AssetsunderManagementandAdministration In 2022, AUMA for our wealth and asset management businesses were $779.9 billion, 13% lower compared with December 31, 2021 on a constant exchange rate basis driven by the impact of higher interest rates and equity market declines, partially offset by $8.8 billion in assets acquired and net inflows of $3.3 billion. As of December 31, 2022, Global WAM also managed $229.5 billion in assets for the 1 were $1,009.4 billion compared with Company’s non-WAM reporting segments. Including those assets, AUMA managed by Global WAM $1,102.7 billion as at December 31, 2021. Segregated funds net assets were $224.2 billion for December 31, 2022, 11% lower compared with December 31, 2021 on an actual exchange rate basis, driven by the impact of higher interest rates and equity market declines. Total invested assets in our general fund form a small portion of Global WAM AUMA. Changes in Assets under Management and Administration For the years ended December 31, ($ millions) 2022 2021 Balance January 1, $ 855,927 $ 753,610 Acquisitions/Dispositions 8,789 1,633 Net flows 3,305 27,893 Impact of markets and other (88,109) 72,791 BalanceDecember31, $ 779,912 $ 855,927 Averageassetsundermanagementandadministration $ 787,842 $ 798,022 Assets under Management and Administration As at December 31, ($ millions) 2022 2021 Total invested assets $ 3,717 $ 4,458 (1) Segregated funds net assets 224,192 252,567 (2) Mutual funds, institutional asset management and other 381,779 411,271 Totalassetsundermanagement 609,688 668,296 Other assets under administration 170,224 187,631 Totalassetsundermanagementandadministration $ 779,912 $ 855,927 (1) Segregated funds net assets are comprised of Retirement assets under management (“AUM”), consisting primarily of fee-based products with little or no guarantees. (2) Other funds represent pension funds, pooled funds, endowment funds and other institutional funds managed by the Company on behalf of others. Revenue Total revenue in 2022 of $6.3 billion decreased 6% compared with 2021, driven by lower fee income from lower average AUMA and lower fee spread, and lower investment income. This was partially offset by higher other revenue from a gain on our acquisition of the remaining equity interest in MTEDA. Revenue As at December 31, ($ millions) 2022 2021 Fee income $ 6,265 $ 6,513 Investment income (44) 28 Other revenue 90 – Totalrevenue $ 6,311 $ 6,541 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below. 34 | 2022AnnualReport | Management’sDiscussionandAnalysis