Investor Presentaiton

VESTCOR Shared Risk Plan for Certain Bargaining Employees of New Brunswick Hospitals Total Fund Four years and four months ended December 31, 2020 As of 31 December 2020, 16.65% Of Total Fund assets were valued using subjective unobservable inputs. The Total Fund performance presented in this schedule may not be indicative of future performance. Readers should also be aware that other performance calculation methods may produce different results, and that the results for specific accounts and for different periods may vary from Total Fund returns presented. Comparisons of investment results should consider qualitative circumstances and should be made only to portfolios with generally similar objectives. In the calculation and presentation of performance returns, Vestcor is not aware of any instances in which this presentation does not conform with the laws and regulations of any province or territory of Canada in which Vestcor operates. Additional information regarding Vestcor's policies and procedures for valuing portfolios, calculating and reporting Total Fund results, and preparing asset owner reports, is available upon request. 5. The three year annualized ex-post standard deviation measures the variability of the Total Fund and the benchmark daily returns, aggregated to a monthly basis, over the preceding 36 month period. 6. 7. Vestcor has entered into sub-advisory agreements, whereby certain assets are managed by external managers for all periods presented. Rates of return earned on assets managed by the external managers are included in Total Fund presentations because Vestcor maintains full discretion over the use and choice of external managers. Futures contracts, forward foreign exchange contracts, exchange traded and over-the-counter options and swaps, and short positions are used in Vestcor's investment management activities. These derivative instruments are used for various purposes, including: ⚫ to simulate exposure to a particular market index, but with lower transaction costs; ⚫ to enhance performance returns; ⚫ to modify the cash flow characteristics of an investment; or ⚫ to hedge against potential losses due to changes in foreign exchange rates or stock prices In using derivative instruments, as described above, Vestcor has established investment criteria, policies and procedures over the extent and use of derivative instruments to manage performance returns and mitigate market risks such as foreign currency, interest rate and pricing risk. 3 | Page

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