Portfolio Solutions Group September 2019 Susan Spence Brandon

Portfolio Solutions Group September 2019 Susan Spence Brandon Hutchison VICE-PRESIDENT & PORTFOLIO MANAGER (PSG) ASSISTANT VICE-PRESIDENT & PORTFOLIO MANAGER (PSG)

By the numbers GLC Asset Management Group Ltd. is a leading investment management firm with one focus: To provide our clients with strong long-term investment performance $55. 6 5 75+ 50+ 75+ billion investment unique years of assets under management investment management divisions mandates history 2 Source: GLC │As at September 30, 2019 team members 15+ years of avg. investment experience For internal use only | Please see disclaimer on last page

GLC’s investment divisions top-down/ bottom-up all-cap growth quantitative concentrated fixed income fundamental factor modeling large-cap multi-factor deep fundamental analysis absolute and relative performance objectives bottom-up 3 forwardlooking asset allocation risk and target date defined independent analysis and oversight For internal use only | Please see disclaimer on last page

Meet the PSG team Susan Spence, CFA Vice-President & Portfolio Manager Brandon Hutchison, CFA Assistant Vice-President & Portfolio Manager Experien ce: 24 years investment industry experience with multi-asset funds and international, U. S. and Canadian equity mandates. Experien ce: 15 years investment industry experience in research, analysis and portfolio management focused on multi-asset funds. Marie-Benoîte Ould-Ferhat Igor Ivanic, CFA Manager Associate Manager Experien ce: 20 years of investment experience specializing in quantitative research, analysis and modeling. Experien ce: 7 years investment industry experience specializing in data management and analysis. Justin Truong Analyst Experien ce: 3 years of investment experience specializing in analysis and client management. 4 For internal use only | Please see disclaimer on last page

PSG’s investment solutions TARGET RISK A customized investment solution based on an investor’s risk tolerance Core Target Risk Income Target Risk 5 TARGET DATE A long-term investment solution tailor-made to meet a future financial goal ASSET CLASS MANAGED FUND SOLUTIONS A multi-manager approach focused on a single asset -class A diversified investment solution with a selection of fixed-income to equity allocations to choose from A core building block when creating a customized investment solution Core Managed Partner Managed For internal use only | Please see disclaimer on last page

PSG’s 5 core investment principles Multi-level active management adds value Each component is a building block Broad access to investment options enhances opportunity 6 A tailored approach to portfolio construction improves investor outcomes Direct and ongoing access to managers For internal use only | Please see disclaimer on last page

PSG’s investment process 7 For internal use only | Please see disclaimer on last page

Portfolio construction Underlying fund selection We seek out: concentrated portfolios style-specific approaches We don’t look at a fund in isolation. It must add value to the portfolio as a whole. 8 process driven active managers proven track record • Drive stronger returns? and/or • Does it dampen volatility? and/or • Does it create opportunities to enhance the benefits of active management? (e. g. adds the ability to strategically align the portfolio to current market views through adjustments to duration, regional exposure, etc. ) For internal use only | Please see disclaimer on last page

Portfolio construction a tailored approach to meeting clients needs The best approach to allocating risk and opportunity can, and should, differ across the spectrum of risk tolerances and time horizons. 9 For internal use only | Please see disclaimer on last page

Investment process A proprietary, disciplined investment process designed to deliver added value within each core element. 10  Investment Process • portfolio construction • active management • rigorous oversight For internal use only | Please see disclaimer on last page

Target and drift methodology Disciplined rebalancing Asset mix: • fixed income / equity split allowed to drift +/- 2 percentage points Individual fund: • fixed income funds +/- 10% of target allocation • equity funds +/- 20% of target allocation Daily cash flows used to offset market movements: • reduces frequency and cost of rebalancing When rebalancing is triggered, all underlying funds brought back to target weights 11  For internal use only | Please see disclaimer on last page

Asset Allocation: Target Risk Funds Strategic Asset Mix Equity* Fixed Income Conservative 25% 75% Moderate 40% 60% Balanced 60% 40% Advanced 80% 20% Aggressive 100% 0% Equity allocation equally split between domestic and foreign * For strategic asset allocation purposes, Real Estate is classified as Canadian Equity 12  Fixed income benchmark: 100% FTSE Canada Universe Index Equity benchmark: 40% S&P/TSX Composite Index, 60% MSCI World (CAD) Real Estate benchmark: 100% S&P/TSX Composite Index For internal use only | Please see disclaimer on last page

