1 In 2022, core EBITDA for Global WAM was $1,890 million, $649 million higher than core earnings. In 2021, core EBITDA was $2,062 million, $656 million higher than core earnings. The decrease in core EBITDA of $172 million or 10% on a constant exchange rate 2 was 30.4% in 2022 compared with 31.5% in basis was driven by similar factors as noted above for core earnings. Core EBITDA margin 2021. The 110 basis point decrease was driven by a decline in net fee income. Income before income taxes for Global WAM was $1,546 million in 2022, a decrease of $95 million compared with 2021, driven by similar factors as noted above for net income attributed to shareholders. Core EBITDA For the years ended December 31, ($ millions) 2022 2021 Coreearnings $ 1,241 $ 1,406 Amortization of deferred acquisition costs and other depreciation 336 323 Amortization of deferred sales commissions 95 99 Core income tax expense (recovery) 218 234 CoreEBITDA $ 1,890 $ 2,062 CoreEBITDAmargin 30.4% 31.5% Incomebeforeincometaxes $ 1,546 $ 1,641 Business Performance GrossFlowsandNetFlows Gross Flows were $136.6 billion in 2022, a decrease of 7% compared with 2021. By business line, the results were: • Retirement gross flows in 2022 were $52.1 billion, in line with 2021, reflecting growth in member contributions offset by lower new plan sales. • Retail gross flows in 2022 were $67.7 billion, a decrease of 14% compared with 2021, reflecting lower investor demand amid higher interest rates and equity market declines in 2022. • Institutional Asset Management gross flows in 2022 were $16.8 billion, an increase of 5% compared with 2021 driven by higher equity mandate gross flows, mainly from a $1.9 billion sale in 2Q22, partially offset by lower fixed income mandate gross flows. Net Inflows were $3.3 billion in 2022, compared with net inflows of $27.9 billion in 2021. By business line, the results were: • Retirement net outflows were $0.1 billion in 2022 compared with net inflows of $1.1 billion in 2021, driven by higher plan redemptions in the U.S. • Retail net outflows were $1.6 billion in 2022 compared with net inflows of $29.2 billion in 2021, driven by higher redemptions and lower gross flows due to factors mentioned above. • Institutional Asset Management net inflows were $5.0 billion in 2022 compared with net outflows of $2.4 billion in 2021, driven by the non-recurrence of a $9.4 billion redemption in 2021 and higher equity mandate gross flows as mentioned above. Gross Flows and Net Flows For the years ended December 31, ($ millions) 2022 2021 Gross flows $ 136,648 $ 144,681 Net flows $ 3,305 $ 27,893 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below. 2 This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. 33