Investor Presentaiton

U.S. Overview Two primary businesses: Empower Retirement and Putnam Investments Empower is the second-largest retirement services provider in the U.S., serving 67k plans and 12m participants with AUA of US$958B7 Empower has expertise across all plan types, company sizes and market segments Putnam is a global asset manager with a range of investment strategies and AUM of US$192B7 Earnings and ROE 1,3,6 (C$m) Net (61) 5% (10%) 380 350 Base 11% 6% 2019 Financial Services (primarily Empower) Asset Management (Putnam) 12% 1% Return on Equity & Base Return on Equity Recent Highlights 273 Key Metrics 3,4 EMPOWER RETIREMENT 44 Putnam INVESTMENTS Base Earnings * Sales: $137B¹ Rutnam 6% Empower 65% Putnam 55% Empower 89% 2020 *Excludes Corporate base loss of ($13m). 9% 1% Acquired the retirement services business of MassMutual, positioning Empower as a significant contributor to Lifeco's earnings profile and growth Acquired Personal Capital, a best-in-class hybrid digital wealth manager, to accelerate growth of Empower's retail wealth management strategy In October 2020, PLANADVISER named Empower Retirement the best in the country among recordkeepers for the ninth consecutive year on "Value for Price" Putnam's pre-tax operating margin¹ improved to 20.6% in Q4 2020, and Putnam continues to sustain strong investment performance relative to its peers 1. Base earnings, return on equity (ROE), base return on equity, sales and pre-tax operating margin are non-IFRS measures. Refer to the Company's Annual Reports and MD&A filings for definitions and details and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. Pensions & Investments, March 2019. 3. In C$ millions. 4. For fiscal year 2020. 6. The difference between 2019 net and base earnings reflects the impact of the disposition of Lifeco's U.S. Individual Insurance business and the write-down of U.S. deferred tax assets. 7. As of Dec. 31, 2020 8

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