The Path Forward

Concrete Actions Taken to Reduce Pension Deficit and Manage Future Risk Profile • Elimination of 90% of company sponsored defined benefit pension plan accruals for new hires • Benefit changes to all defined benefit pension plans. resulting in approximately $1.1B reduction in solvency. liabilities based on January 1, 2012 actuarial valuations (subject to OSFI approval) • New funding relief to January 30, 2021 agreed to with the Government of Canada, subject to the adoption of enabling regulations STRONGER BALANCE SHEET 2013 INVESTOR DAY 19

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