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��������������������� Intact Financial Corporation (TSX:IFC) February 2015 Intact Financial Corporation

����������������������������� Leader in a fragmented industry Distinct brands • Largest P&C insurer in Canada • Over $7.3 billion in direct premiums written • #1 in British Columbia, Alberta, Ontario, Quebec and Nova Scotia • $13.4 billion investment portfolio • Proven industry consolidator 2013 Direct premiums written ($ billions) Top five insurers 10-year outperformance represent 48% of 7.4 �������������������� � the market 3.9 3.7 3.1 2.9 Premium growth 5.1 pts Combined ratio 3 3.5 pts 1 IFC Desjardins Aviva Canada RSA Canada TD Insurance Estimated Market Share Return on equity 4 8.4 pts 16.8% 8.9% 8.5% 7.0% 6.6% 1 Desjardins direct premiums written in 2013 is pro forma including State Farm. 2 Industry data source: MSA Research excluding Lloyd’s, ICBC, SGI, SAF, MPI, Genworth and IFC. All data as at December 31, 2013. 3 Combined ratio includes the market yield adjustment (MYA). 4 ROEs reflect IFRS beginning in 2010. Since 2011, IFC's ROE is adjusted return on common shareholders' equity (AROE). Intact Financial Corporation 2

������� ���������! � A strong and diversified base for growth 2014 DPW by 2014 DPW by 2014 DPW by Business Line Geography Distribution Channel 12% 12% 7% 32% 18% 42% 46% 28% 22% 81% Personal Auto Intact Insurance Ontario BrokerLink Personal Property Quebec Direct to consumer Commercial Lines Alberta Rest of Canada * Excluding pools, as of December 31, 2014 Intact Financial Corporation 3

"#$% ��!����& �%������ ��%�� BEAT INDUSTRY ROE BY '�������� NOIPS GROWTH OF ()* PER YEAR EVERY YEAR OVER TIME Margin Investments improvement: Pricing & and capital )�, "* Segmentation: management: ��� ���� ��� ���� Organic growth: +�, #* Capital management/ deployment: � , +* Claims management: " � ���� * Leaves ��� ����� to reinvest in customer experience (price, product, service, brand) Intact Financial Corporation 4

� ��������� �����& �%���� Sophisticated In-house Broker Proven Solid Significant Multi-channel pricing and claims relationships acquisition investment scale distribution underwriting expertise advantage strategy returns YTD Q3-2014 outperformance Five-year average loss ratios (for the period ended September 30, 2014) (for the period ended December 31, 2013) 16.8% 77.2% Industry IFC Industry IFC 68.3% 100.8% 67.6% 65.3% 64.1% 7.8% 95.9% 58.0% Combined ratio ROE (annualized) Auto Personal Property Commercial P&C Industry data source: MSA Research excluding Lloyd’s, ICBC, SGI, SAF, MPI, Genworth and IFC. Note: AMF (Québec) chartered insurance companies are not required to report on Q1 and Q3 results. As such, we have included estimates for non-reporters in our Industry benchmark group, based on publicly available information. Actual results may vary. Combined ratio includes market yield adjustment (MYA) IFC’s ROE corresponds to the AROE Intact Financial Corporation 5

�����������%���-���������%���� $13.4 billion investment portfolio Investment mix (net of hedging positions and financial liabilities related to investments, as of December 31, 2014) Objective: (#)�.��� Loans, 3% Cash and short- term notes, 3% of ROE outperformance Preferred shares, 9% Common equity Fixed-income ')*�������%���� ')*�������� strategies, 13% strategies, 72% � ���� /���-�%��� • Leverage the tax- • Active free nature of management has ROE from Investments (after-tax) * dividends contributed to our 8.8% 8.1% solid track record • Overweight 6.9% 6.7% 6.0% 6.0% of consistently dividend paying outperforming equities and our benchmarks preferred shares to improve after- 5 Year 3 Year 1 Year tax returns Industry IFC * As of December 31, 2013 Intact Financial Corporation 6

