EMPIRE LIFE EMBLEM GLOBAL CONSERVATIVE PORTFOLIO GIF

Class L Guaranteed Investment Funds as of December 31, 2020

INVESTMENT MANAGEMENT Empire Life Investment Team	WHY INVEST IN THIS FUND You are seeking growth and income by investing primarily in global equity and fixed income securities, with a target equity allocation of 30%
FUND FACTS Asset Class Portfolio Funds Size (Mill) $34.31 Estimated MER (%)* 2.79 % Inception May 28, 2018 Total Holdings 396	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Bonds 38.4 % US Bonds 27.1 % US Equity 12.3 % International Equity 11.6 % Cash 7.4 % Canadian Equity 2.7 % International Bonds 0.5 % BOND TYPE Investment Grade Corporate 28.2 % High Yield Corporate 25.4 % Federal Government 19.8 % Floating Rate 10.4 % Preferred Shares 10.2 % Provincial Government 3.1 % Convertible 2.9 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS Royal Bank of Canada (FRN), 0.02%, 6/30/2030 6.0 % Gov. of Canada, 2%, 6/1/2028 2.9 % Parkland Corp., 5.63%, 5/9/2025 2.7 % Canada Housing Trust No.1, 2.35%, 3/15/2028 2.3 % Bank of Nova Scotia, 4.85% 2.3 % Canada Housing Trust No.1, 1.75%, 6/15/2030 2.2 % DuPont de Nemours Inc., 2.17%, 5/1/2023 1.9 % Gov. of Canada, 1%, 6/1/2027 1.8 % Bank of Nova Scotia, 5.5% 1.7 % Ford Credit Canada Co., 2.58%, 5/10/2021 1.5 % Total of Top 10 25.2 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 0.53 1.46 6.54 6.54       4.09 CALENDAR YEAR RETURNS 2013 2014 2015 2016 2017 2018 2019 2020             6.49 6.54

^* 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.