Executive Compensation Current 2023 Understanding the changes Payout • 0 to 180% • 0 to 200% • Aligning with typical market range (including impact of (including impact of practice the relative TSR the relative TSR • While this change increases modifier) modifier) the overall opportunity for higher future payouts, there is a corresponding requirement for higher performance Changes related to IFRS 17 As noted in last year’s circular, IFRS 17 will have a significant impact on how we measure and present our financial results. IFRS 17 is the new insurance contract accounting standard, effective January 1, 2023. This change in accounting standard does not impact the fundamentals and economics of our business. However, it does impact where, when and how specific items are recognized on our financial statements. A fundamental concept of IFRS 17 is the contractual service margin balance (CSM) which defers the recognition of new business gains over the lifetime of the insurance contract. CSM represents the unearned profits that are expected to amortize into income over time. 2023 Management information circular 47