Organic Capital Generation and IFRS Transition Outlook

15 Shift to capital-light products % of new sales in low-guarantee products Segregated Funds 76% 56% Individual Insurance (Canada) 96% 80% 2016 2017 2018 2019 2020 2021 Supports a higher ROE Expansion in capital- light businesses in the last decade, such as Dealer Services, Wealth Management and Distribution, has contributed to an improvement in the Company's risk profile. Favours organic capital generation Lower capital requirement per sale

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