Execution Version …………………………..18 November 2020 INTACT FINANCIAL CORPORATION and REGENT BIDCO LIMITED and TRYG A/S and SCANDI JV CO A/S and SCANDI JV CO 2 A/S SEPARATION AGREEMENT Herbert Smith Freehills LLP TABLE OF CONTENTS Clause Headings Page 1. DEFINITIONS AND INTERPRETATION........................................................................ 1 2. ESTABLISHMENT AND OPERATION OF SCANDIJVCO2 AND SCANDIJVCO .............................................................................................................. 15 3. GENERAL SEPARATION PRINCIPLES ..................................................................... 16 4. OVERALL APPROACH TO THE INITIAL SEPARATION AND TRYG FINANCING .................................................................................................................. 17 5. TRANSFER OF THE CODAN GROUP TO SCANDIJVCO AND SUBSEQUENT TRANSFER OF SHARES IN SCANDIJVCO TO CANADA HOLDCO ...................................................................................................................... 18 6. TRANSFER OF SHARES IN SCANDIJVCO TO SCANDIJVCO2 ............................... 20 7. INCORPORATION OF NEWCO AS A LICENSED NON-LIFE INSURANCE COMPANY ................................................................................................................... 21 8. SEPARATION OF US BRANCH .................................................................................. 21 9. OVERALL APPROACH TO THE SEPARATION OF THE TRYG PERIMETER ................................................................................................................. 22 10. DEMERGER ................................................................................................................. 23 11. SHARE CANCELLATION IN SCANDIJVCO ............................................................... 26 12. ALLOCATION OF RISKS AND RIGHTS...................................................................... 27 13. INTELLECTUAL PROPERTY ...................................................................................... 30 14. REINSURANCE SEPARATION ................................................................................... 33 15. WRONG POCKETS ..................................................................................................... 36 16. TRANSITIONAL ARRANGEMENTS ............................................................................ 37 17. ECONOMIC RIGHTS AND SOLVENCY CAPITAL ...................................................... 43 18. COSTS ......................................................................................................................... 45 19. TAX ON SEPARATION ................................................................................................ 46 20. CODANDK PERIMETER ............................................................................................. 49 21. INCENTIVES ................................................................................................................ 49 22. LIQUIDATION OF SCANDIJVCO2 .............................................................................. 50 23. FURTHER ASSURANCE AND CO-OPERATION ....................................................... 51 24. SEPARATION COMMITTEE ........................................................................................ 51 25. NOTIFICATIONS AND INFORMATION RIGHTS ........................................................ 52 26. APPLICABLE EMPLOYMENT LAW ............................................................................ 53 27. REGULATORY CONDITIONS ..................................................................................... 53 28. NON-SOLICIT OF KEY PERSONNEL ......................................................................... 54 29. REPRESENTATIONS AND WARRANTIES ................................................................ 55 30. REMEDIES ................................................................................................................... 55 31. ANNOUNCEMENTS .................................................................................................... 56 32. TERMINATION ............................................................................................................. 56 33. CONFIDENTIALITY...................................................................................................... 56 34. MISCELLANEOUS ....................................................................................................... 58 35. DISPUTE ESCALATION PROCEDURE ...................................................................... 62 36. GOVERNING LAW AND JURISDICTION .................................................................... 62 SCHEDULE 1 SCANDIJVCO ARTICLES OF ASSOCIATION ............................................................. SCHEDULE 2 SCANDIJVCO RULES OF PROCEDURE .................................................................... SCHEDULE 3 SCANDIJVCO2 ARTICLES OF ASSOCIATION ........................................................... SCHEDULE 4 SCANDIJVCO2 RULES OF PROCEDURE .................................................................. SCHEDULE 5 SCANDIJVCO AND SCANDIJVCO2 SHAREHOLDERS' AGREEMENT .................... SCHEDULE 6 CONTRIBUTION IN KIND AGREEMENT ..................................................................... SCHEDULE 7 DEMERGER PLAN ....................................................................................................... SCHEDULE 8 COST AND SEPARATION PRINCIPLES ..................................................................... SCHEDULE 9 CODANDK EXCESS CAPITAL AND LOCKED BOX ................................................... SCHEDULE 10 TEMPLATE TRANSITIONAL SERVICES AGREEMENT ........................................... SCHEDULE 11 NON-EXHAUSTIVE TRANSITIONAL SERVICES SPECIFICATION - FOR ILLUSTRATIVE PURPOSES ONLY ........................................................................ SCHEDULE 12 BRANDS ..................................................................................................................... SCHEDULE 13 CODANDK PERIMETER ............................................................................................ SCHEDULE 14 CODAN LICENSE AGREEMENT ............................................................................... SCHEDULE 15 DK LICENSE AGREEMENT ....................................................................................... SCHEDULE 16 NO LICENSE AGREEMENT ....................................................................................... THIS AGREEMENT is made on the 18th day of November 2020 BETWEEN: (1) INTACT FINANCIAL CORPORATION a company incorporated and registered in Canada (with corporation number 427397-4) and whose registered office is 700 University Ave Suite 1500, Toronto, Ontario, M5G 0A1, Canada ("Intact"); (2) REGENT BIDCO LIMITED a company incorporated and registered in England and Wales (with company number 12998759) and whose registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX ("Bidco"); (3) TRYG A/S a company incorporated and registered in Denmark (with company number 26460212) and whose registered office is Klausdalsbrovej 601, 2670 Ballerup, Denmark ("Tryg"); (4) SCANDI JV CO A/S a company incorporated and registered in Denmark (with company number 41 85 33 01) and whose registered office is Klausdalsbrovej 601, 2750 Ballerup, Denmark ("ScandiJVCo"); and (5) SCANDI JV CO 2 A/S a company incorporated and registered in Denmark (with company number 41 85 32 71) and whose registered office is Klausdalsbrovej 601, 2750 Ballerup, Denmark ("ScandiJVCo2"), together referred to as the "Parties" and each as a "Party" to this Agreement. WHEREAS: (A) Intact, through Bidco, an acquisition bid vehicle incorporated and wholly-owned by Intact, intends to acquire the entire issued, and to be issued, share capital of RSA on the terms of the R2.7 Announcement (as defined below). (B) Intact and Tryg intend that the Acquisition shall be a break-up bid, such that: a. Intact shall retain RSA's operations in the UK and Canada and its non-Scandinavian international business; b. Tryg shall acquire the Tryg Perimeter (with the Parties’ intention that immediately following Completion, subject to any Applicable Law, Tryg shall have the right to manage CodanNO and CodanSE’s day-to-day operations); and c. the CodanDK Perimeter shall be held by the Parties equally (50% by Tryg and 50% by Intact) during the evaluation of the strategic and operational alternatives for the CodanDK Perimeter, on the terms set out in this Agreement. (C) The Parties hereby agree a framework for the separation of the assets and liabilities of RSA in accordance with the overriding commercial intent as set out in (B) above and with the Structure Report. In consideration of the mutual covenants and undertakings set out below THE PARTIES AGREE as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 In this Agreement each of the following words and expressions shall have the following meanings: "Acquisition" means the proposed acquisition by Bidco of the entire issued and to be issued share capital of RSA; “Active IPO Process” has the meaning given to it in paragraph 8.3.2 of Schedule 13; “Active Sale Process” has the meaning given to it in paragraph 8.3.1 of Schedule 13; “Actual CodanDK Excess Capital” means the CodanDK Own Funds less the greater of (a) an amount equal to one third (1/3) multiplied by the Scandinavian Own Funds (disregarding any Tier 2 capital) or (b) an amount equal to 1.6 multiplied by the CodanDK