Canadian Lifecos Less Exposed to CRE & Commercial Mortgages than Peers

Scotia Capital, 10 June 2009• There is no doubt that commercial real estate (CRE) is increasingly becoming an issue for all financial services companies. As well, but perhaps not necessarily to the same degree, commercial mortgages and commercial mortgage backed securities (CMBS) are potential concerns.• With significantly less exposure, we believe the Canadian lifecos look very good relative to