Reconciliationofcoreearningstonetincomeattributedtoshareholders 4Q22 ($ millions, post-tax and based on actual foreign exchange rates Corporate in effect in the applicable reporting period, unless otherwise stated) Asia Canada U.S. Global WAM and Other Total Income (loss) before income taxes $ 690 $ 698 $ 524 $ 403 $ (173) $ 2,142 Income tax (expense) recovery Core earnings (100) (137) (73) (50) 58 (302) Items excluded from core earnings (36) (169) (14) (5) 360 136 Income tax (expense) recovery (136) (306) (87) (55) 418 (166) Netincome(post-tax) 554 392 437 348 245 1,976 Less: Net income (post-tax) attributed to Non-controlling interests 6 – – 1 – 7 Participating policyholders (21) 72 27 – – 78 Netincome(loss)attributedtoshareholders(post-tax) 569 320 410 347 245 1,891 (1) Less: Items excluded from core earnings Investment-related experience outside of core earnings (110) (166) (62) – (119) (457) Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 110 146 63 – (135) 184 Change in actuarial methods and assumptions – – – – – – Restructuring charge – – – – – – Reinsurance transactions, tax related items and other – (10) 35 80 313 418 Coreearnings(post-tax) $ 569 $ 350 $ 374 $ 267 $ 186 $ 1,746 Income tax on core earnings (see above) 100 137 73 50 (58) 302 Coreearnings(pre-tax) $ 669 $ 487 $ 447 $ 317 $ 128 $ 2,048 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. Coreearnings,CERbasisandU.S.dollars 4Q22 (Canadian $ millions, post-tax and based on actual foreign exchange rates Corporate in effect in the applicable reporting period, unless otherwise stated) Asia Canada U.S. Global WAM and Other Total Coreearnings(post-tax) $ 569 $ 350 $ 374 $ 267 $ 186 $ 1,746 (1) CER adjustment – – – – – – Coreearnings,CERbasis(post-tax) $ 569 $ 350 $ 374 $ 267 $ 186 $ 1,746 (2) Income tax on core earnings, CER basis 100 137 73 50 (58) 302 Coreearnings,CERbasis(pre-tax) $ 669 $ 487 $ 447 $ 317 $ 128 $ 2,048 Coreearnings(U.S.dollars)–AsiaandU.S.segments (3) Coreearnings(post-tax) ,US$ $ 418 $ 276 (1) CER adjustment US $ – – Coreearnings,CERbasis(post-tax),US$ $ 418 $ 276 (1) The impact of updating foreign exchange rates to that which was used in 4Q22. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q22. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q22. 107