March 26, 2021 IGM FINANCIAL COMPANY OVERVIEW

1 CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this document other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial’s current expectations. Forward- looking statements are provided to assist the reader in understanding the Company’s financial position and results of operations as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Company, as well as the outlook for North American and international economies, for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including the perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. While the Company considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.

A variety of material factors, many of which are beyond the Company’s, and its subsidiaries’ control, affect the operations, performance and results of the Company, and its subsidiaries, and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, management of market liquidity and funding risks, changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates), the effect of applying future accounting changes, operational and reputational risks, business competition, technological change, changes in government regulations and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, outbreaks of disease or pandemics (such as COVID-19), the Company's ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and the Company’s and its subsidiaries’ success in anticipating and managing the foregoing factors.

The reader is cautioned that the foregoing list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not place undue reliance on forward-looking statements.

Other than as specifically required by applicable Canadian law, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Additional information about the risks and uncertainties of the Company’s business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials filed with the securities regulatory authorities in Canada, available at www.sedar.com.

2 NON-IFRS FINANCIAL MEASURES & ADDITIONAL IFRS MEASURES Net earnings available to common shareholders, which is an additional measure in accordance with IFRS, may be subdivided into two components consisting of: • Adjusted net earnings available to common shareholders; and • Other items, which include the after tax impact of any item that management considers to be of a non-recurring nature or that could make the period-over-period comparison of results from operations less meaningful. This report may also contain non-IFRS financial measures. Non-IFRS financial measures are used to provide management and investors with additional measures of performance. However, we caution that non-IFRS financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Specific instances of such measures that may be referred to within this document include “Adjusted Net Earnings”, “Adjusted Earnings per Share”, “Earnings before Interest and Taxes” (EBIT), “Adjusted earnings before interest and taxes (Adjusted EBIT)”, “Earnings before interest, taxes, depreciation and amortization before sales commissions” (EBITDA before sales commissions) and “earnings before interest, taxes, depreciation and amortization after sales commissions” (EBITDA after sales commissions). We refer you to the appropriate reconciliation in the Management’s Discussion and Analysis of these non-IFRS financial measures to measures prescribed by IFRS.

Other items for the year ended December 31, 2020 consisted of: ▪ A gain on the sale of the Quadrus Group of Funds net of acquisition costs, of $21.4 million after-tax ($25.2 million pre-tax), recorded in the fourth quarter. ▪ The Company’s proportionate share in Great-West Lifeco Inc.’s after-tax adjustments related to the revaluation of a deferred tax asset less certain restructuring and transaction costs, of $3.4 million, recorded in the fourth quarter. ▪ A gain on the sale of the investment in Personal Capital Corporation of $31.4 million after-tax ($37.2 million pre-tax), recorded in the third quarter. ▪ Restructuring and other charges of $54.7 million after-tax ($74.5 million pre-tax) resulting from our ongoing multi-year transformation initiatives and efforts to enhance our operational effectiveness and also from the acquisition of GLC Asset Management Group Ltd. (GLC) and other changes to our investment management teams, recorded in the third quarter.

Other items for the year ended December 31, 2019 consisted of: ▪ A one-time charge of $9.2 million, recorded in the fourth quarter, which represented the Company’s proportionate share in Great-West Lifeco Inc.’s after-tax adjustments related to the revaluation of a deferred tax asset, restructuring costs and the net gain on the Scottish Friendly transaction. ▪ A one-time charge of $8.0 million, recorded in the second quarter, which represented the Company’s proportionate share in Great-West Lifeco Inc.’s after-tax loss on the sale of its United States individual life insurance and annuity business.

All figures are as at December 31, 2020 unless otherwise noted.

3 GLOSSARY

AUM&A: Assets Under Management & Advisement AUA: Assets Under Advisement AUM: Assets Under Management CAGR: Compound Annual Growth Rate DSC: Deferred Sales Charge EPS: Earnings per Share ESG: Environmental, Social and Governance ETF: Exchange Traded Fund FSB: Full Service Broker HNW: High Net Worth IIROC: Investment Industry Regulatory Organization of Canada; IIROC channel refers to firms registered with IIROC MER: Management Expense Ratio MFDA: Mutual Fund Dealers Association of Canada; MFDA channel refers to firms registered with the MFDA Portag3: Portag3 Ventures LP and Portag3 Ventures II LP SMA: Separately Managed Account SRI: Socially Responsible Investing LTM: Last Twelve Months $: Canadian dollar

4 IGM FINANCIAL

5 IGM FINANCIAL: A DIVERSIFIED WEALTH AND ASSET MANAGEMENT COMPANY WITH LEADING BRANDS IN CANADA

Significant Business • Record high 2020 net flows of $7.1B, with significant growth across operating companies 1 Momentum • Momentum building going into 2021

• 2020 Adjusted EPS of $3.20, up slightly from 2019 despite market volatility1; Current run- Earnings Growth & rate earnings at higher level with strong business growth during H2, 2020 and YTD 2021 2 Operating Leverage • Emphasis on expense management and operating leverage paving the way to double-digit earnings growth

• Financial planning edge with strong distribution as a wealth management company IG Early Momentum on • Significant opportunity in high net worth and mass affluent Strategic Vision 3 • Well-positioned to compete & capitalize on regulatory change

• Successful execution of 2013 vision Mackenzie Gaining • Increased from #12 to #2 in Environics Advisor Perception Study2 4 Significant Share • Significant sales momentum heading into 2021, and scale and distribution channels added through recent acquisitions

• Unique investment in leading firm in Chinese asset management industry (China AMC) Diversified Growth through • Fintech investments driving innovation and distribution opportunities Strategic Investments 5 • Global private markets capabilities with Northleaf Capital Partners

1. Excludes restructuring & other one-time items (see Q4 2019 and Q4 2020 MD&As for additional details). 2. Source: 2020 Environics Advisor Perception Study Investment Report 6 IGM AT A GLANCE: A LEADING WEALTH AND ASSET MANAGEMENT COMPANY IN CANADA

Assets Under Management & $240B Advisement 2020 EBIT CONTRIBUTION Mutual Fund AUM Market Share1 #2 IN CANADA IG Wealth 100% of IG Consultants Management Financial Planning hold the CFP or F.Pl. designation or are enrolled in the program2 Mackenzie Investments Clients ~2 Million 63% 22% Employees4 3,378 Investment 2020 Net earnings available to Planning Counsel $764.4MM common shareholders 13% 2% Strategic 2020 Adjusted Net Earnings Investments & 3 $762.9MM available to common shareholders Other 2020 Adjusted EBITDA3 $1,226.4MM

1. Source: ISS Market Intelligence Simfund data reflecting the “Funds Administration View”, based on long-term funds and is based on total industry. 2. The CFP and F.Pl. designations are nationally recognized financial planning qualifications that require an individual to demonstrate financial planning competence through education, standardized examinations, continuing education requirements, and accountability to ethical standards. 3. Excludes restructuring & other one-time items (see Q4 2020 MD&A for additional details). Adjusted EBITDA is before sales commissions. 4. As at December 31, 2019.

7 MULTI-CHANNEL DISTRIBUTION COMPLEMENTED BY STRATEGIC INVESTMENTS TO DIVERSIFY EARNINGS & EXPAND CAPABILITIES

65% AUA 22% AUM Wealth Management of EBIT4 $133B Asset Management of EBIT4 $187B

Comprehensive personal planning Integrated personal financial services Diversified asset management solutions delivered through long-term relationships company provider and business partner 1,820 Consultant Practices1 ~700 financial advisors 30,000+ external Assets Under Advisement: $103.3B Assets Under Advisement: $29.3B advisors & institutional clients 2 Assets Under Management: $97.7B Assets Under Management: $5.3B Assets Under Management: $186.8B

3 13% Strategic Investments (~$2.9B fair value ) of EBIT4

& other investments Publicly traded, international China AMC has developed and Fintech investments provide Global private markets solutions financial services holding company maintained a position among the innovative capabilities while also provider with C$14.6B AUM 4% interest market leaders in China providing access to markets with specializing in mid-market private $1,133MM market value 13.9% interest significant potential for growth equity, private credit, and (Equity Accounting) $720MM carrying value $593MM fair value infrastructure (Equity Accounting) (FVTOCI) $200MM carrying value (Equity Accounting) 1) 3,304 licensed professionals comprise Consultant Network. Consultant Practices are consultants with 4 years or greater tenure and serve clientele representing approximately 97% of AUM. 2) Includes assets sub-advised to IG Wealth Management and IPC. AUM of $110.9B excluding 3) Includes $241MM unallocated capital. 8 4) EBIT percentage based on full-year 2020. STRENGTH AND SCALE AS PART OF POWER CORPORATION GROUP OF COMPANIES1

Power Corporation

Great-West IGM Lifeco Financial

Putnam Great-West IG Wealth Investment Canada Life Mackenzie Investments Financial Management Planning Counsel

PanAgora Empower Irish Life 4% 36% fully diluted 13.9% 56% economic Asset Mgmt. Retirement Northleaf Great-West Portag3 Wealthsimple China AMC Capital Lifeco Partners

Access to Investment Shared technology Insurance Investment BENEFITS intellectual management & back office distribution opportunities capital sub-advisory investments with shared risk

1. Abbreviated organizational chart. Power Corporation has ownership interest in China AMC, Portag3 and Wealthsimple. Great-West Life has ownership interest in Portag3 and IGM Financial.

9 IGM IS FOCUSED ON RESPONSIBLE MANAGEMENT

• IGM has ranked at the • IGM named by Corporate • IGM included in stock index • IGM included in stock index leadership level for the Knights as one of the 100 of global firms with leading of 50 Canadian companies past four years for its most sustainable companies ESG practices passing broad-set of ESG climate change disclosure in the world in 2020 rating criteria • IGM is one of only 29 • Our companies also • IGM was the top-rated Canadian companies • IGM is one of five financial support the TCFD investment services included out of ~1,000 index services firms included in the recommendations- both as company globally and the top- constituents 2020 index an issuer and as investors rated financial services organization in North America

UN WOMEN’S EMPOWERMENT PRINCIPLES

10 IGM FINANCIAL 2020 RESULTS HIGHLIGHTS

Up 26.3%, or 10.3% IGM AUM&A Growth During 2020 ($B) excluding acquisitions 1) Record high AUM&A of $240B, up ~26% 3.7% net 6.5% investment sales rate return rate 2) Record high net flows of $7.1B, a rate of 3.7% and up meaningfully at all companies

3) Strong Adjusted EPS of $3.201 in context of volatile year, up slightly from 2019; EPS of $3.21

4) Supporting employees, advisors, clients, and communities through COVID-19 pandemic

5) Significant progress on transformation initiatives, modernizing IGM’s technology platform by partnering with leading firms

