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NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS AND PARTICIPATING POLICYHOLDERS Notice is hereby given that the Annual and Special Meeting of the shareholders and participating policyholders of The Empire Life Insurance Company (Company) will be held at Vantage Venues, 150 King Street West, 27th Floor, Toronto, Ontario, on Thursday, May 2, 2019 at 3:00 p.m., Eastern Time, for the following purposes: 1. To receive and consider the consolidated financial statements of the Company for the year ended December 31, 2018 together with the report of the auditors thereon; 2. To consider and, if thought advisable, to confirm by special resolution, the Resolution of the Board of Directors passed February 27, 2019, amending sections 3.04 and 8.01 of the Company’s amended and restated by-law to, among other things, increase the maximum aggregate annual director remuneration from $1 million to $2 million; 3. To elect Shareholders’ Directors and Policyholders’ Directors; 4. To reappoint PricewaterhouseCoopers LLP as auditors and to authorize the directors to fix the auditors’ remuneration; and 5. To transact such further or other business as may properly come before the meeting (or any postponement or adjournment thereof). DATED at Kingston this 11th day of March, 2019. By Order of the Board of Directors Heather L. Christie Corporate Secretary If you are unable to attend the meeting in person, please complete, date and sign the enclosed form of proxy and return it to the stock transfer agent for the Company, AST Trust Company (Canada), in the envelope provided for that purpose or submit it electronically. To be valid, the proxy must be deposited with AST Trust Company (Canada) at least 48 hours before the meeting . This page left blank intentionally THE EMPIRE LIFE INSURANCE COMPANY MANAGEMENT INFORMATION CIRCULAR Table of Contents PROXY SOLICITATION ...................................................................................................................................... 2 VOTING SHARES ........................................................................................................................................... 2 VOTING PARTICIPATING POLICIES.............................................................................................................. 4 MATTERS FOR CONSIDERATION OF SHAREHOLDERS AND PARTICIPATING POLICYHOLDERS ............. 5 PROPOSED AMENDMENT TO BY-LAW ........................................................................................................ 5 ELECTION OF DIRECTORS ........................................................................................................................... 5 APPOINTMENT OF AUDITORS ...................................................................................................................... 8 CORPORATE GOVERNANCE DISCLOSURE .................................................................................................... 8 BOARD OF DIRECTORS ................................................................................................................................ 8 BOARD MANDATE ....................................................................................................................................... 11 POSITION DESCRIPTIONS .......................................................................................................................... 11 COMMITTEES OF THE BOARD OF DIRECTORS ......................................................................................... 11 ORIENTATION AND CONTINUING EDUCATION ......................................................................................... 13 ETHICAL BUSINESS CONDUCT .................................................................................................................. 13 NOMINATION OF DIRECTORS .................................................................................................................... 13 NO MAJORITY VOTING POLICY .................................................................................................................. 13 COMPENSATION ......................................................................................................................................... 13 ASSESSMENTS ........................................................................................................................................... 14 BOARD EFFECTIVENESS AND RENEWAL ................................................................................................. 14 STATEMENT OF EXECUTIVE COMPENSATION ............................................................................................. 14 COMPENSATION DISCUSSION AND ANALYSIS ........................................................................................ 14 SUMMARY COMPENSATION TABLE .......................................................................................................... 16 DEFINED BENEFIT PENSION TABLE .......................................................................................................... 17 DEFINED CONTRIBUTION TABLE ............................................................................................................... 17 RETIREMENT PLANS .................................................................................................................................. 17 TERMINATION AND CHANGE OF CONTROL BENEFITS ............................................................................ 18 DIRECTORS’ COMPENSATION ................................................................................................................... 19 DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE ................................................................................. 20 INDEBTEDNESS OF DIRECTORS AND OFFICERS ........................................................................................ 20 ADDITIONAL INFORMATION ........................................................................................................................... 20 CERTIFICATE ................................................................................................................................................... 20 SCHEDULE A: SPECIAL RESOLUTION OF THE DIRECTORS ....................................................................... 21 SCHEDULE B: MANDATE OF THE BOARD OF DIRECTORS ......................................................................... 22 THE EMPIRE LIFE INSURANCE COMPANY MANAGEMENT INFORMATION CIRCULAR PROXY SOLICITATION THIS MANAGEMENT INFORMATION CIRCULAR IS FURNISHED IN CONNECTION WITH THE SOLICITATION OF PROXIES BY MANAGEMENT OF THE EMPIRE LIFE INSURANCE COMPANY (EMPIRE LIFE OR THE COMPANY) FOR USE AT THE COMPANY’S ANNUAL AND SPECIAL MEETING (MEETING) OF THE SHAREHOLDERS AND PARTICIPATING POLICYHOLDERS TO BE HELD AT VANTAGE VENUES, 150 KING STREET WEST, 27th FLOOR, TORONTO, ONTARIO, ON THURSDAY, MAY 2, 2019, AT 3:00 P.M. EASTERN TIME. The Notice of Annual and Special Meeting (Notice of Meeting), this Circular, the form of proxy and the 2018 Annual Report (meeting materials), are not available using notice-and-access. The solicitation of proxies will be by mail, the expense of which will be borne by the Company. The Company does not mail meeting materials directly to either registered or non-registered shareholders or participating policyholders. AST Trust Company (Canada) (AST), the Company’s transfer agent, mails meeting materials to registered shareholders and participating policyholders. Broadridge Investor Communications Solutions (Broadridge), the service company for most intermediaries (as described below), distributes meeting materials to all non-registered shareholders who have requested them. Unless otherwise indicated, the date of the information in this Circular is March 11, 2019. VOTING SHARES Only registered holders (or their proxy holders) of the common shares of the Company (Common Shares) of record at the close of business on March 11, 2019 will be entitled to vote at the Meeting. There are issued and outstanding 985,076 Common Shares, each of which is entitled to one vote. Principal holders of voting shares To the knowledge of the Company’s directors and executive officers, the only persons or companies who beneficially own, or control or direct, directly or indirectly, more than 10% of the Company’s voting shares are E-L Financial Corporation Limited (E-L) and E-L Financial Services Limited (ELFS). E-L owns 100% of ELFS, which owns 968,607 or 98.3% of the Common Shares. Of the remaining 1.7% of the Company’s Common Shares, 1% or 9,942 of the Common Shares are owned by E-L directly, for a total of 99.3% or 978,549 of the Common Shares. Voting in person If you are a registered shareholder who will attend and vote in person at the Meeting, you do not need to complete or return the accompanying form of proxy. Please register your attendance with the scrutineer, AST, upon arrival at the Meeting. Non-registered shareholders who wish to attend and vote at the Meeting (or have another person attend and vote on their behalf) must complete the form of proxy by writing the name of the person who will attend and vote in the blank space provided in the proxy. This is further described under the heading “Non-Registered Shareholders” below. 2 Voting by and deposit of proxies Shareholders who do not plan to attend the Meeting and vote in person may vote by using the form of proxy. The form of proxy confers a discretionary authority upon the people named in it with respect to amendments or variations to matters

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