Portfolio Solutions Group Positioning & Outlook 13 

Current positioning • overweight position in corporate bonds and international bonds • a short duration position relative to the FTSE Canada Universe Bond Index • general preference for higher yield/income-oriented mandates across the portfolios • preference for US over EAFE within foreign equity allocations moderating • maintain exposure to 14  infrastructure at the conservative end • maintain exposure to emerging markets, resources and smaller cap at the aggressive end For internal use only | Please see disclaimer on last page

Target risk funds • • 15  Overall goals – funds are optimally diversified by asset class, region, style and manager – underlying mandates are consistent with stated style – underlying mandates have a skilled investment team, with a strong, repeatable process – funds are constructed with sufficient levers in place to accommodate tilting between reprofilings Fixed income – broad range of fixed income mandates at the conservative end giving the investor exposure to the different sectors/credit qualities of the market – more conservative choice of fixed income mandates at the aggressive end to offset some of the higher equity market risk For internal use only | Please see disclaimer on last page

Target risk funds • 16  Equities – linear transition of the value growth score from ~100 at the conservative end to ~190 at the aggressive end (all scores still within core V-G box) – linear transition of the size score with larger cap exposure at the conservative end declining to a more all-cap exposure at the aggressive end – greater emphasis on the more stable dividend paying/income oriented stocks at the conservative end to align with the investors’ lower risk tolerance – optimal real estate allocations of 6%, 8%, 10%, 10% in the respective target risk funds (conservative – aggressive) For internal use only | Please see disclaimer on last page

PSG outlook comments – Q 3 2019 17  • The third quarter was generally positive for both fixed income and equity assets. US-China trade uncertainty continued, as did the ongoing Brexit negotiations with the next deadline approaching. Closer to home, Canadians will head to the polls in October to vote in federal elections, with potential impacts across our economy. These evolving developments and their uncertain impact on financial assets remain important inputs shaping our forward looking views. • We are maintaining a balanced approach in our funds from both an asset class and regional perspective. Slower global growth and ongoing geopolitical uncertainty are balanced by strong employment, low borrowing costs and tame inflation. • The third quarter featured notable monetary easing efforts by key central banks. The Federal Reserve made two 25 basis point cuts to the policy interest rate and ceased reducing the size of its balance sheet. Meanwhile, the European Central Bank cut rates further into negative territory and initiated a new round of bond purchases in September. The Bank of Canada stayed put, and markets are undecided regarding expectations for the October meeting. For internal use only | Please see disclaimer on last page

PSG outlook comments – Q 3 2019 18  • Within fixed income allocations our key positioning themes remain being short duration, overweight credit and overweight international exposure. Our credit overweight primarily consists of investment grade bonds, with some select exposure to high yield debt. Having a shorter duration protects against rising interest rates, while overweight credit positioning offers enhanced yield an unhedged international bond allocation helps to diversify the sources of risk and return in the portfolio. • Equity allocations in the more aggressive or longer-dated asset allocation funds continue to have some strategic, dedicated exposure to emerging markets. Emerging markets stocks are a more volatile asset, but the higher associated risk is reflected in valuations and the diversification potential that emerging markets offer is compelling. • Our alternatives allocation composed of direct real estate and mortgages has contributed strong risk-adjusted returns in the past and these asset classes remain a key differentiator of our funds, especially for the appealing downside protection and diversification benefits. For internal use only | Please see disclaimer on last page

Portfolio Solutions Group Portfolio characteristics 19 

Current positioning – fixed income 20  For internal use only | Please see disclaimer on last page

Current positioning – equity 21  For internal use only | Please see disclaimer on last page

Current positioning – fixed income 22  For internal use only | Please see disclaimer on last page

Current positioning – equity 23  For internal use only | Please see disclaimer on last page

Current positioning – fixed income 24  For internal use only | Please see disclaimer on last page

Current positioning – equity 25  For internal use only | Please see disclaimer on last page

Current positioning – fixed income 26  For internal use only | Please see disclaimer on last page

Current positioning – equity 27  For internal use only | Please see disclaimer on last page