6) Important business development activities: Net Investment ▪ Acquired GLC Asset Management, expanding our distribution reach to the fast- Opening Flows Returns Acquisitions Ending growing group retirement business IG Wealth 97.1 0.8 5.4 - 103.3 ▪ Northleaf Capital Partners strategic relationship expands asset management Management Investment capabilities & strengthens distribution offering 27.7 0.4 1.2 - 29.3 Planning Counsel ▪ Greenchip acquisition strengthens commitment to sustainable investing Mackenzie 68.3 6.2 6.1 30.3 110.9 ▪ Monetized our investment in Personal Capital, crystalizing a strong gain on our Investments investment Eliminations (3.1) (0.3) (0.2) - (3.5) ▪ Wealthsimple equity fundraising reinforces momentum & enhances value for IGM 190.0 7.1 12.5 30.3 240.0 IGM shareholders Consolidated

1. Excludes one-time items (see Q4 2020 MD&A for additional details). 11 2020 FINANCIAL MARKETS CONTEXT: MEANINGFUL FINANCIAL MARKET RETURNS IN LAST TWO QUARTERS OF 2020 AND CONTINUING IN 2021 IGM Client Return Index1 Investment Performance Q1/21 at 2.4 2019 Q4/20 2020 Feb 28/21 IGM Client Investment Returns 2 13.0% 5.5% 6.5% 0.8% Equity Markets: 2.2 Canada (S&P / TSX Composite) 19.1% 8.1% 2.2% 3.6%

U.S. (S&P 500) 28.9% 11.7% 16.3% 1.5% 2.0 Europe (MSCI Europe) 22.2% 10.5% (5.4%) 1.6% Asia (MSCI AC Asia Pacific) 16.3% 17.6% 17.1% 3.3%

China (CSI 300) 36.1% 13.6% 27.2% 2.4% 1.8 Fixed Income (FTSE TMX Canada Universe) 3.9% (0.0%) 5.9% (4.0%) Currency: USD relative to CAD (4.7%) (4.5%) (2.0%) 0.1% 1.6 Euro relative to CAD (6.8%) (0.4%) 6.7% (1.1%)

CNY relative to CAD (6.1%) (0.7%) 4.6% 0.5% 1.4 S&P 500 Daily Returns over the year 2020 10.0% 1.2 5.0% 0.0% 1.0 -5.0%

-10.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -15.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Index returns are local market price returns, except Asia is reported in USD. 1) Weighted average return on AUM, indexed to December 31, 2001. 12 2) IGM Financial’s asset mix for total assets under management as at December 31, 2020 was 64.9% equities, 30.5% fixed income, and 4.6% other. 2020 INDUSTRY CONTEXT & IGM GAINING MARKET SHARE Net Flows Rate Industry Long Term Mutual Fund Annual Net Sales ($B) (Last Twelve Month Trailing, % of Average Assets)

3,4 4 Mackenzie total investment funds Mackenzie retail investment funds Total Excluding Banks 1 2 57.9 IG net flows IG mutual fund net sales 5 53.1 Industry peers (advice channel) 10% 44.1 1) Reflects total client flows effective January, 2018 and total mutual fund sales in prior periods. 36.7 8% 2) Includes Mackenzie investment 33.7 funds that are on IG Wealth Management’s Approved List (starting in 2019). 27.3 27.0 6% 3) Excludes net sales from Mackenzie, IG and IPC mutual fund investment in Mackenzie ETFs. Excludes gross sales, redemptions, and net sales related 4% to fund allocation changes by 18.5 19.0 clients which include Mackenzie 9.2 mutual funds within their 14.6 14.0 investment offerings. During 2% Q4/20 and January & February 8.8 8.9 2021, these fund allocation 7.2 changes resulted in net sales of $32MM and net redemptions of $361MM, respectively. (7.4) (3.4) 0% 4) Mackenzie reflects long-term investment funds. 5) Advice channel reflects long-term mutual fund net sales and average (7.8) (2%) AUM.

2012 2013 2014 2015 2016 2017 2018 2019 2020 (4%)

Source: ISS Market Intelligence Simfund data updated to Dec. 31 2020. Reflects the “Funds (6%) Administration View” and excludes ETFs. “Net Sales” reflects gross sales less redemptions and is presented by ISS Market Intelligence Simfund as “Net New Money”. Industry net sales include net 2014 2015 2016 2017 2018 2019 2020 2021 flows for sponsors who do not publish net sales. Net transfers are excluded from all reported figures. Source: ISS Market Intelligence Simfund

13 STRONG NET FLOWS FROM WEALTH AND ASSET MANAGEMENT

IGM Financial Consolidated Annual Net Flows1 ($B) IGM Financial Segmented Annual Net Flows ($MM) 7.1 Asset All-time Wealth Management Management Record High IG Wealth IPC Mackenzie Management 3.7 6,250 795

373 1.4 0.6 0.1

(0.3) (0.2) (1.3) (589) (1.7) (780) (273) (2.7)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2019 2020 2019 2020 2019 2020

1) Prior to 2019, IGM consolidated investment fund net sales are shown.

14 AUM&A IS UP SIGNIFICANTLY DUE TO RECORD HIGH NET SALES, FINANCIAL MARKET RETURNS AND ACQUISITIONS. IGM IS FOCUSED ON NET EARNINGS GROWTH THROUGH CONTINUING BUSINESS MOMENTUM AND EXPENSE MANAGEMENT.

Poised for Earnings growth due to Revenue generating AUM&A up Moderating expense growth, growth in business in Q4 & Q1 significantly over 2020 average while investing in business

1 ($B) Daily AUM&A Annual Average AUM&A Adjusted EPS IGM Financial Adjusted ($) Dividends Per Share 260 Expense Growth1 3.78 250 2016 7% 3.29 240 3.19 3.20 3.05 3.02 230 Net acquisitions of $30.3B 2017 6% 6.5% (GLC/Greenchip/QGOF) Dividend 220 Yield 2018 5% 2.25 2.25 2.25 2.25 2.25 210 AUM&A up over 200 2020 Average 2019 3% pre-acquisitions 190 2020 ~1%2 180 3 170 2021 Operations & Support ~2.25% 160 Guidance Business Development ~4-4.5% 150 Includes variable & 2016 2017 2018 2019 2020 2021 140 discretionary components Analyst 4 130 Consensus 2018 2019 2020 2021

1) Excludes restructuring & other one-time items (see relevant MD&A for additional details). Expense growth based on non-commission expenses prior to 2020. 2) 2020 operations & support and business development expenses increased 2.7% relative to 2019 after adjusting for $15.6MM Consultant practice benefit entitlements at IG 15 Wealth in 2019 that were reclassified to asset-based compensation starting in 2020. 3) Excluding $6MM pension increase and $20MM related to the acquisition of GLC and Greenchip and the related purchase price amortization of ~$4MM. 4) Source: Bloomberg as of March 9, 2021. IGM FINANCIAL ADJUSTED EBIT & MARGINS

IGM Adjusted EBIT1 ($MM) IGM Adjusted EBIT Margin1,2 (% of AUM&A)

779.5 Direct advisor/dealer 760.0 753.4 compensation3 & sub- 707.9 706.6 1.53% 1.49% advisory expenses 1.45% 1.44% 1.44% 213.4 0.44% 0.43% 207.9 202.7 Share of associates’ 0.42% 0.41% 0.42% 198.0 189.4 earnings and net 39.3 45.7 43.3 investment income 18.1 50.9 522.8 1.09% 1.06% 512.8 491.8 505.0 Net wealth & asset 1.03% 1.03% 1.03% 466.2 mgmt. revenue4 288.4 300.4 289.1 258.9 236.2 Business Development 0.53% 0.52% 0.47% 0.46% 0.48%

Operations & Support

(0.39%) (0.42%) (0.41%) (0.37%) (0.37%) (182.6) (195.1) (185.5) (181.9) (189.0) Adjusted EBIT (0.14%) (0.17%) (0.17%) (0.16%) (0.17%) (68.4) (81.1) (78.6) (72.9) (88.0) (0.51%) (0.56%) (0.59%) (0.57%) (0.54%) (250.3) Additional $10MM in Mackenzie wholesaling (263.7) (273.7) (258.4) (277.0) commissions and $6.5MM in corporate bonus compensation resulting from sales and business Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 results in Q4/20. True-up of full year results. Q4/19 Q1/20 Q2/20 Q3/20 Q4/20

Average assets under management 187.4 186.0 181.5 194.9 202.2 and advisement (AUM&A, $B)

1) Excludes other items where appropriate (see slide 3 for additional details). 2) Excludes net investment income & share of associates’ earnings. 3) Direct advisor/dealer compensation includes asset-based compensation, sales-based compensation, and other product commission expenses. 4) Net wealth & 16 asset mgmt. revenue reflects total wealth and net asset management revenue less i) direct advisor/dealer compensation and ii) sub-advisory expenses. ADJUSTED EARNINGS BEFORE INTEREST & TAX BY SEGMENT

Wealth Asset $ millions Management Management Strategic Investments & Other Unallocated Capital & Adjusted Quarter Other EBIT EPS (₵)

Q4 2020 182.4 6.3 60.1 27.3 11.8 1.0 - 0.2 289.1 86

Quarter-over- 0.4% 18.9% (14.8%) (17.3%) 12.4% (3.8%) (4.4%) quarter change Year-over- (6.7%) 8.6% 14.5% (8.7%) 63.9% 0.2% 2.4% year change

Q3 2020 181.7 5.3 70.5 33.0 10.5 - - (0.6) 300.4 90

Q4 2019 195.5 5.8 52.5 29.9 7.2 - (4.5) 2.0 288.4 84

Year

2020 679.8 21.6 234.3 109.1 41.5 1.0 (4.6) 1.9 1,084.6 3.20

% Change (5.7%) (10.8%) 5.6% 0% 37.9% (0.9%) 0.3%

2019 720.6 24.2 221.9 109.1 30.1 - (16.8) 5.1 1,094.2 3.19

17 STRATEGIC INVESTMENTS & OTHER SEGMENT AS AT DECEMBER 31, 2020

• The Strategic Investments & Other segment has a fair value of ~$2.9B at December 31, 2020

Great-West Lifeco: China: Northleaf:6 Fintech: Unallocated Total Capital & Other $ millions unless otherwise noted (TSX:GWO) WS: 36% fully IGM ownership 4.0% 13.9% 56% diluted4

Accounting basis Equity Equity Equity FVTOCI3 FVP&L3

Net Carrying value 962 720 200 5932 241 2,716

Fair value 1,1335 720+ 200+ 5932 241 2,887

0.8 2.0 0.2 IGM Proportionate 1 40 30 27 7 12 35 Share of Earnings7 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Q4/20

1) Includes Personal Capital losses of $4.5MM. 2) Majority of Fintech value is in Wealthsimple & Portag3. 3) FVTOCI refers to fair value through other comprehensive income. FVP&L refers to fair value through profit & loss. 4) Wealthsimple ownership reflects interest held directly and indirectly held through Portag3 Ventures LP. 5) After-tax fair value of GWO equity interest estimated to be $1,054MM. 6) Northleaf presented net of minority interest. 7) Proportionate share of associates’ earnings are recorded after-tax within revenue for 18 Great-West Lifeco, China AMC and Northleaf, with the remaining earnings reflected in the unallocated capital & other column. A LEADING CHINESE ASSET MANAGER; DELIVERING ACCELERATED GROWTH China AMC Ending AUM1 China AMC Net Earnings IGM Share of China AMC Earnings (RMB billions) (RMB millions) (CAD millions)

