EMPIRE LIFE EMBLEM CONSERVATIVE PORTFOLIO GIF

Class L Guaranteed Investment Funds as of December 31, 2021

INVESTMENT MANAGEMENT Empire Life Investment Team	WHY INVEST IN THIS FUND You are seeking growth and income by investing primarily in equity and fixed income securities, with a target equity allocation of 35%
FUND FACTS Asset Class Portfolio Funds Size (Mill) $179.83 MER 2.65 % Inception November 3, 2014 Total Holdings 321	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Bonds 57.0 % Canadian Equities 19.1 % U.S. Equities 8.9 % Cash and Cash Equivalents 7.9 % International Equities 7.1 % BOND TYPE Investment Grade Corporate 47.3 % Provincial Government 25.8 % Federal Government 25.7 % Municipal Government 0.7 % Floating Rate 0.5 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS ROYAL BK OF CANADA 0.20% 04JAN22 TD 3.4 % Canada Housing Trust No.1, 2.4%, 12/15/2022 2.3 % Canada Housing Trust 2.900% June 15, 2024 1.6 % Royal Bank of Canada 1.5 % Toronto-Dominion Bank 1.3 % Government of Canada 2.500% June 1, 2024 1.3 % Government of Canada 2.000% December 1, 2051 1.3 % Government of Canada 2.250% June 1, 2029 1.2 % AltaLink L.P., 2.98%, 11/28/2022 1.2 % Bank of Nova Scotia 1.1 % Total of Top 10 16.2 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 2.09 1.91 3.33 3.33 5.46 2.75   2.70 CALENDAR YEAR RETURNS 2014 2015 2016 2017 2018 2019 2020 2021   1.42 2.35 3.30 -5.48 8.73 4.40 3.33

Empire Life will endeavour to ensure the information presented is accurate and updated, but will not be held liable for inaccuracies. A description of the key features of the individual variable insurance contract is contained in the Information Folder for the product being considered. Any amount that is allocated to a Guaranteed Investment Fund is invested at the risk of the contract owner and may increase or decrease in value. *Fund positioning/holdings are reflective of Emblem Conservative Portfolio Series I mutual fund*. ** Annual Compound Returns: Returns under 1 year are simple rates of return. All others are annual compound rates of return. All returns are calculated after taking expenses, management and administration fees into account. Past performance is no guarantee of future performance. ^® Registered Trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company.