Investor Presentaiton

Investment Policy b) TORONTO Different theoretical asset mixes were considered and ultimately, an allocation of 30% to diversified, non-fixed income asset classes was determined to be efficient Asset Class Current Baseline AAM 1A AAM 1B AAM 1C AAM 2A AAM 2B AAM 2C Bond portfolio 100.0% 71.5% 73.3% 76.1% 70.0% 77.0% 79.7% 78.4% Practical 70% Canadian Equity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4% US Equity 0.0% 4.4% 6.8% 5.0% 8.5% 6.2% 4.3% 5.2% 10% International Equity 0.0% 0.5% 3.8% 4.7% 5.8% 6.4% 7.2% 6.8% 3% Emerging Market Equity 0.0% 3.6% 6.1% 4.3% 5.7% 5.5% 3.7% 4.6% 3% Total Equity 0.0% 8.5% 16.7% 13.9% 20.0% 18.1% 15.3% 16.6% 20% Canadian real estate 0.0% 10.0% 10.0% 5.0% 5.0% 5.0% 0.0% 2.5% 10% Global infrastructure 0.0% 10.0% 0.0% 5.0% 5.0% 0.0% 5.0% 2.5% 0% Total real assets Total 0.0% 20.0% 10.0% 10.0% 10.0% 5.0% 5.0% 5.0% 10% 100.0% 100.0% 100% 100.0% 100.0% 100% 100% 100% 100% A - Expected return 1.9% 3.3% 3.3% 3.1% 3.5% 3.1% 3.0% 3.0% 3.4% B - Expected volatility 7.0% 5.4% 5.7% 5.7% 5.8% 5.9% 6.0% 6.0% 5.8% Ratio of A over B 0.27 0.61 0.58 0.54 0.60 0.53 0.50 0.50 0.59 30

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