Reconciliationofcoreearningstonetincomeattributedtoshareholders 1Q22 ($ 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 $ 681 $ 880 $ 2,577 $ 386 $ (813) $ 3,711 Income tax (expense) recovery Core earnings (74) (110) (105) (61) 26 (324) Items excluded from core earnings (11) (115) (405) – 46 (485) Income tax (expense) recovery (85) (225) (510) (61) 72 (809) Netincome(post-tax) 596 655 2,067 325 (741) 2,902 Less: Net income (post-tax) attributed to Non-controlling interests 20 – – 1 – 21 Participating policyholders (197) 108 – – – (89) Netincome(loss)attributedtoshareholders(post-tax) 773 547 2,067 324 (741) 2,970 (1) Less: Items excluded from core earnings Investment-related experience outside of core earnings 64 53 527 – (86) 558 Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 180 180 212 – (475) 97 Change in actuarial methods and assumptions – – – – – – Restructuring charge – – – – – – Reinsurance transactions, tax related items and other (8) – 842 – (71) 763 Coreearnings(post-tax) $ 537 $ 314 $ 486 $ 324 $ (109) $ 1,552 Income tax on core earnings (see above) 74 110 105 61 (26) 324 Coreearnings(pre-tax) $ 611 $ 424 $ 591 $ 385 $ (135) $ 1,876 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. Coreearnings,CERbasisandU.S.dollars 1Q22 (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) $ 537 $ 314 $ 486 $ 324 $ (109) $ 1,552 (1) CER adjustment 8 – 35 14 3 60 Coreearnings,CERbasis(post-tax) $ 545 $ 314 $ 521 $ 338 $ (106) $ 1,612 (2) Income tax on core earnings, CER basis 74 110 113 62 (26) 333 Coreearnings,CERbasis(pre-tax) $ 619 $ 424 $ 634 $ 400 $ (132) $ 1,945 Coreearnings(U.S.dollars)–AsiaandU.S.segments (3) Coreearnings(post-tax) ,US$ $ 424 $ 384 (1) US $ (23) – CER adjustment Coreearnings,CERbasis(post-tax),US$ $ 401 $ 384 (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 1Q22. 110 | 2022AnnualReport | Management’sDiscussionandAnalysis