Investor Presentation FY2018

Page 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%

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