Investor Presentaiton

Strong Liquidity and Well-Laddered Debt Maturity Profile Historical Coverage Ratio¹ . Liquidity requirements are largely self-funded (x) • - Short-term obligations met by internal funds and maintaining levels of liquid investments adequate to meet anticipated liquidity needs Committed lines of credit with Canadian chartered banks for unanticipated liquidity needs The Company has stable access to the USD, CAD and EUR debt financing markets 8.6x 7.1x 2016 2017 Well Laddered Debt Maturity Profile³ As at December 31, 2020, C$m $0.9 billion in cash and equivalents at the Lifeco holding company level (December 31, 2020) 1. 775 775 635 8.9x 8.1x 7.2x Historical Leverage Ratio² (%) 33.8% 27.8% 27.1% 27.1% 27.6% 2018 2019 2020 2016 2017 2018 2019 2020 508 981 708 600 400 344 889 635 500 889 2023 2025 2026 2027 2028 2030 2031 2033 2039 2047 2048 2050 2051 USD EUR CAD Coverage Ratio is a non-IFRS measure. Coverage Ratio calculated as earnings before interest & taxes divided by interest & preferred dividends requirements. Excludes one-time items such as restructuring charges, gains and losses on dispositions, tax reform impacts. 2. Leverage Ratio is a non-IFRS measure. Leverage Ratio is defined as debt, hybrid securities, and preferred shares divided by total consolidated capitalization. 3. At par values. Excludes capital trust securities ($158Mm) and short-term borrowings ($970m) 21

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