Portfolio Solutions Group Target weights 28 

Current target weights – LL Profile Underlying Fund Core Bond (Portico) Core Plus Bond (Portico) Mortgage (Portico) Corporate Bond (Portico) Long Term Bond (Portico) Real Return Bond (Portico) Unconstrained Fixed Inc (Mackenzie) International Bond (Brandywine) Dividend (GWLIM) Canadian All Cap Value (Mackenzie) Canadian Value Equity (London Capital) Canadian Equity (Fidelity) All Canadian Equity (CI/Cambridge) Mid Cap Canada (GWLIM) Global Resource (Mackenzie) Foreign Equity (Mackenzie/Ivy) Global Equity (Putnam) Global Small Cap (Mackenzie) Global Infrastructure (London Capital) U. S. Dividend (GWLIM) U. S. Value (London Capital) American Growth (AGF) International Equity (Setanta) International Opportunity (JPMorgan) Emerging Markets (Putnam) Real Estate (GWLRA) 29  Conservative 18. 0% 15. 0% 7. 0% 3. 0% 6. 0% 5. 0% 3. 0% 1. 3% 3. 5% 3. 0% 2. 9% 2. 8% 3. 0% 5. 5% Moderate 16. 0% 12. 0% 5. 0% 3. 0% 4. 0% 3. 2% 4. 0% 2. 0% 4. 5% 4. 0% 3. 0% 4. 8% 3. 5% 7. 0% Balanced 14. 0% 12. 0% 8. 0% 3. 0% 4. 0% 3. 4% 6. 0% 3. 0% 4. 0% 4. 5% 4. 0% 9. 0% 3. 6% 5. 5% 4. 0% 9. 0% Advanced 9. 0% 8. 0% 3. 4% 7. 5% 4. 0% 5. 0% 4. 5% 3. 0% 9. 5% 6. 6% 5. 5% 3. 0% 9. 0% Aggressive 3. 9% 7. 5% 6. 0% 6. 5% 7. 0% 5. 6% 5. 0% 10. 0% 9. 0% 5. 5% 7. 5% 5. 0% 9. 0% For internal use only | Please see disclaimer on last page

Current target weights – GWL Portfolio Underlying Fund Canadian Bond (Portico) Core Bond (Portico) Bond (Mackenzie) Commercial Mortgage (Portico) Corporate Bond (Portico) Long Term Bond (Portico) International Bond (Brandywine) Unconstrained Fixed Income (Mackenzie) Real Return Bond (Portico) Dividend (GWLIM) Canadian Value (CI/Harbour) Canadian Value (FGP) Canadian Equity (GWLIM) Canadian Equity (Laketon) Mid Cap Canada (GWLIM) Foreign Equity (Mackenzie/Ivy) Global Equity (Setanta) Global Value (Mackenzie/Cundill) Global Small Cap (Mackenzie) Global Infrastructure Equity (London Capital) U. S. Value (London Capital) American Growth (AGF) International Opportunity (JPMorgan) International Equity (Setanta) Emerging Markets (Putnam) Real Estate (GWLRA) 30  Conservative Moderate Balanced Advanced Aggressive 17. 0% 13. 0% 6. 0% 13. 0% 7. 0% 6. 0% 3. 5% 1. 1% 3. 0% 3. 4% 3. 0% 2. 0% 6. 0% 15. 0% 12. 0% 6. 0% 10. 0% 4. 0% 3. 0% 6. 0% 4. 0% 7. 0% 1. 3% 4. 5% 7. 7% 5. 0% 4. 0% 2. 5% 8. 0% 13. 0% 7. 0% 6. 0% 7. 0% 3. 0% 4. 0% 7. 0% 2. 0% 7. 0% 4. 0% 7. 0% 5. 0% 3. 0% 4. 5% 3. 5% 10. 0% 14. 0% 3. 0% 5. 0% 4. 0% 3. 0% 7. 0% 4. 0% 5. 0% 4. 0% 7. 0% 3. 0% 9. 0% 5. 5% 6. 0% 3. 5% 4. 0% 10. 0% 4. 0% 5. 5% 4. 0% 9. 0% 6. 5% 7. 0% 5. 5% 8. 0% 5. 0% 9. 0% 7. 5% 5. 0% 10. 0% For internal use only | Please see disclaimer on last page