1,461 440 11.8 CAD/RMB = 5.0822 398 407 1,248 10.3 10.5 349

1,032 8.9 298

7.2

Q4/19 Q1/20 Q2/20 Q3/20 Q4/20

Q4/19 Q1/20 Q2/20 Q3/20 Q4/20

Q4/19 Q1/20 Q2/20 Q3/20 Q4/20

1) China AMC’s assets under management is reported semi-annually and excludes China Asset Management Co., Ltd subsidiary assets under management. 2) Q4 2020 average foreign exchange rate for CAD/RMB. 19 EXPANDS ASSET MANAGEMENT CAPABILITIES AND STRENGTHENS DISTRIBUTION OFFERING About Northleaf Key Terms (Acquired in October 2020) 1. An independent mid-market global private equity, private credit and 1. Mackenzie & Lifeco jointly acquire 70% economic interest in Northleaf (49.9% voting) infrastructure investment firm through an acquisition vehicle 80% owned by Mackenzie and 20% owned by Lifeco 2. Serving highly reputable institutional investors • Mackenzie and Lifeco will have an obligation and right to purchase an additional equity 3. Headquartered in Toronto, Canada, Northleaf employs 140 experienced and voting interest in the firm commencing in approximately five years and extending professionals across 7 global offices into future periods 2 4. Established track-record with private equity launch in 2001 (Infrastructure 2. Purchase price of $241MM up-front; Earn-out payable in five years with exceptional 2010 & private credit in 2016) growth of firm 5. C$18B in capital raised since inception and C$15B in AUM1 14.9 Strategic Rationale 13.8 Capital raised Launch of Private Credit since inception private credit 12.3 $3.1B 1. Expands Mackenzie’s capabilities to offer global private equity, private credit and program US$B infrastructure investment solutions; Mackenzie product launches imminent Close of first Infrastructure 9.9 2. Enhances offering at IG Wealth Management, with emphasis on high-net worth and mass infrastructure fund $2.9B 8.8 affluent client segments; IG managed solutions allocations to Northleaf products in Q3 Private Equity 3. Advances Lifeco’s strategy to expand alternative investments for its balance sheet & global Spin out of Northleaf 7.0 from TD Bank 6.3 $8.9B distribution channels. First third-party 5.0 investors in private 4.5 4. Accelerates Northleaf’s growth strategy by providing additional access to balance sheet equity program 3.7 3.7 capital, global relationships and best-in-class retail product development and distribution; 2.5 2.7 2.1 No change to investment processes. 1.6 1.0 5. Provides financial benefit from vertical integration and expected to be accretive in 2021 0.3 0.6 0.6 0.6

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1) Northleaf AUM represents invested and committed uninvested capital as at December 31, 2020. 2) Net of purchase price adjustments. 20 MOMENTUM CONTINUES; AUA UP ~94% YEAR-OVER-YEAR

Assets Under Adminstration1 (CAD$ Billions) • IGM is the largest shareholder in Wealthsimple, with an aggregate 36% fully diluted interest and, collectively, the Power group holds 62% 9.7 • During October 2020, Wealthsimple Wealthsimple AUA of CAD $9.7B announced a CAD $114MM equity increased 93.6% year-over-year1 fundraising led by TCV, one of the 7.1 largest growth equity investors focused on technology 5.0 • The purchase price associated with 3.8 this fundraising values the common 2.6 equity of Wealthsimple at $1.5 billion 2.1 ($1.4 billion pre-money valuation).

• IGM adjusted the fair value assessment of its investment up to Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 $550 million during Q3 2020

1) Excludes AUA related to W4A which has been disposed. 21 CAPITAL ALLOCATION PRIORITIES

• Drive innovation and new product development REINVEST IN THE • Execute initiatives to improve efficiency and profitability BUSINESS • Back office transformation

MAINTAIN • Maintain strong liquidity STRONG • Value “A” credit rating CREDIT PROFILE • Flexibility to access capital markets and manage debt profile

• Expand distribution reach IDENTIFY • Enhance product and investment management capabilities STRATEGIC • Provide innovative technologies INVESTMENTS • Generate scale and unit cost benefits • Attractive financial returns

RETURN • Dividend yield of ~6.5% (as at March 4, 2021) VALUE TO • Maintain and grow attractive dividend over time SHAREHOLDERS • Targeted share buybacks, in consideration of other capital priorities

22 IGM INVESTMENT HIGHLIGHTS

• Diversified financial services provider, focused on financial planning and investment management services • Second largest mutual fund manager in Canada, with assets under management of $214.0B at Dec 31, 2020 A leading Canadian financial • Strong operating company brands services company • Expanding capabilities and distribution reach with China AMC, Northleaf, Wealthsimple and Great-West Lifeco • Part of Power Corporation of Canada group of companies with synergy benefits

Positioned to leverage • Large opportunity to grow share of $4.4T1 in Canadian financial wealth supported by proven benefits of advice and demographic trends and increasing focus on high net worth and retiree segments financial planning emphasis • Vertically-integrated IG Wealth Management business and financial planning model provides unique value proposition • Mackenzie turnaround complete; gaining market share and continuing to evolve with client and advisor needs Bold steps to transform • IG Wealth Management momentum; $1.3B in trailing 12 month net flows to February 28, 2021 operating companies • Several milestones achieved with IG transformation including unbundled Series U for all; launch of IGAA fee-based resulting in record net flows account; launch of an improved CRM tool for advisors (Salesforce); growing National Service Centre to $1.8B AUM (at Dec. 31, 2020); strategic outsourcing to modernize technology platforms

Strong growth potential • Cultural transformation focused on accountability and execution excellence with IGM leadership team • Client-centricity with organization-wide client-first approach driven by clear vision & • Focus on operational efficiency to enhance client experience and reduce cost strategies • Digitize and deliver value added technology to enhance client experience and advisor productivity

Strong dividend and • Dividend yield ~6.5% (as at March 4, 2021) • Consistent track record of strong earnings and cash flow generation with prudent capital management financial position; poised for • Strong AUM growth and executing on initiatives to improve efficiency and profitability operating leverage • Highly rated company; rated “A” with S&P and “A (high)” with DBRS

1. Investor Economics Household Balance Sheet Report, as at December 31, 2018.

23 BOLD STEPS TAKEN TO TRANSFORM MACKENZIE; NOW MAXIMIZING POTENTIAL OF IG WEALTH MANAGEMENT AND COMPLETING TECHNOLOGY TRANSFORMATION

Nov 2019 Mar 2016 Oct 2018 Sep 2020 Oct 2017 IG Wealth Jeff Carney Sep 2016 IG Wealth James O’Sullivan IGM announces Management becomes Investors Group Management becomes President May 2013 creation of launches President & announces brand launch & CEO of IGM Jeff Carney joins single global unbundled CEO of elimination of with renewed Mackenzie as investment pricing for all Damon Murchison Investors Deferred Sales focus on HNW Mackenzie President & CEO management clients and new becomes President offerings accelerating Group and IGM Charge (DSC) group & CEO of IG Wealth Advisor portal foundational strategy with nimble execution 2013 – 2015 2016-2017 2018-2019 2020-2021

IG Wealth Oct 2019 to current Jun 2014 May 2016 Management May – Jul 2017 May 2018 IGM back-office Q4 2020 Sep 2013 Mackenzie Barry McInerney executing on IGM executive Mackenzie transformation modernizing Mackenzie closes Mackenzie completes appointed strategy leadership team introduces technology platform by acquisitions of launches new President & CEO strengthened simplified retail partnering with leading firms GLC, Northleaf new vision leadership of Mackenzie pricing structures (Google, IBM, CIBC Mellon…) and Greenchip & strategy team

Mackenzie undergoes transformation under new Mackenzie transformed: #2 firm in 2020 APS, up leadership with clear vision and performance objectives from #11 in 2014; $1.8B 2017 Inv. Fund Net Sales

Investors Group undergoes transformation to IG Wealth Management IG Wealth transformation momentum: under new leadership with a clear vision and performance objectives delivering strong positive net flows of $1.3B2

1. Environics Advisor Perception Study, Advisor ranking among peers in Overall Perception. 2. Last twelve months ending February 28, 2021. 24 IG WEALTH MANAGEMENT

25 KEY MESSAGES IG WEALTH MANAGEMENT

A leading wealth New client-centric Competitive advantage Our advantage is further Actions taken have management company strategy with more with strong enabled by hiring top enhanced the client in Canada energized to focus on Mass Affluent entrepreneurial quality advisors, experience and sales maximize its potential & HNW client Consultant network to increasing proficiency, results in our target to win share from the segments drive client engagement improving technology, segments; significant banks and focus on implementing new market share upside comprehensive financial segmentation approach as we execute our planning & product & enhancing a strong strategy solutions brand

26 IG WEALTH MANAGEMENT AT A GLANCE A LEADING FINANCIAL SERVICES COMPANY IN CANADA INSPIRING FINANCIAL CONFIDENCE KEY STATISTICS

Total AUA $103.3 Billion $9.5 Billion $3.4 Billion Total AUM $97.7 Billion Client Mortgages All-in-One accounts (available credit) Clients +1 Million $0.9 Billion $1.6 Billion Consultant Practices1 1,820 Other Lending Guaranteed Specialists2,4 176 products Investment Funds

CFP/F.Pl. 100% hold the CFP 3 or F.Pl. designation or are Professionals enrolled in the program Employees 1,9824

1. 3,304 licensed professionals comprise Consultant Network. Consultant Practices are consultants with 4 years or greater tenure and serve clientele representing approximately 97% of AUM. 2. Includes mortgage, insurance, securities and advanced financial planning specialists. 3. The CFP and F.Pl. designations are nationally recognized financial planning qualifications that require an individual to demonstrate financial planning competence through education, standardized examinations, continuing education requirements, and accountability to ethical standards. 4. As at December 31, 2019

27 Q1 2020 COVID-19 Response: • Rapid adoption work-from-home • DocuSign & e-signatures • Enhanced communication & IG WEALTH MANAGEMENT JOURNEY training for new environment • “Call Every Client Campaign” and “Answering the Call” initiative

Q3 2019 • Q3 2017 Investors Group’s in- Oct 2018 Launched new IG Living Sep 2016 house portfolio management team Plan SnapshotTM, a Investors Group becomes part of Mackenzie’s Investors Group relaunched brand to IG proprietary online announces elimination of investment management boutique resource that provides Wealth Management with Q3 2020 • New Leader: Jeff Carney Deferred Sales Charge structure Canadians with an (DSC) purchase option on • Q4 2017 Consultant renewed focus on HNW New Leader: Damon • Jeff Carney becomes indication of their mutual funds. (>50% of compensation changes announced. offerings. Emphasis on Murchison President & CEO of financial well-being business, competitive Greater emphasis on asset-based QUALITY & PROFICIENCY, Investors Group (March President & CEO of impediment) compensation and less on sales- with brand enhancement 2016) IG Wealth Management based.