������-�����������%���-�%��� Capital management framework History of dividend growth • Strong capital base has allowed us to pursue our • We have increased our dividend each year growth objectives while returning capital to since our IPO shareholders Quarterly dividend per share • $681 million in total excess capital * 0.53 0.48 0.44 Maintain leverage ratio 0.40 0.37 (target 20% debt-to-total capital) 0.34 0.32 0.31 0.27 0.25 Maintain existing dividends 0.163 Increase dividends 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1-15 Invest in growth initiatives • We believe we have organic growth opportunities within our multi-brand offering • We have a track record of 14 accretive acquisitions, Share buybacks the most recent being AXA Canada, Jevco and Metro General * As of December 31, 2014 Intact Financial Corporation 7

�������������(�$% ��!� ��� 0 We remain well-positioned to continue �����& �%��- the Canadian P&C insurance industry in the current environment • Industry premiums are likely to increase at a low single digit rate, with low single digit growth in personal auto, mid single digit growth in commercial lines and upper single digit growth in personal property Premium growth expected. • We expect future premium reductions in Ontario auto will be commensurate with government cost reduction measures. • We expect the current hard market conditions in personal property to continue as the magnitude of recent catastrophe losses negatively impacts industry results. Underwriting • We believe continued low interest rates and the impact on commercial lines loss ratios from elevated catastrophe losses are translating into firmer conditions. • We expect the industry’s ROE to trend back toward its long-term average of 10% in 2015. Return on equity • We believe we will outperform the industry’s ROE by at least 500 basis points in the next 12 months. Intact Financial Corporation 8

� ����������� &�-� 1�! Personal lines • Bring advantages of scale to brokers • Build on outperformance in auto • Hard market in personal property • Optimize brand architecture Commercial lines • Double direct capabilities Firming Develop • Leverage our industry market existing • Grow operated distribution outperformance, and acquired expertise and products, to gain conditions platforms share in a firming environment (0-2 years) (0-5 years) Expand Consolidate Capital beyond Canadian • Strong financial position Build organic growth existing market Strategy pipeline by leveraging our markets • Grow areas where IFC has a (0-5 years) world-class strengths in: competitive advantage (3-5 years) 1) pricing and segmentation, Opportunities 2) claims management, and • P&C industry remains fragmented 3) online expertise • We expect 15-20% of market share will change hands in the next 5 years Intact Financial Corporation 9

��2������ �� &����������3������ ����������4�3�5 Financially Financial position Strong strategic fit remains strong compelling • • Broadens direct presence IRR estimated above • for IFC Acquisition to be financed 15% 1 through excess capital • Facilitates objective to • Immediately accretive to double direct capabilities NOIPS 2 • Estimated MCT on • closing above 200% Track record of strong 1 Internal rate of return. Based on IFC’s target capital structure of 20% debt/80% equity. underwriting results 2 Net operating income per share. Excluding non-recurring restructuring costs. 2014 IFC Direct Channel: $975M DPW * Pro forma CDI: $1.1B DPW * 2% 7% 9% 8% 8% 30% 51% 59% 26% Ontario Quebec Atlantic Alberta B.C. * Includes Anthony Insurance and InnovAssur Intact Financial Corporation 10

�����%�����-� ���.����� 6� 0����!����� 3�������!����� Growth and innovation will be accelerated in 2015: • Grey Power will be rebranded as belairdirect and the • Increase investments in advertising, technology and two operations will be united product development • Customers of Grey Power and belairdirect will begin to • Launch a new 50+ product for brokers and their customers benefit from new product and service offerings as a result of sharing between the two companies • CDI brand well-regarded in Western Canada CDI DPW = $143M DPW = $662M DPW = $6.4 billion DPW = $185M Intact Financial Corporation 11