Organic Capital Generation and IFRS Transition Outlook

High macro volatility SOLVENCY RATIO* VARIATIONS Impact from macro variations has been relatively minimal despite macro volatility 137% 134% 133% IAS acquisition 134% 130% 130% 131% 132% 127% 128% 124% 124% 125% Macro impact Macro impact Macro impact -0.5% Macro impact +1% Macro impact +2% Macro impact Macro impact Macro impact Macro impact Macro impact Macro impact -1% -3% +1% -1% -0.5% Macro impact -3.5% TSX: +2% TSX: +3% TSX: +2% TSX: -22% TSX: +16% TSX: +4% TSX: +8% TSX: +7% TSX: +8% TSX: -1% i: -21 bps i: -16 bps i: +23 bps i: -43 bps i: -31 bps i: +9 bps i: +11 bps i: +80 bps i: -11 bps i: +12 bps TSX: +6% i: -27 bps TSX: +3% i: +61bps Organic +1% Organic Organic +1% +0.5% Organic +0.5% Organic +1% Organic +1% Organic +1% Organic +1% Organic +1% Organic +2% Organic +2% Organic +1% Others +2% Others +6% Others -1% Others +2.5% Others -16% Others Others +5% Others Others Others --- Others +1.5% Others +0.5% Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 28 + This item is a non-IFRS measure; see the "Non-IFRS and Additional Financial Measures" section at the end of this document for relevant information about such measures.

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