Investor Presentaiton

12 76% 56% Shift to capital-light products % of new retail sales in low-guarantee products Individual Insurance (Canada) Segregated Funds 96% 85% 2016 2017 2018 2019 2020 2021 2022 Supports a higher ROE Expansion in capital- light businesses in the last decade, such as Dealer Services, Wealth Management and Distribution, has contributed to an improvement in the Company's risk profile. Favours organic capital generation Lower capital requirement per sale

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