EMPIRE LIFE CANADIAN EQUITY GIF

Class L Guaranteed Investment Funds as of June 30, 2020

INVESTMENT MANAGEMENT Jennifer Law, CFA Ian Hardacre, MBA, CFA Doug Cooper, CFA Sara Shahram, CFA	WHY INVEST IN THIS FUND You are seeking growth by investing primarily in Canadian large cap equity securities
FUND FACTS Asset Class Canadian Equity Size (Mill) $196.68 Estimated MER (%)* 3.28 % Inception November 3, 2014 Total Holdings 71	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Equity 86.6 % US Equity 7.7 % Cash 3.9 % International Equity 1.9 % SECTOR MIX Financials 29.2 % Industrials 13.9 % Energy 11.6 % Materials 8.3 % Consumer staples 6.8 % Utilities 6.4 % Information technology 6.1 % Communication services 5.8 % Consumer discretionary 5.5 % Real Estate 4.9 % Health care 1.5 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS Royal Bank of Canada Com 5.5 % Brookfield Asset Management Inc. Voting Shs Cl A 4.5 % Toronto-Dominion Bank Com New 4.4 % ROYAL BANK OF CANADA 0.2% 02JUL20 TD 3.8 % Canadian Pacific Railway Ltd. Com 3.1 % Enbridge Inc. Com 3.1 % Agnico-Eagle Mines Ltd. Com 3.0 % Alimentation Couche-Tard Inc. Sub Vtg Sh 2.7 % Innergex Renewable Energy Inc. Com 2.5 % Bank of Montreal Com 2.2 % Total of Top 10 34.7 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 0.09 9.56 -18.90 -16.66 -5.61 -0.87   -0.29 CALENDAR YEAR RETURNS 2012 2013 2014 2015 2016 2017 2018 2019       -1.14 15.19 5.52 -14.62 14.84

^* On November 1, 2019 the insurance fee (which in recent years was not included in the MER) was incorporated into the MER. The MER shown above is an estimate calculated as if the insurance fee had been incorporated into the MER for the full 2019 year. 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. ** 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.