Investor Presentation: Outperforming in the Next Decade
Invest in growth
opportunities
Share buybacks
Maintain leverage ratio
(20% debt-to-total capital by the end of 2019)
Page 10 | Investor Presentation
[intact]
Proven and consistent capital
management strategy
Increase dividends
8.1%
10.3%
10.0%
8.0%
7.4%
7.1%
6.5%
18.7%
17.3%
16.6%
18.6%
23.1%
22.0%
20.0%
2013
2014
2015
2016
2017
2018
Target
■Debt-to-total capital ratio
■Preferred shares-to-total capital ratio
■Equity-to-total capital ratio
Manage volatility
$0.65
* Annualized quarterly dividend declared
$1.00
$1.08
$1.24
$1.28
$1.36
$1.48
Capital structure
68.8%
67.7%
70.0%
73.2%
75.3%
76.2%
74.8%
Yearly common share dividends
(per share)
$1.60
$1.76
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
$1.92
$2.12
$2.32
$2.56
$2.80
$3.04View entire presentation