Building a Leading P&C Insurer

Accelerating Strategy to Drive Significant Value Bolsters our Canadian business, unlocking synergies and opportunities for growth Enhances commercial lines and both direct and broker channels simultaneously Builds on our strengths in data, claims, pricing and segmentation 1 2 3 4 Expands our leadership position in Canada Creates a leading specialty lines platform Entry into the UK & Ireland at scale Financially compelling ✓ Expands North American specialty lines and broadens distribution footprint Adds international capabilities and expertise in Europe Creates a $4B+ specialty solutions leader¹ Opportunity to apply risk selection and claims management expertise to improve underwriting performance Attractive commercial and SME portfolio to share our successful operating model Opportunity to apply our customer driven and digital advantages in personal lines [intact] ¹As measured in DPW. Please refer to page 4 for details. 2No statement in this presentation is intended as a profit forecast or profit estimate. Increases investment in our core capabilities of data, risk selection, claims and supply chain management Strengthens our ability to outperform Net assets to be acquired at 0.9x book value with expected internal rate of return (IRR) in excess of our 15% threshold Expected high single digit NOIPS accretion in the first year, increasing to upper teens within 36 months² Expected to maintain mid-teens Operating ROE; BVPS expected to increase in excess of 25% at closing ✓ Over $1.5B total capital margin estimated at closing; debt-to-capital expected to return to 20% within 36 months Our values, clear purpose, and belief that insurance is about people, not things, will ground us as we grow our business over time 2

View entire presentation