Current target weights – CL Allocation Underlying Fund Core Plus Bond (Portico) Core Bond (Portico) Government Bond (Portico) Long Term Bond (Portico) Real Return Bond (Portico) Corporate Bond (Portico) International Bond (CLI) Unconstrained Fixed Inc (Mackenzie) Enhanced Dividend (Laketon) Canadian Equity Value (Laketon) Canadian Value Equity (London Capital) Canadian Equity (Laketon) Canadian Equity (Bissett) Fidelity True North® Mid Cap Canada (GWLIM) Global Resource (Mackenzie) Global Equity (Setanta) Global Equity (Invesco) Global Growth (Mackenzie) Global Small Cap (Mackenzie) Global Infrastructure (London Capital) U. S. Value (London Capital) American Growth (AGF) International Equity (Templeton) International Equity (CI/Altrinsic) Emerging Markets (Putnam) Real Estate (GWLRA) 31  Conservative 26. 0% 10. 0% 12. 0% 3. 0% 7. 0% 8. 0% 6. 0% 3. 5% 3. 0% 1. 1% 4. 9% 3. 0% 3. 5% 6. 0% Moderate 25. 5% 9. 0% 7. 5% 3. 0% 5. 0% 6. 0% 4. 5% 3. 0% 1. 0% 4. 3% 3. 0% 8. 0% 4. 2% 8. 0% Balanced 22. 5% 6. 0% 3. 0% 5. 5% 7. 0% 2. 5% 3. 0% 4. 5% 3. 0% 8. 5% 4. 5% 3. 0% 6. 0% 4. 0% 10. 0% Advanced 17. 0% 3. 0% 6. 0% 4. 5% 3. 0% 4. 0% 6. 0% 4. 5% 4. 0% 7. 0% 9. 0% 4. 5% 3. 0% 10. 0% Aggressive 2. 5% 7. 0% 5. 0% 6. 5% 7. 0% 6. 0% 5. 0% 10. 0% 11. 0% 5. 0% 10. 0% For internal use only | Please see disclaimer on last page

Current target weights – Quadrus Folio Underlying Fund Core Plus Bond (Portico) Bond (Mackenzie) Corporate Bond (Portico) Long Term Bond (Portico) International Bond (CLI) Unconstrained Fixed Income (Mackenzie) Short Term Bond (Portico) Real Return Bond (Portico) Dividend (GWLIM) Canadian Value (FGP) Canadian All Cap Value (Mackenzie) Canadian Growth (GWLIM) Canadian Equity (Laketon) Global Resource (Mackenzie) Global Dividend (Setanta) Global Infrastructure Equity (London Capital) Global Growth (Mackenzie) Global Small Cap (Mackenzie) U. S. Value (Putnam) U. S. All Cap Growth (Mackenzie) Foreign Equity (Mackenzie/Ivy) International Core Equity (Putnam) Emerging Markets (Mackenzie) 32  Conservative Moderate Balanced Advanced Aggressive 27. 0% 20. 5% 7. 0% 4. 0% 7. 5% 6. 0% 3. 0% 20. 0% 19. 0% 5. 0% 3. 0% 6. 5% 4. 0% 2. 5% 17. 0% 13. 0% 4. 0% 3. 0% 8. 0% 9. 0% 3. 0% 3. 5% 3. 0% 5. 5% 3. 0% 7. 0% 6. 0% 3. 0% 5. 0% 3. 0% 6. 5% 4. 0% 6. 5% 4. 5% 7. 5% 5. 5% 4. 0% 6. 5% 12. 0% 9. 0% 6. 5% 6. 0% 5. 0% 6. 5% 4. 0% 8. 5% 6. 0% 5. 0% 8. 0% 4. 0% 9. 0% 5. 5% 9. 5% 7. 5% 6. 5% 11. 0% 5. 0% 3. 5% 3. 0% 2. 5% 4. 5% 3. 0% 3. 5% 5. 0% 3. 0% 6. 5% 5. 0% 7. 0% 4. 5% 5. 0% 8. 0% For internal use only | Please see disclaimer on last page

