EMPIRE LIFE MULTI-STRATEGY GLOBAL BALANCED PORTFOLIO GIF

Class L Guaranteed Investment Funds as of March 31, 2021

INVESTMENT MANAGEMENT Dave Paterson, CFA Empire Life Investment Team	WHY INVEST IN THIS FUND You are seeking a balance between long-term capital growth and earning income by investing primarily in global equity securities and fixed income securities
FUND FACTS Asset Class Portfolio Funds Size (Mill) $26.23 Estimated MER (%)* 2.93 % Inception October 23, 2019 Total Holdings 9	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX (as at December 31, 2020) US Equity 29.2 % US Bonds 20.9 % International Equity 16.3 % International Bonds 12.0 % Canadian Equity 7.2 % Canadian Bonds 6.7 % Cash 6.6 % Other 0.4 % SECTOR MIX (as at December 31, 2020) Information technology 18.7 % Health care 13.6 % Consumer discretionary 13.0 % Financials 12.8 % Industrials 11.5 % Consumer staples 10.9 % Communication services 8.3 % Materials 4.8 % Utilities 3.3 % Real Estate 1.6 % Energy 1.5 %	GROWTH OF $10,000 For Illustration Purposes Only
TOP 10 HOLDINGS (as at December 31, 2020) Empire Life Multi-Strategy Global Equity GIF 50.4 % Vanguard US Aggregate Bond Index ETF CAD-hedged 12.9 % Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) 8.8 % PIMCO Monthly Income Fund 7.8 % Empire Life Bond Fund 6.0 % Empire Life Strategic Bond Fund 5.4 % BMO AGGREGATE BOND INDEX ETF 4.7 % Total of Top 10 96.0 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 0.39 -1.23 -1.23 11.14       2.87 CALENDAR YEAR RETURNS 2013 2014 2015 2016 2017 2018 2019 2020               3.65

^* 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.