Reconciliationofcoreearningstonetincomeattributedtoshareholders 4Q21 ($ 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 $ 684 $ 806 $ 614 $ 438 $ (61) $ 2,481 Income tax (expense) recovery Core earnings (68) (101) (117) (52) (8) (346) Items excluded from core earnings (15) (77) (4) 2 10 (84) Income tax (expense) recovery (83) (178) (121) (50) 2 (430) Netincome(post-tax) 601 628 493 388 (59) 2,051 Less: Net income (post-tax) attributed to Non-controlling interests 32 – – 1 (1) 32 Participating policyholders (76) 12 (1) – – (65) Netincome(loss)attributedtoshareholders(post-tax) 645 616 494 387 (58) 2,084 (1) Less: Items excluded from core earnings Investment-related experience outside of core earnings 58 90 58 – (80) 126 Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 32 240 125 – 1 398 Change in actuarial methods and assumptions – – – – – – Restructuring charge – – – – – – Reinsurance transactions, tax related items and other 8 – (156) – – (148) Coreearnings(post-tax) $ 547 $ 286 $ 467 $ 387 $ 21 $ 1,708 Income tax on core earnings (see above) 68 101 117 52 8 346 Coreearnings(pre-tax) $ 615 $ 387 $ 584 $ 439 $ 29 $ 2,054 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. Coreearnings,CERbasisandU.S.dollars 4Q21 (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) $ 547 $ 286 $ 467 $ 387 $ 21 $ 1,708 (1) CER adjustment 13 – 35 20 3 71 Coreearnings,CERbasis(post-tax) $ 560 $ 286 $ 502 $ 407 $ 24 $ 1,779 (2) Income tax on core earnings, CER basis 68 101 127 52 8 356 Coreearnings,CERbasis(pre-tax) $ 628 $ 387 $ 629 $ 459 $ 32 $ 2,135 Coreearnings(U.S.dollars)–AsiaandU.S.segments (3) Coreearnings(post-tax) ,US$ $ 435 $ 370 adjustment (1) $ (23) – CER US Coreearnings,CERbasis(post-tax),US$ $ 412 $ 370 (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 4Q21. 111