track record of prudent reserving practices □ PYD can fluctuate from quarter to quarter and year to year and, therefore, should be evaluated over longer periods of time. As yields have increased, we would expect average favourable PYD as a percentage of opening reserves to be in the 1%-3% range going forward. We expect that the current accident year (CAY) loss ratio will be favourably impacted by these higher yields. [intact] Annualized rate of favourable PYD - P&C Canada (as a % of opening reserves) 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% ☐ Our consistent track record of 1.5% positive reserve development 1.0% reflects our preference to take a conservative approach to 0.5% establishing and managing claims 0.0% reserves. 10-yr avg. 5-yr avg. 3-yr avg. 2017 2018 Please see Section 10 - Claims liabilities and reinsurance of the Q2-2019 MD&A for details.#20Page 20 | Investor Presentation [intact] Strong capital base Total capital margin is maintained to ensure a very low probability of breaching company action levels 232% 233% 205% 188% $702 $428 $859 $809 218% 209% 205% 203% 203% 205% 201% 197% $681 $599 $625 $550 $435 $1,333 $1,135 $970 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total capital margin MCT (Canada) * All references to "total capital margin" include the aggregate of capital in excess of company action levels in regulated entities (170% MCT, 200% RBC) plus available cash in unregulated entities (see Section 18.2 - Capital position of the Q4-2018 MD&A for details). Dollar figures in C$millions#21Page 21 | Investor Presentation [intact] Further industry consolidation ahead Our domestic acquisition strategy Open to manufacturing, distribution, and supply chain opportunities • M&A will continue to accelerate key strategic focuses: scale, enhanced distribution capabilities, and a broadened customer offering Strong track record of executing our strategy with a proven ability to achieve synergy targets and attractive rates of return Track record of acquisitions since 2001 Company DPW US$1.2 billion Year 2017 2016 OneBeacon Insurance Group, Ltd. InnovAssur, assurances générales inc. C$50 million 2015 2014 2012 Canadian Direct Insurance Inc. Metro General Insurance Corporation Ltd. JEVCO Insurance Company C$143 million C$27 million 2011 2004 2001 Zurich North America Canada AXA Canada Inc. Allianz of Canada, Inc. C$350 million C$2 billion C$672 million C$510 million Canadian M&A environment Environment conducive to acquisitions: Industry ROEs remain below the long-term average of 10%, while our outperformance gap has widened Necessary investments in technology & innovation, increasing CAT experience, and persistently low investment yields continue to favour scale Demutualization likely for P&C insurance industry Top 20 P&C insurers = 84% of market Canadian IFC, 16% Owned, Canadian Mutuals, 13% Public, 4% Canadian Bank Non-top 20, 16% Owned, 6% Top 5 - 2018 47% OF THE MARKET Foreign Owned, 29% Private & Others, 16% Top 5 - 2009 36% OF THE MARKET Industry data: IFC estimates based on MSA Research. Please refer to Important notes on page 2 of the Q2-2019 MD&A for further information. All data as at December 31, 2018#22Page 22 | Investor Presentation Historical financials [intact] (in millions of Canadian dollars, except as otherwise noted) H1-19 H1-18 2018 2017 2016 2015 2014 Financial results Direct premiums written 5,367 4,990 10,090 8,730 8,277 7,901 7,441 Underwriting income 38 112 474 486 375 628 519 Net investment income 288 262 541 448 429 439 438 Distribution EBITA 108 92 175 158 134 123 89 Net operating income (NOI) 325 321 839 771 660 860 767 Net income attributable to shareholders 327 264 707 792 541 706 782 Underwriting results Claims ratio Expense ratio Combined ratio 69.5% 67.4% 65.3% 65.4% 64.9% 61.3% 62.6% 29.7% 30.2% 29.8% 28.9% 30.4% 30.4% 30.2% 99.2% 97.6% 95.1% 94.3% 95.3% 91.7% 92.8% Per share (basic and diluted) (in $) Net operating income per share (NOIPS) 2.17 2.19 5.74 5.60 4.88 6.38 5.67 Earnings per share to common shareholder (EPS) 2.19 1.78 4.79 5.75 3.97 5.20 5.79 Adjusted EPS (AEPS) 2.49 2.23 5.70 5.82 4.53 5.54 6.01 Return on equity (for the last 12 months) Operating ROE (OROE) 12.0% 11.9% 12.1% 12.9% 12.0% 16.6% 16.3% Return on equity (ROE) 10.6% 10.0% 9.9% 12.8% 9.6% 13.4% 16.1% Adjusted ROE (AROE) 12.1% 11.3% 11.8% 13.0% 11.0% 14.3% 16.8% Financial position Total investments 17,446 16,946 16,897 16,774 14,386 13,504 13,440 Debt outstanding 2,192 2,266 2,209 2,241 1,393 1,143 1,143 Total shareholder's equity 7,973 7,798 7,810 7,463 6,088 5,724 5,451 Total capital margin 1,269 1,243 1,333 1,135 970 625 681 Book value per share (in $) 49.90 48.64 48.73 48.00 42.72 39.83 37.75#23Page 23 | Investor Presentation Contact us [intact] General Inquiries Intact Financial Corporation 700 University Avenue Toronto, ON M5G 0A1 ☎1 (416) 341-1464 1-877-341-1464 (toll-free in N.A.) [email protected] Media Inquiries Stephanie Sorensen Director, External Communications 1 (416) 344-8027 > [email protected] Investor Inquiries > [email protected] ☎1 (416) 941-5336 1-866-778-0774 (toll-free in N.A.) Ken Anderson VP Investor Relations & Treasurer ☎1 (855) 646-8228 ext. 87383 [email protected] Neil Seneviratne Director, Investor Relations ☎1 (416) 341-1464 ext. 45156 > [email protected] Husayn Hirji Manager, Investor Relations ☎1 (416) 341-1464 ext. 45110 [email protected]#24Page 24 | Investor Presentation [intact] Forward-looking statements . Certain of the statements included in this Presentation about the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely", "potential" or the negative or other variations of these words or other similar or comparable words or phrases, are intended to identify forward-looking statements. Unless otherwise indicated, all forward-looking statements in this Presentation are made as at June 30, 2019, and are subject to change after that date. Forward-looking