Investor Presentaiton

Further industry consolidation ahead Our domestic acquisition strategy Our track record of acquisitions ⚫• Targeting large-scale acquisitions of $500 million or more in direct premiums written Year Company DPW 2015 Canadian Direct Insurance $143 million Pursuing acquisitions in lines of business where we have expertise 2014 Metro General $27 million 2012 Jevco 2011 AXA Canada Acquisition target IRR of 15% 2004 Allianz $350 million $2 billion $798 million Targets: 2001 Zurich $510 million Bring loss ratio of acquired book of business to our average loss ratio within 18 to 24 months Bring expense ratio to 2 pts below IFC ratio 1999 Pafco $40 million 1998 Guardian $630 million 1997 1995 Canadian Surety $30 million Wellington $311 million Canadian M&A environment Environment more conducive to acquisitions now than in recent years: • Industry ROES, although slightly improved from trough levels of mid-2009, are well below prior peak Foreign parent companies are generally in less favourable capital position Demutualization likely for P&C insurance industry Top 20 P&C insurers = 83% of market Canadian Owned, Public, 3% Non-top 20, 17% IFC, 17% Canadian Mutuals, 12% Foreign Owned, 28% Canadian Bank Owned, 8% Canadian Owned, Private, 15% Industry data: IFC estimates based on MSA Research excluding Lloyd's, ICBC, SGI, SAF, MPI, and Genworth. Desjardins direct premiums written in 2014 is pro forma State Farm for a full year. All data as at Dec 31, 2014. Intact Financial Corporation [18]

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