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Forward-looking statements

Certain of the statements included in this presentation about theCompany'scurrent and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constituteforward-looking statements. The words"may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely", "potential"or the negative or other variations of these words orother similar or comparable words or phrases, are intended to identify forward-looking statements. Unless otherwise indicated, all forward-looking statements in this presentation are made as at March 31, 2022, and are subject to change after that date.This presentation contains forward-looking statements with respect to the acquisition (the"RSA Acquisition")and integration of RSA Insurance Group PLC("RSA")and the sale of theCompany's50% stake in RSA Middle East B.S.C. (c) to National Life &General Insurance Company (NLGIC) (the"Saleof MiddleEast"),the receipt of all requisite approvals of the Sale of Middle East in a timely manner and on terms acceptable to the Company, the realization of the expected strategic, financial and otherbenefits of both the Sale of Middle East and the sale (the"Sale")of Codan ForsikingA/S'sDanish business("CodanDK")to ALm. Brand A/S group("Alm.Brand")and with respect to the impact of COVID-19 and related economic conditions on theCompany'soperations and financial performance.

Forward-looking statements are based on estimates and assumptions made by management based onmanagement'sexperience and perception of historical trends, current conditions and expected future developments, as well as other factors thatmanagement believes are appropriate in the circumstances. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things, the realization of the expectedstrategic, financial and other benefits of the RSA Acquisition, the Sale of Middle East and the Sale, and economic and political environments and industry conditions. However, the completion of the Sale of Middle East is subject to customary closingconditions, termination rights and other risks and uncertainties, including, without limitation, regulatory approvals, and there can be no assurance that the Sale of Middle East will be completed in a timely manner, or at all. There can also be no assurancethat the strategic and financial benefits expected to result from the RSA Acquisition, the Sale of Middle East or the Sale, will be realized. Many factors could cause theCompany'sactual results, performance or achievements or future events ordevelopments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors:

• •expected regulatory processes and outcomes in connection with its business;

• •government regulations designed to protect policyholders and creditors ratherthan investors;

• •the occurrence and frequency of catastrophe events, including a majorearthquake;

  

• •catastrophe losses caused by severe weather and other weather-related losses, aswell as the impact of climate change;

• •intense competition and disruption;

• •unfavourable capital market developments or other factors, including the impactof the COVID-19 pandemic and related economic conditions, which may affect theCompany's investments, floating rate securities and funding obligations under itspension plans;

• •the Company's ability to implement its strategy or operate its business asmanagement currently expects;

• •its ability to accurately assess the risks associated with the insurance policies that the Company writes;

• •the Company's ability to otherwise complete the integration of the businessacquired within anticipated time periods and at expected cost levels, as well as itsability to operate in new jurisdictions relating to the RSA Acquisition;

• •the Company's ability to achieve synergies arising from successful integrationplans relating to acquisitions;

• •the Company's reliance on information technology and telecommunicationssystems and potential failure of or disruption to those systems, including in the context of the impact on the ability of our workforce to perform necessarybusiness functions remotely, as well as in the context of evolving cybersecurityrisk;

• •the impact of developments in technology and use of data on the Company's products anddistribution;

• •the Company's ability to contain fraud and/or abuse;

• •periodic negative publicity regarding the insurance industry;

• •the Company's reliance on brokers and third parties to sell its products to clients and provideservices to the Company and the impact of COVID-19 and related economic conditions onsuch brokers and third parties;

• •the occurrence of and response to public health crises including epidemics, pandemics oroutbreaks of new infectious diseases, including, most recently, the COVID-19 pandemic andensuing events;

• •the volatility of the stock market and other factors affecting the trading prices of theCompany's securities, including in the context of the COVID-19 crisis;

• •litigation and regulatory actions, including with respect to the COVID-19 pandemic;

• •changes in laws or regulations, including those adopted in response to COVID-19 that would, for example, require insurers to cover business interruption claims irrespective of terms after policies have been issued, and could result in an unexpected increase in the number of claims and have a material adverse impact on the Company's results;

• •COVID-19 related coverage issues and claims, including certain class actions and relateddefence costs, could negatively impact our claims reserves;

• •terrorist attacks and ensuing events;

• •the Company's ability to maintain its financial strength and issuer credit ratings;

• •the Company's access to debt and equity financing;

• •the Company's ability to compete for large commercial business;

• •the Company's ability to alleviate risk through reinsurance;

• •the Company's ability to successfully manage credit risk (including credit risk related to thefinancial health of reinsurers);

• •the Company's dependence on and ability to retain key employees;

• •the cyclical nature of the P&C insurance industry;

• •management's ability to accurately predict future claims frequency and severity,

• •the Company's ability to successfully pursue its acquisition strategy;