statements are based on estimates and assumptions made by management based on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: the Company's ability to implement its strategy or operate its business as management currently expects; its ability to accurately assess the risks associated with the insurance policies that the Company writes; unfavourable capital market developments or other factors which may affect the Company's investments, floating rate securities and funding obligations under its pension plans; the cyclical nature of the P&C insurance industry; management's ability to accurately predict future claims frequency and severity, including in the personal auto line of business; government regulations designed to protect policyholders and creditors rather than investors; litigation and regulatory actions; periodic negative publicity regarding the insurance industry; intense competition; the Company's reliance on brokers and third parties to sell its products to clients and provide services to the Company; the Company's ability to successfully pursue its acquisition strategy; the Company's ability to execute its business strategy; the Company's ability to achieve synergies arising from successful integration plans relating to acquisitions; • • • the Company's profitability following the acquisition (the "Acquisition") of OneBeacon Insurance Group, Ltd. ("OneBeacon"); the Company's ability to improve its Combined Ratio in the United States in relation to the Acquisition; the Company's ability to retain business and key employees in the United States in relation to the Acquisition; undisclosed liabilities in relation to the Acquisition; the Company's participation in the Facility Association (a mandatory pooling arrangement among all industry participants) and similar mandated risk-sharing pools; terrorist attacks and ensuing events; the occurrence and frequency of catastrophe events, including a major earthquake; catastrophe losses caused by severe weather and other weather-related losses, as well as the impact of climate change; the Company's ability to maintain its financial strength and issuer credit ratings; the Company's access to debt and equity financing; the Company's ability to compete for large commercial business; the Company's ability to alleviate risk through reinsurance; the Company's ability to successfully manage credit risk (including credit risk related to the financial health of reinsurers); the Company's ability to contain fraud and/or abuse; the Company's reliance on information technology and telecommunications systems and potential failure of or disruption to those systems, including in the context of evolving cybersecurity risk; the impact of developments in technology and use of data. on the Company's products and distribution; the Company's dependence on and ability to retain key employees; changes in laws or regulations; general economic, financial and political conditions; the Company's dependence on the results of operations of its subsidiaries and the ability of the Company's subsidiaries to pay dividends; the volatility of the stock market and other factors affecting the trading prices of the Company's securities; the Company's ability to hedge exposures to fluctuations in foreign exchange rates; future sales of a substantial number of its common shares; and changes in applicable tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof. All of the forward-looking statements included in this Presentation, the Q2-2019 MD&A and the quarterly earnings press release dated July 30, 2019 are qualified by these cautionary statements and those made in the section entitled Risk management (Sections 19-24) of our MD&A for the year ended December 31, 2018. These factors are not intended to represent a complete list of the factors that could affect the Company. These factors should, however, be considered carefully. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made herein. The Company and management have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.#25Page 25 | Investor Presentation Disclaimer [intact] This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. The information contained in this Presentation concerning the Company does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether or not to make an investment in the Company. The information is qualified entirely by reference to the Company's publicly disclosed information. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its the directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. The information and opinions contained in this Presentation are provided as at the date of this Presentation. The contents of this Presentation are not to be construed as legal, financial or tax advice. Each prospective purchaser should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. The Company uses both International Financial Reporting Standards ("IFRS") and certain non-IFRS measures to assess performance. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are unlikely to be comparable to any similar measures presented by other companies. Management analyzes performance based on underwriting ratios such as combined, expense, loss and claims ratios, MCT, RBC and debt-to-total capital, as well as other non-IFRS financial measures, namely DPW, change or growth in constant currency, Underlying current year loss ratio, Underwriting income (loss), Underwriting expenses, NEP, NOI, NOIPS, OROE, ROE, AROE, Non-operating results, Net distribution income, Adjusted net income, AEPS, Total net claims, and Total capital margin. These measures and other insurance related terms are defined in the Company's glossary available on the Intact Financial Corporation website at www.intactfc.com in the "Investors" section. Additional information about the Company, including the Annual Information Form, may be found online on SEDAR at www.sedar.com.