LONDON LIFE - REAL ESTATE FUND - Q4 BULLETIN 2023 1998 CORE

Fund Strategy The landscape for office continues to evolve as more and more tenants return their staff to an office CORE centric model, however the delivery of new supply in most major markets has continued to put pressure on vacancy rates which in turn has increased the cost of leasing both by way of incentives and rental rate. [...] The most significant factor however was the pace at which bond yields, and by association, interest Gross Fund Value rates rose as the BOC continued to nudge the overnight rate up. [...] The end of restrictive monetary policy rate # of Residential Units associated fundamentals, helping increases, and potentially the advent of cuts, 3,923 to grow income.should prove to be constructive to the cost of capital and overall investment conditions. [...] YTD FUND GROWTH ($ Millions) 2018 2019 2020 2021 2022 31-Dec Real estate $ 2,888 $ 2,144 $ 3,066 $ 3,520 $ 3,536 $ 3,348 Cash $ 259 $ 308 $ 355 $ 366 $ 269 $ 338 Short term assets & liabilities $ (75) $ (94) $ (91) $ (94) $ (82) $ (91) Gross fund value $ 2,072 $ 3,359 $ 3,329 $ 3,791 $ 3,722 $ 3,596 Net fund value $ 2,587 $ 2,724 $ 2,603 $ 2,061 $ 2,952 $ 2,755 Debt/gross fund value 15.8% 18.9% 21. [...] gwlra.com LONDON LIFE REAL ESTATE FUND - Q4 BULLETIN 2023 Fund Updates: GROSS RETURN FUND GROWTH DIVERSIFICATION BY REGION DIVERSIFICATION BY TYPE VACANCY AS % OF TOTAL – BY REGION VACANCY AS % OF TOTAL – BY TYPE.