Added T. Rowe Price, Blackrock, 2016 2017 Focus on HNW 2018 and PIMCO as new subadvisors 2019 2020 & Mass Affluent Q4 2019 Q4 2018 Q2 2019 Q2 2020 Q2-Q3 2016 Q4 2016 IG Wealth Announced Q2 2017 IG Wealth Management Over $1B in CEO listening tour Initial roll-out of Management partnership with New strategic mandate announced greater fee client AUM now and consultant new nominee launches Conquest, a best-in and value proposition transparency for all serviced by IG’s engagement dealer platform unbundled pricing class financial launched. Our value clients to accelerate National Service for all clients and planning tool to proposition is to deliver growth with pricing Center (launched new Advisor portal replace existing PFP better Gamma, better changes (Series U for all) in 2018) software. Beta and better Alpha. OUR MANAGED SOLUTIONS PROVIDE CONSULTANTS WITH Key Metrics - Q1 2016 THE BEST OPPORTUNITY TO Key Metrics – Q4 2020 • 55% of long-term gross FOCUS ON PROVIDING GAMMA • 78% of long-term gross sales in managed solutions sales in managed solutions • 25% of sales in HNW • 54% of sales in HNW solutions (LTM) solutions (LTM)

28 COVID-19 – RAPID TRANSITON IN THE WAY DISTRIBUTION WORKS, WHILE IMPROVING THE FINANCIAL WELL-BEING OF CANADIANS

Rapid Adaptation to Work Expanded Support & Continued Focus on Talent Focus on Clients & from Home Training Acquisition Productivity a) Successful transformation to work from a) Health, safety, and well-being initiatives a) Strong momentum in H1 a) “Call Every Client Campaign” for home; closed 120 offices and over and tips Consultant practices and innovating 5,000 people working from home b) Increased utilization of social media and how we engage b) Enhancing communication and feedback initiatives such as virtual national career b) Communicate remotely, process with Consultants and all levels of field fairs b) Virtual client meetings digitally, prospect virtually, plan leadership remotely c) Increase in candidates pipeline, with c) Enhanced market volatility support c) Expanded training resources to work emphasis on experienced advisors ⁻ 5,000+ users migrated to MS Teams from home: 4-5 daily webinars, digital d) Financial hardship support through in 7 days for virtual meetings tools, virtual prospecting, bi-weekly d) Increased engagement from recruiting financial planning, helping clients access ⁻ DocuSign & eSignatures for all forms market updates & practice mgmt. inquiries government programs, Community engagement, and mortgage payment ⁻ Virtual prospecting events. Overall, 13k site visits and 7.5k courses complete deferral program ⁻ Use of Salesforce and Consultant adoption of activity dashboard d) Supporting Yr 1-2 Consultants: mentoring, Q1 statement support, using social media, and HNW case studies Well positioned for the future; more efficient and remote-ready

29 A PLATFORM IN SERVICE TO CANADIANS ON THE FRONTLINES

• There’s never been a more important time to be of service to Canadians who desperately need financial knowledge and advice, especially Canadian business owners • They are devoting their lives to answering the call, and that’s why we are focused on answering theirs • Under the Answering the Call umbrella, we want to make sure these audiences know that we are here for them

9.7 million views at June 14, 2020

Driving Awareness Community Outreach Support for Clients COVID-19 Resources on IG.ca • Answering the Call Video • Consultation to business owners • Weekly Wealth & Wellbeing • Market commentary videos promoted through paid 1 to 1 – no obligation newsletter digital and social media and our • CEO Updates • own channels (IG Consultants) • Webcasts for business owners on Client COVID-19 resource page • COVID-19 FAQ key topics ie: Government Relief • • Consultant Activation Toolkit Understanding your Statement • expert resources: white papers, • - social posts Matching ($) program • Homeowner mortgage deferral articles etc - articles available to IG Consultants for program • Business Owner Resources - webinars service to communities ie: meals • - email scripts for hospital workers IG Consultant calling all Clients • Client Resources

https://players.brightcove.net/3906942861001/default_default/index.html?videoId=6156186241001 30 CONTINUED NET FLOW MOMENTUM AT IG WEALTH MANAGEMENT

IG Wealth Management Gross and Net Flows1 ($MM) IG Wealth Management Flows Gross Inflows Gross Outflows Net Flows (Last Twelve Month Trailing, $MM)

Months of January & February: 2,425 Net Flows Gross Inflows (RHS) 1,906 2,010 1,694 1,982 1,524 1,551 1,594 3,000 11,500 1,288 1,401 Strong momentum entering 570 606 795 175 259 311 385 386 163 248 2020 (disrupted briefly by 2,500 COVID-19 pandemic) 11,000 returned during August through to February 2021 2,000 10,500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fourth Quarter: 1,500 10,000 2,938 2,314 2,287 2,467 1,840 1,821 2,089 1,285 1,418 1,694 485 1,000 9,500 59 194 261 331

(158) (261) (0) (7) (109) 500 9,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 8,500 Full Year: 9,693 9,472 9,307 9,977 7,462 7,890 7,760 -500 8,000 6,021 5,778 6,667 1,944 39 159 651 754 366 740 795 -1,000 7,500

(724) (780)

Jun-20 Jun-21

Sep-20 Sep-21

Dec-19 Dec-20 Dec-21

Mar-20 Mar-21

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1) Reflects total client flows effective January, 2018 and total mutual fund sales in prior periods. 31 IG WEALTH MANAGEMENT Q4, 2020 OPERATING RESULTS

Gross Outflows Rate Assets Under Gross Inflows ($MM) (quarterly annualized) Net Flows ($MM) Advisement ($B)

Up 19.1% Up $594MM 3rd party IG mutual funds 2,938 10.7% 485 2,467 9.8% 97.1 97.5 103.3 5.6 3.9 4.6

(109) 93.2 92.9 97.7

Q4/19 Q4/20 (96.0%) (95.3%) (94.6%)

Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Q3/20 Q4/20

1 (Last Twelve Month Trailing, % of Average Assets) Net Flows Rate ▪ Gross inflows of $2.9B, up 19.1% Industry Peers (Advice channel) IG Wealth Management 6% ▪ Gross outflows rate improved to 4% 9.8% from 10.7%

2% 1.4% (Feb 28, 2021) ▪ IG Wealth Management last- 0% 0.8% (Dec 31, 2020) twelve-month net flows rate of -2% 1.4% as at February 28, 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021 Industry Source: ISS Market Intelligence Simfund

1) Advice channel reflects long-term mutual fund net sales and average AUM. IG Wealth Management reflects total net client flows and average AUA effective Q1, 2019. Prior to 2019, IG Wealth reflects total mutual fund net sales and average AUM. 32 IG WEALTH MANAGEMENT ASSETS UNDER ADVISEMENT & NET FLOWS

IG Wealth Management Assets Under Advisement & Net Flows ($MM)

Assets Under Advisement Q4, 2020 Net Flows Contributions to Buy and Sell Decisions Net flows + Accounts = Dec 31, Dec 31, Cash and in-kind Buys Sells Net Purchases 1 2019 2020 Change - = Securities IG Managed Solutions & Funds 93,121 97,670 4.9% 2,568 (2,579) (11) - (11) Mackenzie Standalone (Approved List) 85 327 284.7% 162 (22) 140 1 1 141 Subtotal: Total IGM Investment Solutions 93,206 97,997 5.1% 2,730 (2,601) 129 1 130 2 % IGM investment solutions 96% 95% 94%

Third party funds & securities 2,618 3,352 28.0% 167 (292) (125) 3 373 2 248 Deposits & HISA 1,276 1,924 50.8% 4 216 (220) (4) 112 107 Total 97,100 103,273 6.4% 3,113 (3,113) - 485 485

▪1 Select Mackenzie funds on IG’s “Approved List”. Full product margins for IGM Financial. ▪ Only 5% of purchase activity within client accounts into Mackenzie funds, but noticeable net flows as minimal existing assets. ▪ Combined, IG and Mackenzie funds on IG’s “Approved List” represent 94% of all gross purchases of funds and direct securities in client accounts.

▪2 Third party funds and securities contributed in-kind with new client relationships and clients consolidating their savings at IG Wealth.

▪3 Third party funds and securities migrating to IG managed solutions.

▪4 Migration of IG clients to nominee dealer platform. Cash balances can now be held in client accounts.

1) Reflects cash contributions and in-kind transfers into IG Wealth from other financial institutions. 2) Excludes deposits & HISA (high interest savings account). 33 IG WEALTH’S CLIENTS REMAINING COMMITTED TO FINANCIAL PLANS, IG FOCUSED ON CLIENT ENGAGEMENT & GAMMA Redemption Rates1 (Last Twelve Month Trailing % of Average Assets) 20%

18% Industry 16% 15.8% (as at Dec 31, 2020; long-term funds; excluding IG Wealth) 14%

12% IG Investment Return Index IG Wealth 10% Management 9.6% (as at Dec 31, 2020; total AUA & gross 8% client outflows)

6% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Clients remain focused on financial plans throughout periods of market volatility

1) All numbers exclude CI Investments and Invesco from the date that they discontinued reporting to IFIC. CI discontinued reporting to IFIC during December, 2008 and Invesco discontinued reporting to IFIC during October, 2010. Invesco has since started reporting again in January 2020. Changed to Funds Administration view in Q1 2019. Historical industry figures were restated back to January, 2010. IG Wealth Management reflects total client 34 outflows and average AUA effective January, 2019. Prior to 2019, IG Wealth reflects total mutual fund redemptions and average AUM. CANADIAN FINANCIAL ASSETS PROJECTED TO GROW BY >$3 TRILLION OVER THE NEXT DECADE Canadian Discretionary • Net contribution rate of ~3% Financial Assets ($ Trillions) of assets per year expected 7.7 5.6% Compound (>$150 billion currently) Annual Growth 1.4 Millennials Rate • Increasing population in retirement and more 4.4 2.8 Gen X complicated needs 0.4

1.2 • Significant intergenerational 2.3 transfers Baby 0.3 2.0 3.0 Boomers 1.1 1.0 • Movement away from 0.4 defined benefit plans 0.9 0.9 0.6 0.5 Traditionalists towards individual savings 1998 2008 2018 2028 Source: Investor Economics

35 MANAGED SOLUTIONS AND FINANCIAL ADVISORS PROJECTED TO REMAIN MOST IMPORTANT PART OF CANADIAN SAVINGS Canadian Discretionary Financial Assets ($ Trillions) By savings vehicle By distribution channel Compound annual growth rate Compound annual growth rate Investment 7.7 6% Financial 7.7 6% funds 43% of advisors 40% of savings savings 2.0 4% Deposits 2.4 5% Bank Branches

Non-Discretionary 1.1 4% 4.4 Securities 4.4 1.1 8% On-line & Discount 1.2 9% Discretionary 1.4 Securities 1.5 1.0 8% Private Client

0.8 0.5 0.5 0.5 Investment Financial 3.3 7% 3.1 5% Funds Advisors 1.7 1.9

2018 2028 Source: Investor Economics 2018 2028

36 OPPORTUNITY WITHIN MASS AFFLUENT & HIGH NET WORTH HOUSEHOLDS IG WEALTH MANAGEMENT MARKET IG’s financial planning SHARE BY HOUSEHOLD WEALTH offering is well-suited to the needs of the mass affluent IG Wealth Management Market Share and HNW segments Canadian Financial Assets ($ billions) 5% $2,008 IG Wealth Management is executing well in building the mass affluent and HNW $1,320 segments $947

2% $193 1.5% <1%

<$100K $100K-$1M $1M-$10M $10M+

MASS MARKET MASS AFFLUENT HIGH NET WORTH ULTRA HIGH NET WORTH

Source: 2018 Investor Economics Household Balance Sheet As of Dec 31, 2017 Total financial wealth is estimated for the purpose of banding IG households. Distribution of households by wealth band is as of Nov 30th, 2018 with total assets rescaled to align with market data as of Dec 31, 2017.

