Reconciliationofcoreearningstonetincomeattributedtoshareholders 3Q22 ($ 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 $ 476 $ 819 $ 766 $ 395 $ (819) $ 1,637 Income tax (expense) recovery Core earnings (61) (116) (62) (50) 18 (271) Items excluded from core earnings 2 (75) (52) – 64 (61) Income tax (expense) recovery (59) (191) (114) (50) 82 (332) Netincome(post-tax) 417 628 652 345 (737) 1,305 Less: Net income (post-tax) attributed to Non-controlling interests (19) – – – 1 (18) Participating policyholders (85) 50 11 – – (24) Netincome(loss)attributedtoshareholders(post-tax) 521 578 641 345 (738) 1,347 (1) Less: Items excluded from core earnings Investment-related experience outside of core earnings (3) 97 127 – (96) 125 Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 95 96 137 – (382) (54) Change in actuarial methods and assumptions (45) 35 36 – 10 36 Restructuring charge – – – – – – Reinsurance transactions, tax related items and other (39) – (43) – – (82) Coreearnings(post-tax) $ 513 $ 350 $ 384 $ 345 $ (270) $ 1,322 Income tax on core earnings (see above) 61 116 62 50 (18) 271 Coreearnings(pre-tax) $ 574 $ 466 $ 446 $ 395 $ (288) $ 1,593 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. Coreearnings,CERbasisandU.S.dollars 3Q22 (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) $ 513 $ 350 $ 384 $ 345 $ (270) $ 1,322 (1) CER adjustment 15 – 15 8 (8) 30 Coreearnings,CERbasis(post-tax) $ 528 $ 350 $ 399 $ 353 $ (278) $ 1,352 (2) Income tax on core earnings, CER basis 62 116 65 50 (18) 275 Coreearnings,CERbasis(pre-tax) $ 590 $ 466 $ 464 $ 403 $ (296) $ 1,627 Coreearnings(U.S.dollars)–AsiaandU.S.segments (3) Coreearnings(post-tax) ,US$ $ 394 $ 294 (1) adjustment US $ (6) – CER Coreearnings,CERbasis(post-tax),US$ $ 388 $ 294 (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 3Q22. 108 | 2022AnnualReport | Management’sDiscussionandAnalysis