EMPIRE LIFE INCOME GIF

Class L Guaranteed Investment Funds as of December 31, 2019

INVESTMENT MANAGEMENT Empire Life Investment Team	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) $416.45 MER 2.27 % Inception November 3, 2014 Total Holdings 372	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Bonds 56.8 % Canadian Equity 18.1 % US Equity 11.2 % Cash 5.3 % International Equity 4.8 % US Bonds 3.8 % BOND TYPE Investment Grade Corporate 48.6 % Provincial Government 23.5 % Federal Government 21.7 % High Yield Corporate 3.6 % Municipal Government 1.5 % Convertible 0.5 % Preferred Shares 0.5 % Floating Rate 0.1 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS (as at December 31, 2019) CANADIAN GOVERNMENT BON 2.25% 01JUN29 2.8 % ROYAL BANK OF CANADA 1.7% 02JAN20 TD 1.8 % CANADIAN GOVERNMENT BOND 2.75% 01DEC48 1.7 % CANADA HOUSING TRUST 2.4% 15DEC22 1.4 % CANADIAN GOVERNMENT BON 0.75% 01SEP21 1.3 % SCOTIABANK CAP 5.65% 31DEC56 1.3 % BANK OF NOVA SCOTIA CAD 1.2 % RYDER TRUCK 06JAN20 DN 1.2 % ROYAL BANK OF CANADA 09JAN20 BA 1.2 % CANADA HOUSING TRUST NO 1.8% 15DEC24 1.2 % Total of Top 10 15.1 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception -0.52 0.62 9.79 9.79 2.84 2.56   2.73 CALENDAR YEAR RETURNS 2012 2013 2014 2015 2016 2017 2018 2019       0.42 3.90 3.40 -4.18 9.79

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.