EMPIRE LIFE MONTHLY INCOME GIF

Class L Guaranteed Investment Funds as of December 31, 2020

INVESTMENT MANAGEMENT Jennifer Law, CFA Sara Shahram, CFA Geoff Johnston, CFA Empire Life Investment Team	WHY INVEST IN THIS FUND You are seeking growth and income by investing primarily in Canadian equity and fixed income securities.
FUND FACTS Asset Class Canadian Balanced Size (Mill) $25.08 Estimated MER (%)* 2.85 % Inception April 20, 2015 Total Holdings 176	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Equity 50.0 % Canadian Bonds 35.1 % US Equity 8.9 % Cash 3.9 % International Equity 2.2 % SECTOR MIX Financials 31.2 % Industrials 12.0 % Energy 10.6 % Information technology 8.2 % Consumer discretionary 8.2 % Materials 7.2 % Communication services 6.3 % Consumer staples 5.5 % Utilities 5.2 % Real Estate 3.3 % Health care 2.2 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS Toronto-Dominion Bank Com New 3.7 % Royal Bank of Canada Com 3.3 % Gov. of Canada, 2.00%, 2051/12/1 2.2 % Brookfield Asset Management Inc. Voting Shs Cl A 2.0 % Gov. of Canada, 2.5%, 6/1/2024 1.9 % Canadian Imperial Bank of Commerce Com 1.8 % Bank of Montreal Com 1.8 % Manulife Financial Corporation Com 1.7 % Enbridge Inc. Com 1.6 % Canadian Pacific Railway Ltd. Com 1.5 % Total of Top 10 21.5 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 1.47 4.96 2.59 2.59 2.11 3.46   2.42 CALENDAR YEAR RETURNS 2013 2014 2015 2016 2017 2018 2019 2020       6.71 4.33 -6.23 10.67 2.59

^* 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.