Current target weights – Quadrus Underlying Fund Core Plus Bond (Portico) Core Bond (Portico) Corporate Bond (Portico) Long Term Bond (Portico) Unconstrained Fixed Income (Mackenzie) Short Term Bond (Portico) International Bond (CLI) Underlying Fund U. S. Mid Cap Growth (Mackenzie) Canadian Opportunities (Fidelity) U. S. Small Companies (Trimark) Canadian Security (Mackenzie/Cundill) Small Cap Value (Mackenzie) U. S. All Cap Growth (Mackenzie) Global Resource (Mackenzie) Mid Cap Canada (GWLIM) Canadian All Cap Value (Mackenzie) U. S. Value (Putnam) 33  Diversified Fixed Income 33. 5% 26. 0% 10. 0% 7. 5% 10. 0% 4. 0% 9. 0% NA Specialty 16. 0% 9. 0% 14. 0% 13. 0% 7. 0% 14. 0% 9. 0% 7. 0% 6. 0% 5. 0% For internal use only | Please see disclaimer on last page

Portfolio Solutions Group Performance 34 

London Life Profile funds Outperformance versus Benchmark 35  Capture Ratio For internal use only | Please see disclaimer on last page

London Life Profile funds 10 10 9 9 8 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 Ag g re ss iv e ed an c Ad v ce la n Ba ra te od e M se on C Ag g re rv ss iv at iv e ed an c ce la n Ad v M Ba ra te od e at iv rv se on C 36  d 30 Sep 19 e 30 Sep 19 d 5 -year Standard Deviations (%) e 5 -year Gross Returns (%) Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

London Life Profile funds 10 -year Gross Returns (%) 10 -year Standard Deviations (%) 30 Sep 19 10 14 9 12 8 10 7 6 8 5 6 4 3 4 2 2 1 37  e iv ss re Ag g Ad v an c ed d ce la n od e M Ba ra te iv e se C on Ag g re rv ss at iv e ed an c ce la n Ad v M Ba ra te od e at rv se C on d 0 iv e 0 Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

London Life Profile funds Outperformance versus Benchmark 38  Capture Ratio For internal use only | Please see disclaimer on last page

GWL Portfolio funds Outperformance versus Benchmark 39  Capture Ratio For internal use only | Please see disclaimer on last page

GWL Portfolio funds 5 -year Standard Deviations (%) 30 Sep 19 3 3 2 2 1 1 0 0 ra te od e M se on C Ag g re rv ss at iv e ed an c ce la n Ad v M Ba ra te od e at rv se on C 40  e 4 iv 4 ss 5 re 5 Ag g 6 ed 6 an c 7 Ad v 7 ce 8 la n 8 Ba 9 iv e 9 d 10 iv e 10 d 5 -year Gross Returns (%) Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

GWL Portfolio funds 10 -year Gross Returns (%) 10 -year Standard Deviations (%) 30 Sep 19 10 14 9 12 8 10 7 6 8 5 4 6 3 4 2 2 1 0 41  e iv ss re Ag g Ad v an c ed d ce la n Ba ra te M rv C on se re Ag g od e at ss iv iv e e ed Ad va nc d ce la n Ba M C on se rv od e at ra te iv e 0 Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

GWL Portfolio funds Outperformance versus Benchmark 42  Capture Ratio For internal use only | Please see disclaimer on last page

Canada Life Allocation funds Outperformance versus Benchmark 43  Capture Ratio For internal use only | Please see disclaimer on last page

Canada Life Allocation funds 5 -year Standard Deviations (%) 30 Sep 19 3 3 2 2 1 1 0 0 ra te od e M se on C Ag g re rv ss at iv e ed an c ce la n Ad v M Ba ra te od e at rv se on C 44  e 4 iv 4 ss 5 re 5 Ag g 6 ed 6 an c 7 Ad v 7 ce 8 la n 8 Ba 9 iv e 9 d 10 iv e 10 d 5 -year Gross Returns (%) Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

Canada Life Allocation funds 10 -year Gross Returns (%) 10 -year Standard Deviations (%) 30 Sep 19 12 14 10 12 10 8 8 6 6 4 Ag g re ss iv e ed an c Ad v ce la n ra te od e M se C on Ag g re rv ss at iv e ed an c ce la n Ad v M Ba ra te od e at rv se on C 45  Ba 0 iv e 0 d 2 iv e 2 d 4 Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

Canada Life Allocation funds Outperformance versus Benchmark 46  Capture Ratio For internal use only | Please see disclaimer on last page

Quadrus Folio funds Outperformance versus Benchmark 47  Capture Ratio For internal use only | Please see disclaimer on last page

