Executive Compensation The performance factor for the 2020 PSUs was 78%. Performance was assessed using performance conditions and goals that were set prior to 2020, at the time of the grant, in line with our board-approved business plan. See the table below for a detailed breakdown of how this score was calculated. Number of Performance Share price at the PSU payout PSUs factor time of vesting Performance share 78% units awarded and received as dividend equivalents during the three-year period As a percentage of original award Roy Gori 199,512 x 78% x $27.285 = $4,246,064 101% Phil Witherington 59,301 x 78% x $27.285 = $1,262,068 101% Marc Costantini — x — x — = — — Marianne Harrison 82,012 x 78% x $27.285 = $1,745,421 101% Scott Hartz 63,087 x 78% x $27.285 = $1,342,640 101% Performance factor The 2020 PSU grant was based on a cumulative three-year performance period. Performance range Threshold Target Maximum Weighted Performance criteria 0 100 180 Actual1 Score score and weighting $21.75 $24.16 $26.10 $24.24 103% 35% Book value per share excluding AOCI ($ millions) 33% 7.7% 12.9% 17.0% 11.9% 80% 26% Core return on equity (%) 33% 30 percentage Median 24 percentage 6.7% vs 50% 17% Relative TSR points below points above 21.7% 34% median median (median) 78% 2020 PSU performance factor 1 Book value per share excluding AOCI and core return on equity results have been adjusted to exclude the impacts of restructuring charge and URR charge taken in 2021 as approved by the board The performance factor of 78% is based on our performance against targets for the performance conditions across the three-year performance period. Book value per share excluding AOCI was slightly above target and core return on equity finished below target due to the impacts of COVID-19 on our business. 2023 Management information circular 65