EMPIRE LIFE MULTI-STRATEGY GLOBAL CONSERVATIVE PORTFOLIO GIF

Class L Guaranteed Investment Funds as of May 31, 2021

INVESTMENT MANAGEMENT Dave Paterson, CFA Empire Life Investment Team	WHY INVEST IN THIS FUND You are seeking income and long-term capital growth by investing primarily in fixed income securities and in global equity securities.
FUND FACTS Asset Class Portfolio Funds Size (Mill) $24.67 Estimated MER (%)* 2.72 % Inception October 23, 2019 Total Holdings 7	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX (as at December 31, 2020) U.S. Bonds 26.9 % Canadian Bonds 23.7 % U.S. Equities 17.5 % International Bonds 14.0 % International Equities 9.8 % Cash and Cash Equivalents 5.8 % Canadian Equities 1.5 % Other Net Assets (Liabilities) 0.3 % 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 30.2 % Empire Life Bond Fund 14.3 % PIMCO Monthly Income Fund 12.6 % Vanguard Canadian Short-Term Bond Index ETF 10.4 % Empire Life Strategic Corporate Bond GIF 9.8 % Vanguard US Aggregate Bond Index ETF Cad Hedged 9.6 % Vanguard Global ex-U.S. Aggregate Bond Index ETF CAD Hedged 9.0 % Total of Top 10 96.0 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception -0.11 0.56 -1.03 3.78       2.17 CALENDAR YEAR RETURNS 2013 2014 2015 2016 2017 2018 2019 2020               3.45

^* 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.