• •the Company's ability to execute its business strategy;

• •management's estimates and expectations in relation to future economic andbusiness conditions and other factors in relation to the Sale of Middle East, theSale and resulting impact on growth and accretion in various financial metrics;

• •the Company's ability to improve its combined ratio, retain existing and attractnew business, attract and retain key employees with the in-depth knowledge andnecessary skills, maintain market position arising from successful integration plansrelating to the RSA Acquisition, as well as management's estimates andexpectations in relation to future economic and business conditions and otherfactors in relation to the RSA Acquisition and resulting impact on growth andaccretion in various financial metrics;

• •the Company's participation in the Facility Association (a mandatory poolingarrangement among all industry participants) and similar mandated risk-sharing pools;

• •general economic, financial and political conditions;

• •the Company's dependence on the results of operations of its subsidiaries and theability of the Company's subsidiaries to pay dividends;

• •the Company's ability to hedge exposures to fluctuations in foreign exchangerates;

• •future sales of a substantial number of its common shares;

• •the Company's ability to meet its net zero carbon emission targets; and

• •changes in applicable tax laws, tax treaties or tax regulations or the interpretationor enforcement thereof.

All of the forward-looking statements included in this presentation, the MD&A and the quarterly earnings press release dated May 10, 2022 are qualified by these cautionary statements and those made in the section entitled Risk management (Sections30-35) of our MD&A for the year ended December 31, 2021. These factors are not intended to represent a complete list of the factors that could affect the Company. These factors should, however, be considered carefully. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. When relying on forward-lookingstatements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made herein. The Company and management have no intention andundertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Disclaimer

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as anyinducement to enter into, any contract or commitment whatsoever.

The information contained in this presentation concerning the Company does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether ornot to make an investment in the Company. The information is qualified entirely by reference to the Company's publicly disclosed information.

No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its the directors, officers or employees as to the accuracy, completeness or fairness of the information or opinionscontained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this presentation, the Company does not undertake or agree to any obligation to providethe attendees with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. The information and opinions containedin this presentation are provided as at the date of this presentation. The contents of this presentation are not to be constr ued as legal, financial or tax advice. Each prospective purchaser should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.

Non-GAAP and Other Financial Measures

We use both GAAP measures ("reported"), as well as non-GAAP financial measures and ratios to assess our performance. Non-GAAP financial measures and Non-GAAP ratios (which are calculated using non-GAAP financial measures) do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other co mpanies in our industry.

The Non-GAAP financial measures included in the MD&A and other financial reports are: operating DPW, operating NPW, operating NE P, operating net claims, operating net underwriting expenses, underwriting income,operating net investment income, distribution income, total finance costs, other operating income (expense), operating and to tal income tax expense (benefit), PTOI, NOI, NOI attributable to common shareholders, pre-tax income, non-operating results, adjusted net income, adjusted average common shareholder's equity, adjusted average common shareholder's equity (excluding AOCI), debt outstanding (excluding hybrid debt), debtoutstanding and preferred shares (including NCI) and adjusted total capital.

The Non-GAAP ratios included in the presentation and other financial reports (other than Consolidated financial statements) are:

• •operating growth and operating growth in constant currency (for both operating DPW and NPW);

• •operating NEP growth and operating NEP growth in constant currency;

• •operating combined ratio, claims ratio (including underlying current year loss ratio, CAT loss ratio and PYD ratio) and expense ratio (including commissions ratio, general expenses ratio and premium taxes ratio);

• •operating and total effective income tax rates;

• •NOIPS and AEPS, as well as ROE, OROE and AROE;

• •book value per share (BVPS) excluding AOCI; and

• •adjusted debt-to-total capital ratio and total leverage ratio.

We believe that similar measures and ratios are widely used in the industry and provide investors, financial analysts, rating agencies and other stakeholders with a better understanding of our business activity and financialresults over time, in line with how management analyse performance. Non-GAAP and other financial measures used by Management are fully defined and reconciled to the corresponding GAAP measures. We also use otherfinancial measures to assess our performance, including supplementary financial measures and segment measures, which are further presented in our Q1-2022 MD&A. Please see toSection 23-Non-GAAP and other financial measuresof the Q1-2022 MD&A for the definition and reconciliation to the most comparable GAAP measures (or "reported measures).

Charles Brindamour

Chief Executive Officer

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Key points & highlights

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1This is a non-GAAP measure. See section 23-Non-GAAP and other financial measuresof the Q1-2022 MD&A, available onwww.sedar.com.2See section 20.3 -Maintaining a strong capital positionof the Q1-2022 MD&A, available onwww.sedar.com

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Intact Financial Corporation published this content on 11 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2022 14:36:16 UTC.