37 OUR VALUE PROPOSITION IS DIFFERENTIATED FINANCIAL & BEHAVIOURAL ADVICE BIGGEST IMPACT OUR MANAGED SOLUTIONS PROVIDE ON FINANCIAL OUTCOMES CONSULTANTS WITH THE BEST OPPORTUNITY OF OUR CLIENTS TO FOCUS ON PROVIDING GAMMA

BETTER BETTER GAMMA BETA BETTER ALPHA 60-65% OF CLIENT OUTCOME 20-25% OF CLIENT OUTCOME 5-10% OF CLIENT OUTCOME

Gamma – the value of all efforts that sit outside of investment Beta – the value created by well-constructed Alpha – the value of active portfolio construction. This includes the value that a financial investment portfolios – achieving expected management – achieving returns advisor adds to a client relationship, and comes from the creation investment returns for the lowest possible risk. superior to passive benchmarks with and follow through of a well-constructed financial plan. a similar composition and risk profile. REPRESENTATIVE CONTRIBUTIONS TO CLIENT FINANCIAL OUTCOMES

38 DELIVER “BETTER GAMMA”; SUPERIOR ADVICE WITH ENTREPRENEURIAL ADVISORS

FROM TO Many single Consultant Practices run Fewer, larger Consultant Practices built around by a professional with large number of teams with higher proficiency and more focus on mass market clients Mass Affluent & HNW

High number of recruits Fewer but higher quality new recruits with ~25% four-year success rate targeting a >50% four-year success rate

Many smaller clients intertwined with National Service Centre to free capacity and HNW impacting Consultant capacity to deliver consistent service to smaller accounts best serve both segments

Enhanced proficiency with mandatory CFP, Leading training and 4-year field training program, expanded development program productivity tools and National Education Days

39 CONTINUED IMPROVEMENTS IN CONSULTANT PRODUCTIVITY

Gross Sales per Consultant Recruits Gross Sales per Consultant Practice with <4 years experience with >4 years experience ($MM) ($MM) 1.25 0.38

0.35 ▪ Continued focus on 1.04 0.32 0.31 high quality recruits and prioritizing 0.89 0.85 strength and competitiveness of the 0.71 Consultant network as 0.20 a whole

▪ Attracting experienced financial advisors with a financial planning emphasis and client- centric approach

Q4/16 Q4/17 Q4/18 Q4/19 Q4/20 Q4/16 Q4/17 Q4/18 Q4/19 Q4/20

Average # of Consultant Recruits Average # of Consultant Practices 1,823 964 707 550 475 2,325 2,138 2,046 1,883 1,837

40 ENHANCEMENTS TO $20B iPROFILE PROGRAM FOCUSING ON MASS AFFLUENT & HIGH NET WORTH

FUTURE

EXPANDED WITH LAUNCH OF DISCRETIONARY MODELS Q1 2021

LAUNCHED FUND- OF- FUNDS Q2 2020

MFDA & IIROC

41 INVESTMENT SOLUTIONS LEVERAGE MACKENZIE AND EXPERTISE FROM OTHER TOP GLOBAL ASSET MANAGERS

42 OVERALL IG WEALTH MANAGEMENT FEE RATES ARE COMPETITIVE Component Positioning

50th percentile or better IG WEALTH MANAGEMENT FEE RATES ADVISORY FEES 25th percentile or better @ AND FEE CHANGES1 > $1MM household assets

th 2.35% 50 percentile or better MERs versus comparable mandates 2.30% Mix shift to HNW 2.25% and series U main Nov 2018 Announcement2 driver of fee rate 2.20% • Announced migration to Series U and changes 2.15% enhancements to HNW pricing. Resulted in ~3 bps reduction in H1/2019 which is in 2.10% 2012/2013 addition to recent trend of ~0.5 bps per • Introduced HNW Series J quarter as IG shifts into HNW and 2.05% (bundled) & HNW Series U unbundled solutions. 2.00% (unbundled) with ~25bps 2014/2015 lower fee, respectively • All eligible clients 2016/17 1.95% • Implemented other fee moved to HNW • Discontinued DSC and reductions series 1.90% reduced No-load Pricing

1.85%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

1. Fee rate includes all contractual fees on IG mutual funds. Actuals updated to December 31, 2018. 2. Impact of November 2018 pricing enhancements is an estimate of fee rate changes. Actual results will be impacted by a variety of variables such 43 as asset mix and client mix by wealth band. Estimate does not include any other fee rate changes which could occur in the future. IG WEALTH MANAGEMENT SERIES U FUNDS ARE COMPETITIVELY PRICED WITH INDUSTRY SERIES F FUNDS IG SERIES U VS. INDUSTRY SERIES F MERS – ACTIVE MUTUAL FUND PRICING 2.00 (Percentages) PRICING GOAL MERs priced at 50th Percentile or Better vs. Industry Series F 1.50 1.36 1.32 1.28 1.19 1.26 1.22 1.14 1.16 1.16 1.10 1.07 1.09 1.13 1.00 0.91 0.89 0.98 0.75 0.85

0.50 0.59

0.27

0.00 CIFSC Category Canadian Fixed Income Canadian Equity Balanced Canadian Equity & Canadian U.S. Equity Global Equity Focused Equity 2nd Quartile 3rd Quartile IG Wealth Management Source: 2017 industry series F annual MERs for large Canadian mutual fund sponsors, as available from ISS Market Intelligence Simfund in June 2018. IG Series U MERs as at September 2017.

44 MACKENZIE INVESTMENTS

45 KEY MESSAGES MACKENZIE INVESTMENTS

We have successfully Executing on Sustained Supporting team Clear line of sight executed Mackenzie foundational performance based success and cost for 2021 and turnaround; shift strategy; nimble on top talent and efficiency through beyond; exciting from equity mutual approach to boutique structure, digitization, data time at Mackenzie fund company to capitalize on evolving product innovation analytics, Mackenzie diversified asset market conditions and strong Institute and improved management solutions provider distribution team operational focus and business partner

46 MACKENZIE AT A GLANCE DIVERSIFIED ASSET MANAGEMENT SOLUTIONS PROVIDER

KEY STATISTICS AUM BY ASSET CLASS2 VEHICLE AGNOSTIC SPECIALTY Total AUM1 $186.8B INCOME ✓ Mutual funds Clients 1 Million+ CANADIAN EQUITY ✓ ETFs Advisors Served 30,000+ ASSET ALLOCATION ✓ HNW pools Employees4 1,059 Investment Team Boutique; 16 BALANCED ✓ Pooled funds Approach Investment Teams ✓ Separately managed Investment 85; Primarily Internal accounts Mandates Managers GLOBAL EQUITY 1. Includes assets sub-advised by Mackenzie for IG Wealth Management and IPC. Reported AUM for Mackenzie segment is Retail and $110.9B, which excludes assets sub-advised to IG Wealth Distribution Management and IPC. Institutional Includes $20B+ in Multi-Asset 2. Excludes assets sub-advised to IG Wealth Management. Solutions across asset classes3 3. Includes Balanced, Asset Allocation and Diversified Alternatives. 4. As at December 31, 2019.

47 MACKENZIE’S JOURNEY SINCE 2016 SHIFT FROM EQUITY MUTUAL FUND FIRM TO GLOBAL, FUTURE- ORIENTED INVESTMENT SOLUTIONS FIRM

Accelerating Mackenzie foundational strategy with nimble Barry McInerney execution President & CEO Mackenzie Investments 2017 Appoint PAX 2018 2019 as sub- 2018 Canada’s Launched three additional 2021 2016 2017 advisor 2020 2020 2017 Mackenzie first Liquid 2018 alternative strategy funds Launched Launch of Mackenzie Acquire stake (Sustainable traditional GLC Greenchip HNW Pricing Alts fund Fee and two Emerging Market Private Credit ETFs (active) in ChinaAMC Investing) beta ETFs acquisition acquisition Automation (MSARF) simplification bond ETFs Fund

2016 2017 2018 2019 2020 2021

2016 2016 2017 2017 2018 2018 2018 2019 2020 2021 2021 Hiring of Launch of TOBAM Appoint Integration of Strategy focus on Hired Global Appoint Greenchip New executive roles Northleaf New Adopt 2-CIO Bluewater sub-advised ETFs Rockefeller IG Investment five Growth Catalysts Quant Equity as sub-advisor for heads of Alts, acquisition executive model team (smart beta) and as sub- Management (ETFs, Alts, team in Boston (Sustainable Sustainable Investing, role for head funds advisor organization Sustainable Investing) China of Retirement (Sustainable Investing, Investing) Retirement, China)

48 SIGNIFICANT AUM GROWTH AT MACKENZIE INVESTMENTS DURING 2020, DRIVEN BY 18% ORGANIC GROWTH1 AND ACQUISITIONS

2020 Change in Mackenzie AUM ($B) ▪1 Record high net sales of $6.2B during 2020, driven by positive contributions from across product

8.6% 3 types and distribution channels investment 8.8% net return rate2 sales rate2 ▪2 Strong investment returns during 2020 contributed to AUM growth 2 1 ▪3 Recent acquisitions of GLC Asset Management and Greenchip add capabilities, further scale and 75.8 access to distribution (see table below for details on acquisitions by product categories)

▪ Northleaf (not included in Mackenzie AUM) also expands private markets capabilities; $14.6B in 18% organic AUM 110.9 AUM across private equity, private credit and infrastructure growth during 20201 73.6 Sub-advisory to WM Divestiture of Quadrus Group of Funds 51.7 Acquisition of GLC (“QGOF”) Acquisition of Greenchip Total 68.3 5.0 Institutional Transfer SMA GLC sub- MKF sub- from MKF Greenchip advisory to advisory to funds to CL sub-advisory $MM Acquired MKF Net Disposed QGOF funds Net Acquired to MKF Net Investment 63.2 59.3 Investment 4,002 (4,002) - (7,603) 4,196 (9,992) (13,399) 618 (435) 183 (13,216) Funds Funds

Institutional 33,524 - 33,524 - - 9,992 9,992 - - - 43,516 SMA

Total AUM 37,526 (4,002) 33,524 (7,603) 4,196 - (3,407) 618 (435) 183 30,300

Mackenzie sub-advises $47.2B to Canada Life as at December 31, 2020, which represents 42.3% of Canada Wealth – total assets under management.

