Investor Presentaiton

Diversified, High Quality Asset Mix Conservative Investment Portfolio, Predominantly Comprised of Fixed Income Instruments - 99% of Which Is Investment-Grade . Invested assets of ~$215B Invested Asset Distribution¹ Bond Portfolio Quality¹ . Bonds represent 71% - - - 99% are investment grade 75% rated A or higher 86% of bond holdings are domiciled in Canada, the U.S., and the U.K. Mortgage portfolio represents 13% - - Well diversified by geography and property type Well seasoned, with minimal impairments; delinquencies > 90 days on non-impaired mortgages are negligible Stocks represent 5%, mostly Canadian publicly traded² Investment Properties represent 3% - - - 58% in Canada / U.S.; 42% in U.K./ Europe Properties are unlevered U.K. European properties benefit from long term lease contracts Gov't, Gov't Related and Agency Securitized Bonds Cash and CD's 4% Loans to Policyholders 4% Investment Properties 3% Stocks 5% Insured Residential & Multi-family Mortgages 2% 45% Total Invested Assets $215B AAA 15% Conventional, Residential, Commercial Mortgages and Equity Release Mortgages 11% Corporate and Non- Agency Securitized Bonds 47% BB or lower 1% 1. At December 31, 2020; includes certain funds held by ceding insurers (carrying value of $15.9b) 2. Mostly held within the Lifeco Canadian participating account AA 26% BBB 25% Total Bond Portfolio $153B A 33% 19

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