Quadrus Folio funds 10 10 9 9 8 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 Ag g re ss iv e ed an c Ad v ce la n Ba ra te od e M se C on Ag g re rv ss at iv e ed an c ce la n Ad v M Ba ra te od e at rv se on C 48  d 30 Sep 19 iv e 30 Sep 19 d 5 -year Standard Deviations (%) iv e 5 -year Gross Returns (%) Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

Quadrus Folio funds 10 -year Gross Returns (%) 10 -year Standard Deviations (%) 30 Sep 19 10 14 9 12 8 10 7 6 8 5 6 4 3 4 2 2 1 49  e iv ss re Ag g Ad v an c ed d ce la n od e M Ba ra te iv e se C on Ag g re rv ss at iv e ed an c ce la n Ad v M Ba ra te od e at rv se C on d 0 iv e 0 Fund Benchmark Source: Morningstar Direct, SFFS │ Figures are annualized For internal use only | Please see disclaimer on last page

Quadrus Folio funds Outperformance versus Benchmark 50  Capture Ratio For internal use only | Please see disclaimer on last page

Quadrus Diversified Fixed Income Folio Asset mix as at September 30, 2019 7. 5% CORE PLUS BOND (PORTICO) 4. 0% CORE BOND (PORTICO) 33. 5% 8. 0% UNCONSTRAINED FIXED INCOME (MACKENZIE) INTERNATIONAL BOND (CLI) 9. 0% CORPORATE BOND (PORTICO) LONG TERM BOND (PORTICO) 10. 0% SHORT TERM BOND (PORTICO) 28. 0% 51  Source information and disclaimer can be found on the last page. Portfolio attributes reflect the portfolio strategy used by the Quadrus fund shelf. For internal use only | Please see disclaimer on last page

LL Diversified Fixed Income Asset mix as at September 30, 2019 CORE PLUS BOND (PORTICO) 5. 0% 3. 0% 23. 0% 6. 0% CORE BOND (PORTICO) MORTGAGE (PORTICO) 8. 0% INTERNATIONAL BOND (BRANDYWINE) CORPORATE BOND (PORTICO) 9. 0% 21. 0% 10. 0% UNCONSTRAINED FIXED INCOME (MACKENZIE) LONG TERM BOND (PORTICO) 15. 0% REAL RETURN BOND (PORTICO) SHORT TERM BOND (PORTICO) 52  Source information and disclaimer can be found on the last page. Portfolio attributes reflect the portfolio strategy used by the London Life fund shelf. For internal use only | Please see disclaimer on last page

GWL Diversified Fixed Income Asset mix as at September 30, 2019 6. 0% CANADIAN BOND (PORTICO) 3. 0% 22. 0% 7. 0% CORE BOND (PORTICO) COMMERCIAL MORTGAGE (PORTICO) INTERNATIONAL BOND (BRANDYWINE) 8. 0% BOND (MACKENZIE) 9. 0% 17. 0% UNCONSTRAINED FIXED INCOME (MACKENZIE) CORPORATE BOND (PORTICO) 10. 0% 15. 0% LONG TERM BOND (PORTICO) REAL RETURN BOND (PORTICO) SHORT TERM BOND (PORTICO) 53  Source information and disclaimer can be found on the last page. Portfolio attributes reflect the portfolio strategy used by the Great-West Life fund shelf. For internal use only | Please see disclaimer on last page

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Disclaimer Copyright GLC. You may not reproduce, distribute, or otherwise use any of this article without the prior written consent of GLC Asset Management Group Ltd. (GLC). This commentary represents GLC’s views at the date of publication, which are subject to change without notice. Furthermore, there can be no assurance that any trends described in this material will continue or that forecasts will occur; economic and market conditions change frequently. This commentary is intended as a general source of information and is not intended to be a solicitation to buy or sell specific investments, nor tax or legal advice. Before making any investment decision, prospective investors should carefully review the relevant offering documents and seek input from their advisor. 55  Past performance is no guarantee of future results. There is no guarantee that investment objectives, or risk or return targets discussed in this material will be achieved. No part of this material may be reproduced or redistributed in any form without express written permission of GLC Asset Management Group Ltd. The data provided is for information purposes only. This material is not intended to be read in isolation and may not provide a full explanation of all the topics that are presented and discussed. Information contained in this material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Furthermore, there can be no assurance that any trends described in this material will continue or that forecasts will occur; economic and market conditions change frequently. This material should not be considered a recommendation or offer to purchase or sell any particular investment.