1) Calculated based on the growth in Mackenzie’s AUM (excluding sub-advisory to Wealth Management) during 2020, excluding the impact of 49 acquisitions. 2) Rate is calculated using Mackenzie average AUM in 2020 (excluding sub-advisory to Wealth Management). CONTINUED STRONG MOMENTUM AT MACKENZIE WITH A RECORD-BREAKING Q4

Mackenzie Investment Fund Flows1 ($MM) Mackenzie Investment Funds Net Flows1 Gross Sales Redemptions Mutual Fund Net Sales ETF Net Flows (Last Twelve Month Trailing, $MM)

Months of January & February: 2,767 2,266 1,626 1,653 1,726 1,601 1,695 952 1,285 1,237 1,206 593 10,000 247 292 165 29 180 (384) (145) (167) 9,000

8,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 7,000 Fourth Quarter: 3,876 6,000 2,234 2,329 2,458 1,088 1,292 1,613 1,494 1,594 1,953 1,716 19 369 257 5,000 4,635 (as at Feb 28, 2021) (584) (479) (150) (247) (188) (33) 4,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3,000 Full Year: 12,169 2,000 8,927 9,542 9,757 7,009 6,766 6,939 5,491 6,293 4,932 3,531 1,000 2,081 1,375 15 1,257 (645) (563) 0

(1,701) (1,910) (555)

Jun-20 Jun-21

Sep-20 Sep-21

Dec-19 Dec-20 Dec-21

Mar-20 Mar-21 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1) Excludes net sales from Mackenzie, IG and IPC mutual fund investment in Mackenzie ETFs. Excludes gross sales, redemptions, and net sales related to fund allocation changes by clients which include Mackenzie mutual funds within their investment offerings. During Q4/20 and 50 January & February 2021, these fund allocation changes resulted in net sales of $32MM and net redemptions of $361MM, respectively. MACKENZIE Q4, 2020 OPERATING RESULTS

Mutual Fund Gross Sales ($MM)2 Net Sales ($MM)1,2 ▪ $1,314MM retail net sales, up Retail Institutional $929MM Q4/19 Q4/20 4,501 Up 74% Retail mutual Funds 222 1,010 ▪ 6.3% long-term investment fund net 1,914 Up 113% Retail ETFs 163 304 sales rate over the twelve months 2,587 Retail investment funds 385 1,314 ending February 28, 2021 900 Institutional investment funds (165) 434 Up 53% 2,587 Total investment funds 220 1,748 ▪ 60% of AUM in 4- or 5-star funds 1,687 rated by Morningstar Institutional SMA (73) (75) Q4/19 Q4/20 Total 147 1,673 Morningstar Star Ratings3 (% Proportion of Assets) Long-term Fund Net Sales Rate (Last Twelve Month Trailing, % of Average AUM) Mackenzie mutual funds4 Mackenzie investment funds4 Mackenzie - Sep/20 Industry Peers (Advice channel) Mackenzie - Dec/20 8% Industry - Dec/20 6.3% (Feb 28, 2021) 61 60 6% 4.7% (Feb 28, 2021) 4% 50

2% 0.8% (Dec 31, 2020) 30 34 0% 23 -2% 17 9 15 -4% -6% 2013 2014 2015 2016 2017 2018 2019 2020 2021 1 & 2 Stars 3 Stars 4 & 5 Stars Industry Source: ISS Market Intelligence Simfund

1) Excludes sub-advisory to Wealth Management 2) During the fourth quarter of 2020, institutional clients which include Mackenzie mutual funds within their investment offerings made fund allocation changes which resulted in sales of $625 million, redemptions of $593 million and net sales of $32 million 51 3) Based on Morningstar data and excludes Quadrus funds. 4) Excludes rebalancing activity of institutional clients. MACKENZIE STRATEGY

OBJECTIVE Become Canada’s preferred global asset management solutions provider & business partner

PURPOSE Creating a more invested world, together Our strategic focus Goals 1. Win in Retail TOP INVESTMENT FIRM IN CANADA in a segmented way

2. Build global Institutional business ENGAGED TALENT with a targeted approach

3. Deliver innovative investment SUPERIOR OUTCOMES solutions & performance

4. Business processes that are BRAND HEALTH simple, easy & digitized

5. Continue to foster a high FINANCIAL HEALTH performing & diverse culture

52 OPPORTUNITY FOR MACKENZIE TO ACCESS “MONEY IN 01 MOTION” WITH THIRD PARTY DISTRIBUTION MODEL

Industry Long Term Mutual Fund Assets Non-Bank Long Term Mutual Fund Sales ($ Billions) ($ Billions) Bank-Owned Non-Bank Gross Sales Net Sales 2,000 150 1,800 5 year 130 Significant 1,600 CAGR “Money in 110 Motion” 1,400 7.2% at Dec/20 1,200 90 1,000 70 800 50 Typical Net 600 30 Sales Rate 400 of 2-3% of 200 10 AUM

- (10)

000

1994 1996 1998 2 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

1994 1998 2000 2002 2004 2006 2008 2012 2014 2016 2018 2020 1996 2010 Source: ISS Market Intelligence Simfund / IFIC up to December 31, 2020 Source: ISS Market Intelligence Simfund / IFIC up to December 31, 2020. Net sales include net flows for Bank-Owned excludes Dynamic Group of Funds (Included in “Non-Bank”) sponsors who do not publish net sales. Net transfers are excluded from all reported figures.

53 2021 IS A YEAR OF SIGNIFICANT BUSINESS MOMENTUM FOR 01 MACKENZIE RETAIL Mackenzie Retail Investment Fund Net Sales ($B) Last twelve month trailing Quarterly

Mutual Fund Gross Sales #1 Rated Sales Mutual Fund Net Sales Mutual Fund Net Sales Organization in Investment Fund Net Sales +53% 6,000 ETF Net Sales Canada (Environics) 2.6 +53%

5,000 2.3 2.1 Broad suite of relevant products 1.8 4,000 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.4 Solid investment 3,000 1.3 1.3 performance

0.8 2,000 0.6 Favourable market 0.6 0.5 0.5 environment 0.4 0.4 0.4 0.4 0.4 0.4 1,000 0.1 0.2

0

Dec-17 Dec-18 Dec-19 Dec-20 Dec-21

Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20

Jan/Feb2020 Jan/Feb2021

54 MARKETING TRANSFORMATION HELPED DRIVE THE BUSINESS IN 2020 01 ELEVATING MACKENZIE’S BRAND IMAGE AND DRIVING GROWTH CATALYST SALES Building brand image & reputation with a new purpose Transforming the brand

Driving sales with growth catalyst campaigns Digital & learning excellence

55 2020 ADVISOR PERCEPTION RESULTS SHOW 01 CONTINUED MOMENTUM

Mutual Fund Advisor Perception Study – 2013 2015 2017 2018 2019 2020 Mackenzie Results Overall Perception Rank 12th 5th 3rd 3rd 3rd 2nd

Brand Equity Rank N/A 2nd 2nd 2nd 2nd 2nd

Overall Quality of Sales 2 2 2 12th 7th 2nd 1st 2nd 1st Organization MFDA Sales Penetration1 49% | 3rd 50% | 3rd 52% | 2nd 57% | 2nd 61% | 2nd 60% | 2nd

2 IIROC Sales Penetration1 34% | 6th 36% | 5th 38% | 3rd 41% | 3rd 49% | 2nd 50% | 2nd

ETF Advisor Perception Study – Mackenzie 2017 2018 2019 2020 Results (NEW) 2 2 Overall Perception Rank 10th 3rd 5th 2nd

2 Overall Quality of Sales Organization 7th 1st 2nd 2nd

Range of Product – Actively Managed 7th 3rd 2nd 2nd

Range of Product – Smart Beta 10th 2nd 4th 3rd

Sources: Environics Advisor Perception Study Investment Reports & Environics Advisor Perception Study ETF Reports. 1) Sales Penetration is the proportion of people in a target market that purchase from a particular company. In 2020, IIROC sale penetration is categorized as bank and independent. Percentage shown reflects the weighted average. 2) Tied with one other firm.

56 CONTINUE TO BUILD-OUT INSTITUTIONAL BUSINESS 02 WITH TARGETED APPROACH

Strategic Partnerships

Institutional Canada: Sub-advisory, Fund Administration (GWL, ▪ Currency and Asset Allocation, Global Equity, IPC), Dealer Platforms (SMA), DB Plans, DCIO, Endowments & Foundations, Consultants Emerging Markets, Fixed Income

▪ International Small Cap, Global Equity (U.S.), Targeted U.S. & European Opportunities European Mid Cap (Europe), Boston Office

Greater China Access through China AMC ▪ Global Equity, Global Balanced, Specialty Mandates

57 03 FIVE AREAS OF PRODUCT EMPHASIS FOR MACKENZIE

Mackenzie Capabilities

Macro Dedicated Selected Areas of Emphasis Thesis Leader/ Team Capabilities Highlights Current AUM 1. Sustainable, $23T market with diversified • ESG integration across boutiques • Mackenzie Global Environmental • SRI: $1.5B Responsible and retail and institutional interest ✓ • In-house capabilities supported by exclusive sub- Equity Fund ($194MM net inflows (est. 2019) advisors Jan/21; 99th percentile over 1 Impact Investing year5) 2. Alternative Alternatives are expected to • 56% economic interest in Northleaf, a leading • Mackenzie’s liquid alternative • Mackenzie & Private account for ~50% of the global ✓ private equity, private credit and infrastructure funds liquid alts: $3.7B asset management revenue (est. 2019) firm with global capability (acquired in 2020) • Near-term launch of private • Northleaf privates: Investments pool by 20241 markets solutions with Northleaf $15B2

3. Exchange Traded Continued growth in Canada & • 6th largest ETF provider in Canada • Diversified across active, smart • ETFs: $8.5B Funds globally; ✓ • Ranked #2 in Advisor Perception Study beta, and traditional passive Advantage to diversified (est. 2016) solutions providers

4. Retirement–focused Canadian retirement wealth • Product & investment management • AUM in retirement-focused • Retirement solutions: solutions expected to double by 20263 ✓ • GLC acquisition establishes Mackenzie as top 3 solutions $7.8B (est. 2020) provider to group retirement channel6 • Group channel: ~$13B

5. China China will account for nearly • 13.9% stake in China AMC, top 3 asset manager • Mackenzie All China Equity Fund • Mackenzie: $100MM+ 50% of global net new flows ✓ in China (acquired in 2017) (99th percentile over 1 year5) between 2017 and 20304; (est. 2018) • Mackenzie Beijing office (est. 2018) • China AMC’s AUM & Q4 earnings • China AMC: RMB 1.5T 2nd largest capital markets & • Hong Kong-based Asia boutique (est. 2000) up 40%+ year-over-year (C$285B) as at Dec 31, economy 2020

1) BCG Global Asset Management 2020. 2) Northleaf AUM represents invested and committed uninvested capital as at December 31, 2020. 3) Investor Economics 2017 Household Balance Sheet Report - Canada. 4) CaseyQuirk by Deloitte, Leadership in Times of Plenty: Future Winners in China’s Asset Management Industry. 5) Percentiles based on Morningstar and illustrate Mackenzie mutual fund gross returns relative to gross returns of other funds in the same category. Management believes that a comparison using gross returns is more reflective of investment performance 58 relative to peers. This is for illustrative purposes only to assist in assessing the portfolio management capabilities of Mackenzie Investments and its affiliates (generally) and is not intended to provide performance information to investors considering investing in one or more of Mackenzie's funds. GLOBAL CAPABILITIES; BOUTIQUE STRUCTURE AND 0303 WELL RESOURCED

Dublin ▪ 150+ investment professionals Toronto Greenchip Financial Beijing globally Mackenzie Sales Office Montreal Winnipeg and CAMC ▪ 16 Investment Teams New Hampshire Calgary London PAX ▪ $186.8 Billion1 Vancouver ▪ Capabilities Menlo Park Shanghai ▪ Fundamental & Quant Boston Power Pacific Chicago Putnam Paris ▪ Global & Domestic Equity Global Quantitative Equity TOBAM Smart Beta New York Rockefeller ▪ Global & Domestic Fixed Income Hong Kong ▪ Multi-Asset

▪ Alternatives

Mackenzie Offices Melbourne ▪ Sustainable Investing Mackenzie Strategic Partners Northleaf Offices

1. Includes assets sub-advised by Mackenzie for IG Wealth Management and IPC post combination of Investment Management operations. The AUM excluding these sub-advised assets is $110.9B.

