EMPIRE LIFE INCOME GIF

Class L Guaranteed Investment Funds as of December 31, 2021

INVESTMENT MANAGEMENT Ian Fung, CFA Jennifer Law, CFA Sara Shahram, CFA Ashley Misquitta, CFA	WHY INVEST IN THIS FUND You are seeking growth and income by investing in a strategic mix of primarily Canadian equity and fixed income securities.
FUND FACTS Asset Class Canadian Balanced Size (Mill) $407.90 MER 2.64 % Inception November 3, 2014 Total Holdings 460	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Bonds 52.7 % Canadian Equities 23.9 % U.S. Equities 12.6 % U.S. Bonds 4.8 % International Equities 3.7 % Cash and Cash Equivalents 2.0 % International Bonds 0.2 % BOND TYPE Investment Grade Corporate 47.6 % Provincial Government 25.2 % Federal Government 20.6 % High Yield Corporate 3.3 % Preferred Shares 1.5 % Floating Rate 0.8 % Municipal Government 0.5 % Convertible 0.4 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS Canada Housing Trust 2.400% December 15, 2022 1.8 % Province of Ontario 4.700% June 2, 2037 1.6 % Royal Bank of Canada 1.5 % Toronto-Dominion Bank 1.2 % Brookfield Asset Management Inc. 'A' 1.2 % Province of New Brunswick 3.550% June 3, 2043 1.2 % Government of Canada 2.000% December 1, 2051 1.1 % Shaw Communications Inc. 'B' 1.1 % 407 International Inc. 2.430% May 4, 2027 1.0 % Bank of Nova Scotia 1.0 % Total of Top 10 12.6 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 2.33 2.57 4.30 4.30 6.10 3.43   3.17 CALENDAR YEAR RETURNS 2014 2015 2016 2017 2018 2019 2020 2021   0.42 3.90 3.40 -4.18 9.79 4.32 4.30

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.