The Path Forward
STRONGER BALANCE SHEET
Pension - Solvency Position Update
C$ (millions)
Estimated solvency deficit at January 1, 2013
Interest on deficit + solvency incremental cost
Past service contributions - YTD May 31, 2013
Estimated impact of economic factors to May 31, 2013
21 bps increase in solvency discount rate
Solvency
Deficit
$3,660
110
(90)
(450)
Return above assumption (2013 year-to-date estimated return of
5.6% before expenses)
(470)
Estimated solvency deficit as at May 31, 2013
$2,760
Estimated solvency deficit including $1.1B solvency liabilities reduction*
$1,660
* Estimated reduction in solvency liabilities from benefit reductions based on
January 1, 2012 assumptions; subject to OSFI's approval
2013 INVESTOR DAY
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