59 MACKENZIE’S UNIQUE MULTI-BOUTIQUE STRUCTURE 03 CAPABILITIES SUITED FOR PORTFOLIO CONSTRUCTION AND SOLUTIONS SELLING

ETF Traditional Symmetry Portfolios Balanced Monthly Mackenzie Alts Strategies / Northleaf Resources Income Mackenzie Monthly Income Portfolios Portfolios Alternative TOBAM Mackenzie Alts strategies designed with lower Strategies Holistic multi-asset portfolios combine absolute correlation to traditional markets return for volatility mitigation, equities for growth, and commodities for inflation protection Alternative Global Northleaf acquisition part of Mackenzie’s Assets Quantitative “democratization of alts” Equities

Private Systematic Markets Strategies TOBAM Strategies Mackenzie Unconstrained Fixed Income Mackenzie’s Mackenzie’s The patented process builds highly diversified The flexible, “go anywhere” strategy designed to Beta Multi-Boutique Greenchip equity portfolios that offers downside protection outperform in the High Yield Fixed Income Structure during market volatility due to a concentrated category group of stock Core Beta

Unconstrained Ivy Growth Strategies Solution for a Multiple Rate Environment High Cundill Yield Broad range of Mackenzie Growth strategies that Mackenzie offers products that bring little interest have performed strongly during the past 3 years. rate risk into an investor’s portfolio Floating N.A. Rate Equities Phil Taller (US MC Growth) named 2018 Mutual Global Eq. Growth Fund Manager 1 & Income Bluewater

1 Annual rankings by Canadian publication Investment Executive

60 WORLD-CLASS INVESTMENT TALENT SPANNING 16 BOUTIQUES 03 TWO CIOS PROVIDING OVERSIGHT & LEADERSHIP

Steve Locke, CIO Lesley Marks, CIO Fixed Income & Multi-Asset Equities

Investment Boutiques – Fixed Income & Multi-Asset Investment Boutiques – Equities

Todd Mattina & Richard 7. European & Int’l Martin 1. Multi-Asset 1. Cundill Nelson Arruda Wong Equities Fahey

Paul Darren Konstantin Boehmer 2. Ivy 8. Global Equities 2. Fixed Income Musson McKiernan

Dina DeGeer Nick Arup Datta 3. Global Quant Equities 3. Bluewater & David Arpin 9. Asian Equities Scott

Phil John Cook & 4. Portfolio Solutions Les Grober 4. Growth Taller 10. Greenchip Greg Payne

5. Real Estate 5. Resources Benoit 11. GLC Equities Patricia Graham Zakaluk Gervais Nesbitt

6. North American Martin Downie Equities & Mark Jackson

61 INVESTMENT BOUTIQUE RETAIL MUTUAL FUND PERFORMANCE 03 & NET SALES Fixed Managed Value-Oriented Quality Growth-Oriented Sustainable Core & Dividend 3rd Party Income Solutions North Global Global CAMC, Fixed Multi-Asset Putnam, Cundill American Ivy Growth Bluewater Resources Greenchip Quantitative Equity & TOBAM, PAX, 1 Income Strategies Equities Equity Income Rockefeller % of Retail AUM 3.3% 3.8% 14.1% 9.5% 14.2% 0.9% 0.9% 0.2% 9.8% 20.0% 19.3% 2.7%

% of 4/5 star 13% 16% 49% 12% 54% Rated 3 star N/A 2 AUM 1/2 star 89% 90% 74% 85%

1yr: 7% 46% 59% 65% 85% 53% 97% 74% 62% 62% 62% 87% Asset- 3yr: 0% 60% 55% 86% 92% 67% 50% 72% 66% 46% 60% weighted 1% 70% 26% 84% 90% 67% 61% 74% 76% 49% 43% Percentiles2 5yr: 10yr: 4% 58% 53% 78% 89% 80% 56% 79% 85% 60% 40%

495

Retail 277 Net Q4/20 174 166 151 132 Sales Q4/19 73 99 ($MM) 9 0 5 11 30 24 21

(31) (22) (6) (3) (7) (72) (47) (118) (131) Retail Redemption 24% 22% 13% 13% 16% 12% 12% 17% 11% 10% 14% 17% 8% 12% 22% 18% 11% 11% 21% 19% 12% 13% 19% 16% Rates3 Mutual Funds Only. 1) On May 17, 2018, the Global Quantitative Equity boutique began managing Mackenzie’s emerging market offerings which were previously managed by a third party sub-advisor. 2) Star ratings and percentiles based on Morningstar Total Retail Net Sales Q4/20: $1,010MM Q4/19: $222M and reflect all retail series (non-rated funds excluded from the calculation). Asset-weighted percentiles are based on retail assets and illustrate Mackenzie mutual fund gross returns relative to gross returns of other funds in the same category. Management believes that a comparison using gross returns is more reflective of investment performance relative to peers. This is for illustrative purposes only to assist in assessing the portfolio management capabilities of Mackenzie Investments and its affiliates (generally) and is not intended to provide performance information to investors considering investing in one or more of Mackenzie's funds. 3) Annualized redemption rate on retail mutual funds.

62 03 INVESTMENT PERFORMANCE HIGHLIGHTS

Mackenzie Mutual Funds Mackenzie Mutual Funds in 1st or 2nd Quartile1 Morningstar Star Ratings1 60% of AUM is 4/5 star; (Proportion of Assets) (Proportion of Assets) 17 of 20 largest rated funds are 4/5 star and 10 of 20 Sep 2020 Dec 2020 Sep 2020 Dec 2020 Industry - All Morningstar Rated are rated 5 star (series F) 61% 78% 78% 60% 70% 68% 67% 64% 66% 50% 61%

34% 30% 23% 18% 15%

9%

1 Year 3 year 5 Year 10 Year 1 & 2 Stars 3 Stars 4 & 5 Stars

1) Based on Morningstar data as at December 31, 2020 unless otherwise stated and excludes Quadrus funds. 63 Appendix

64 COVID-19 RESPONSE – SUPPORTING OUR EMPLOYEES, ADVISORS, CLIENTS AND COMMUNITIES

Employees & Advisors Clients Communities

a) Safety: Rapid move to work from home for virtually all a) Enhanced communication: a) $1 million joint contribution: along with Power employees and company advisors. Investments in Increased support on managing market volatility, the Corporation of Canada and Canada Life, support crisis hardware and supported people to take desktops home value of advice and portfolio manager commentary relief efforts in our communities

b) Financial peace of mind: Commitment to no COVID-19 b) Taking advantage of digitization and technology to work - Local and national food banks job loss across IGM in 2020 with clients: - Vulnerable people Special allowance for non-executive employees to cover At IG, increased utilization of digital forms, e-signatures. - Small businesses work from home costs Newly launched Consultant Advisor Dashboard to Allowance for the few essential workers still travelling identify client engagement opportunities b) IG Wealth Management will strengthen its support of to the office United Way and their work with isolated seniors Increased use of virtual client interactions at IG and IPC c) Work-life balance: Accommodations for child care and c) Mackenzie Investments Charitable Foundation will flexible work days At Mackenzie, increased utilization of virtual increase its support for women and children in wholesaling with advisors d) Mental & Physical Health: Virtual medical appointments, community shelters Employee and Family Assistance (EFAP), dealing with c) Financial hardship support: Ongoing delivery of financial isolation, virtual fitness program, etc. planning, helping clients access government programs where needed, mortgage deferral program at IG e) Advisor support to work with clients

Foundations to Support our Stakeholders

a) Executive COVID-19 Committee: Leadership decision making and direction setting, as well as coordination of divisional support b) Business continuity and emergency preparedness: We plan for and test our ability to securely operate in a variety of scenarios and built work-at-home capabilities

65 EXECUTION OF TRANSFORMATION PROGRAM CONTINUES WITH NEW INITIATIVES TO MODERNIZE OUR TECHNOLOGY PLATFORM BY PARTNERING WITH LEADING FIRMS

Launched new dealer platform in Q4/16 for IG Wealth Management. Migration of all client accounts onto new platform substantively complete New fee-based account made available to all clients in Jan. 2020 (previously only available to high net worth) with ongoing migration of client accounts

Q1/20 DocuSign & e-signatures implemented to help serve Client & Advisor Q3/19 Financial well- advisors and clients in remote being score tool Experience Q4/19 Launched IG Advisor environment Portal (CRM tool) through mobile and web channels for IG Wealth IGM announced five year plan Management advisors and their to modernize its technology clients. Powered by Salesforce’s and operations to enhance Q4/18 Launched IG financial services cloud and efficiency and elevate the client National Service Centre Q2/20 Announced partnership with delivered with the support of and advisor experience to serve mass market Conquest, a best-in class financial clients and improve Slalom, a technology consulting planning tool to replace existing PFP advisor efficiency firm, IG Advisor Portal enhances software. Roll-out in Q4/20 the advisor and client experience

2017 2018 2019 Q1/20 Q2/20 Q3/20 Q4/20 Q3/20 Mainframe Hosting: Back-office Q3/19 Outsourced Q4/19 Announced adoption of Outsourcing to IBM fund services to CIBC Google Cloud to manage data Transformation Mellon Global platform and enhance capabilities Q3/20 End-User IT Services: Outsourcing to (Savings helping to fund Securities Services including advanced analytics, data mining and Artificial Intelligence Soroc Technology enhancements to client Q3/20 Process Automation: and advisor experiences) Accelerate automation of core H2/19 initiatives business process leveraging ~$20 million per year in savings investment in new dealer platform & salesforce; partnering with Capco New Q3 initiatives ~$20 million per year in savings

