Funding Agreement-Backed Note Program

Guardian Investment Portfolio Objectives • Guiding principles Competitive policyholder dividends - Strategic asset allocation - Tactical execution - Investment results • Protecting capital and financial strength ratings 8 Guardian • - Effective risk management • - Achieving return objectives within risk constraints Product support - Asset liability management (ALM) New products - pricing, hedging Investment guidelines Well-diversified portfolios with risk limits Dynamic hedging program protects capital Actively manage credit and portfolio risks Conduct independent research . Constantly identify and manage emerging risks Strong risk management culture, controls, reporting and oversight Experienced asset class specialists 12

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