66 STRONG GROWTH IN CHINESE MUTUAL FUND INDUSTRY AUM; CHINA AMC IS AN INDUSTRY LEADER, AND CONSISTENTLY AMONG THE TOP FIVE IN THE LEAGUE TABLES. Total AUM up Chinese Mutual Fund Industry Ending AUM 20.0 12% in Q4 and Chinese Mutual Fund Industry Long-term Mutual 36% in last year (RMB Trillions)1 (% at December 31, 2020)2 CAD/RMB = 5.0823 17.8 Fund Market Share 16.6 16.9 6.6 8.1 Money market funds 14.7 MMF AUM up 13.7 13.2 13.3 13.6 7.3 11% in Q4 and up Long-term funds 12.7 12.9 12.3 7.5 14% in last year 11.6 11.1 8.2 10.0 7.1 9.1 7.0 8.7 9.1 7.7 7.2 7.6 4.6 7.7 7.9 7.4 7.7 8.2 6.4 6.8 4.2 5.1 Long-term AUM 4.1 4.3 4.0 4.5 up 13% in Q4 and 4.2 11.9 3.6 4.2 10.5 57% in last year 3.5 9.3 3.3 3.3 7.6 8.4 6.6 3.0 5.3 6.0 6.0 2.8 4.3 4.8 5.1 4.9 4.7 4.8 5.0 4.9 5.0 2.7 2.6 3.5 3.7 2.4 2.2 2.1 2.0 2.0 2.0 1.9 1.6 1.5

1.4

Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/16 1.3 Mutual Fund Flows (RMB Billions) Long-term funds Money market funds 1,944

1,378 GF

764 751 886

Guotai

E Fund E Yinhua 686 Bosera

722 479 An Hua

BOC IM BOC An Ping

552 ABC-CA Harvest 387 Fullgoal 317 381 Penghua 147 Southern

155 ZhongOu Orient AM Orient 94 ChinaAMC

(448) CCBPrincipal

(306) (82) (158) Universal China

China Merchants China

AEGON-Industrial ICBC Credit ICBC Suisse

(455) SchrodersBOCOM

Invesco Great Wall Invesco

Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/16 Source: Z-ben Advisors China Mutual Fund Series – December 2020

Source: Z-Ben Advisors and IIC Analytics 1) Excludes enterprise annuity, NSSF and other institutional assets. 2) Market share reflects mutual funds excluding money market funds 67 and short-term wealth management products. 3) Q4 2020 average foreign exchange rate for CAD/RMB. MACKENZIE RETAIL MUTUAL FUND SALES & BUSINESS DEVELOPMENT EXPENSES

Retail Mutual Fund Sales Retail Mutual Fund Sales Retail Mutual Fund Sales Last twelve month trailing ($MM) Quarters ($MM) Full Years ($MM) Gross Sales Net Sales Mutual Fund Gross Sales 12,000 6,000 Net +53% +50% sales rates Mutual Fund Net Sales 2,587 12,000 10,000 5,000 ~10% of +24% +20% avg assets +12% 2,136 9,600 +18% +0% 8,000 4,000 +6% 9,000 1,816 (12%) 1,727 1,687 1,689 8,008 8,008 1,586 1,596 Net 6,816 sales 6,000 3,000 rate of ~5% of ~10% 5,000 avg assets 1,010 Net sales Net 4,000 2,000 rate of sales ~4% of ~5% rate of avg assets Net ~4% sales 2,500 440 1,848 rate of 1,850 2,000 1,000 343 ~1.5% 243 222 218 1,027 ~1.5% of 219 180 700 avg assets 0 - 2019 2020 2021 2021 2021 2021 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2019 2019 2019 2020 2020 2020 2020 (at 2020(at 2020 (gross (gross 1. Business development expense gross) net) up 20%) up 50%) includes wholesaling commissions, other sales team expenses & Business development 20.8 19.2 17.4 22.5 19.8 16.0 16.0 28.3 79.9 80.2 77.7 81.3 84.3 95.9 advertising expense ($ MM)

2. Commissions are expensed as incurred Year-over-year change (5%) (17%) (8%) 26% 0% (3%) 1% 5% 20% 3. Retail mutual funds are held for 6.5 years on average and the current % of retail mutual fund 1.20% 1.06% 1.10% 1.33% 0.93% 1.00% 0.95% 1.09% 1.17% 1.00% 0.97% 0.90% 0.87% 0.79% gross sales annual contribution margin is ~1.0% of Wholesaling commissions vary based upon gross and net sales activity. Each calendar average assets year, the rates are reset. Amounts are earned based upon a full year’s results.

68 IGM FINANCIAL OPERATIONS & SUPPORT AND BUSINESS DEVELOPMENT EXPENSES1

2019 2020 % Change 2021 Guidance (expressed as change relative to 2020) Business development expenses IG Wealth 207.3 199.1 (4.0%) <3%

IPC 27.3 28.8 5.8% 5 – 10% Mackenzie 79.9 80.2 0.4% 5% (~20% variable with sales & ~20% discretionary; see previous slide) 1 IGM Consolidated 314.5 308.1 (2.0%) 4 – 4.5%

Operations & support expenses IG Wealth 385.7 407.1 5.5% <0.5% (excluding pension increase of $6MM) IPC 50.3 46.6 (7.3%) <2% Mackenzie 295.2 293.7 (0.5%) 5% + $20MM from GLC & Greenchip2 1 Other & elim. 1.9 4.0 n/m <3% IGM Consolidated 733.1 751.4 2.5% ~2.25% (excluding $20MM GLC & Greenchip2 and pension increase of $6MM) 2

Operations & support and business development expenses IG Wealth 593.0 606.2 2.2% <1.5% (excluding pension increase of $6MM)

IPC 77.6 75.4 (2.9%) 3 – 5% Mackenzie 375.1 373.9 (0.3%) 5% + $20MM from GLC & Greenchip2

Other & elim. 1.9 4.0 n/m <3% IGM Consolidated 1,047.6 1,059.5 1.1%3 ~3% (excluding $20MM GLC & Greenchip2 and pension increase of $6MM)

1▪ Significant business momentum at Mackenzie

2▪ Operations & support expenses increasing ~2.25% excluding $6MM increase in pension expense from interest rate declines and incremental expenses from GLC and Greenchip acquisitions $20MM in incremental expenses from GLC and Greenchip acquisitions (excluding purchase price amortization)2

1) Excludes restructuring and other items (see slide 4 for additional details). 2) Excludes purchase price amortization, which is expected to be $4MM annually. 3) 2020 operations & support and business development expenses increased 2.7% relative to 2019, after adjusting for the impact of the 69 $15.6 million of Consultant practice benefit entitlements at IG Wealth in 2019 that were reclassified to asset-based compensation starting in 2020. NEW PRESENTATION OF STATEMENT OF EARNINGS COMPARED TO PRIOR DISCLOSURE PRESENTATION – 20201 Twelve months ended December 31, 2020 Management Administration Distribution Net Investment Proportionate Commission Non-commission Adjusted $ millions Prior Fees Fees Fees Income & Other Share of Associates Expense expense EBIT Presentation New Presentation 2,283 403 346 62 147 1,088 1,069 1,085 Revenues Wealth Management 2,260 1,565 302 342 51 reflects advisory fees, surplus management and service fees on bundled mutual funds in Advisory fees 1,229 1 943 101 186 excess of unbundled fee rates, and dealer compensation from third party products Product & program fees 846 622 201 23 reflects management and admin fees at fee rate levels earned on unbundled products Redemption fees 16 16 Other financial planning 168 117 51 revenues 2 Asset Management Asset Management Fees 813 718 102 4 (11) Dealer Compensation Expenses (283) (283) 3 Net Asset Management 530 718 102 4 0 0 (283) (11) Net Investment Income & Other 11 11 Prop. Share of Associates’ earnings 147 147 2,947 2,283 403 346 62 147 (283) (11) Expenses Advisory & Business Dev. 1,040 805 235 Asset-based compensation 626 626 Sales-based compensation 36 36 Other product commissions 70 70 6 Business development 308 4 73 235 Operations & Support 751 751 Sub-advisory 71 5 71 1,863 805 1,058 Adjusted EBIT 1,085

1 Advisory fees are 2 Mortgage, 3 Mackenzie dealer 4 Represents business development 5 Sub-advisory 6 Remain committed to derived from AUA insurance and compensation activities which do not vary directly fees added expense management, and are the largest banking revenues recorded within with asset or sales levels, such as as a separate additional disclosure part of Wealth included in Asset Management direct marketing and advertising, line item on lines that are more Management “other financial Net Revenue financial planning specialist support, variable revenue planning” wholesaling and other costs incurred revenue to support our adviser networks.

1) Excludes restructuring and other items (see slide 3 for additional details). 70 REMINDER: IG WEALTH MANAGEMENT’S BETTER GAMMA (BETTER ADVICE) LEADS TO 60-65% OF CLIENT OUTCOMES

BETTER BETTER GAMMA BETTER BETA ALPHA 60-65% OF CLIENT OUTCOME 20-25% OF CLIENT OUTCOME 5-10% OF CLIENT OUTCOME Gamma – the value of all efforts that sit outside of investment portfolio Beta – the value created by well-constructed Alpha – the value of active construction. This includes the value that a financial advisor adds to a investment portfolios – achieving expected management – achieving returns client relationship, and comes from the creation and follow through of a investment returns for the lowest possible risk. superior to passive benchmarks well-constructed financial plan. with a similar composition and risk profile.

2020 Operating and Financial Metrics:

$95.9B average AUA $91.9B average AUM $1,019MM $165MM ~60% $791MM (86bps of AUM) ~40% (106bps of AUA) of Total of Total Fee Revenue Fee Revenue Other financial Advisory fees Product and program fees planning revenues1

1) Includes redemption fees of $15.7MM. 71 SIGNIFICANT GROWTH IN MACKENZIE INVESTMENTS Q4/2020 AUM GROWTH

Q4 2020 Change in AUM ($B) Up 26.8% QoQ 5.7% 8.7% annualized investment Up 6.2% QoQ net sales rate1 return rate1

75.8 Sub-advisory to WM 75.8 110.9 72.7 Institutional 74.6 80.6 51.7 8.2 SMA 7.7

72.5 Investment 66.9 59.3 Funds

Reduction to Increase Inv. Fund AUM to SMA - GLC & QGOF Transactions -

Divestiture of Quadrus Group of Funds Acquisition of GLC (“QGOF”) Acquisition of Greenchip Total MKF Transfer Greenchip GLC sub- sub- from MKF sub- advisory advisory funds to advisory $MM Acquired to MKF Net Disposed to QGOF CL funds Net Acquired to MKF Net Investment Funds 4,002 (4,002) - (7,603) 4,196 (9,992) (13,399) 618 (435) 183 (13,216) Institutional SMA 33,524 - 33,524 - - 9,992 9,992 - - - 43,516 Total AUM 37,526 (4,002) 33,524 (7,603) 4,196 - (3,407) 618 (435) 183 30,300

Mackenzie sub-advises $47.2B to Canada Life as at December 31, 2020, which represents 42.3% of Canada Wealth – total assets under management.

1) Rate is calculated using Asset Management consolidated average AUM excluding sub-advisory to Wealth Management. 72