First Canadian Insurance Corporation 30/06/2018 Canadian/Foreign Insurer/Society CONSOLIDATED FINANCIAL STATEMENTS ASSETS ($'000)

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1 ASSETS Opening Prior Year Restated Total Vested in Total Vested in Total Vested in (01) (02) (03) (04) (06) Cash and Cash Equivalents ,927 32,553 Assets held for sale Short Term Investments ,465 30,158 Accrued Investment Income or/ou Accounts Receivable ,529 14,850 Policy/Certificate Loans Bonds and Debentures 250 1,152 6, Mortgage Loans Preferred Shares , , Common Shares ,458 59, Investment Properties ,168 40,495 Derivative Financial Instruments Reinsurance Assets ,440 83, Property and Equipment 540 6,622 4, Interests in Associates & Joint Ventures Segregated Funds Net Assets Other Loans and Invested Assets ,318 61,528 Investments in Subsidiaries Current Tax Assets 780 5,741 0 Deferred Tax Assets Goodwill Intangible Assets Defined Benefit Pension Plan Other Assets 880 1,590 1,224 TOTAL ASSETS , ,416 0 Next page is

2 Canadian/Foreign Insurer LIABILITIES, POLICYHOLDERS'/SHAREHOLDERS' EQUITY AND HEAD OFFICE ACCOUNT 1 Current Period Opening Prior Year Restated Liabilities Liabilities held for sale Actuarial Liabilities for Insurance Contracts , , Other Contract Liabilities ,513 83,420 and Banking Deposits or/ou Accounts Payable ,745 84, Mortgage Loans and Other Real Estate Encumbrances ,916 11,247 Derivative Financial Instruments Defined Benefit Pension Plan Amounts Due in respect of Staff Pension Plans (not including amounts on line 145 above) Provisions and Other Liabilities 160 1,915 2,426 Segregated Fund Liabilities Current Tax Liabilities Deferred Tax Liabilities ,671 17,707 Subordinated Debt Other Debt ,295 0 Total Liabilities , ,675 0 Policyholders' Equity Participating Account 510 Participating Account - Accumulated OCI (Loss) Non-Participating Account (Mutual Companies Only) 540 Non-Participating Account - Accumulated OCI (Loss) 550 Total Policyholders' Equity Shareholders' Equity Capital Stock 610 Other Capital 640 Contributed Surplus Retained Earnings 700 Accumulated Other Comprehensive Income (Loss) 740 Total Shareholders' Equity , ,741 Non-controlling Interests Total Equity , ,741 0 TOTAL LIABILITIES AND EQUITY , , Head Office Account Accumulated Other Comprehensive Income (Loss) 840 TOTAL LIABILITIES, HEAD OFFICE ACCOUNT AND ACCUMULATED OTHER COMPREHENSIVE INCOME 999 Next page is

3 STATEMENT OF INCOME Revenue Gross Premiums ,097 85, Premiums ceded ,220 60, Net Premiums ,877 25, Gross Investment Income 050 5,325 2, Less: Investment Expenses and Taxes Net Investment Income 070 4,679 2, Overlay approach adjustment for financial instruments (Reclass from P&L to OCI) * Share of Income/Loss of Associates & Joint Ventures Fee Income 130 5,987 7, Other Revenue Fraternal and Other Fund Revenues Total Revenue ,543 34,854 Policy/Certificate Benefits and Expenses Policyholder/Certificateholder Benefits ,337 11, Benefits ceded 270 7,240 7,092 Gross Changes to Actuarial Liabilities Normal 310 (8,676) (9,590) Basis Change Gross Changes to Other Contract Liabilities Normal Basis Change Changes in Actuarial and Other Contract Liabilities Ceded Normal 370 (7,428) (7,813) Basis Change Policyholder/Certificateholder Dividends Experience Rating Refunds Transfer to and (Transfer from) Other Funds Gross Commissions ,215 39, Commissions Ceded ,876 27, Interest on Policyholder/Certificateholder Amounts on Deposit Interest Expense and Finance costs General Expenses and Taxes (excl. income taxes) ,845 15, Other Expenses Fraternal and Other Fund Expenses Total Benefits and Expenses ,402 31,048 Income Before Income Tax 669 2,141 3,806 Provision for Income Taxes Current 700 1, Deferred Income Before the following: 749 1,114 2, Discontinued Operations (net of Income Taxes of $ ) Net Income 859 1,114 2, Attributable to Participating Policyholders/Certificateholders Net Income after Attribution to Participating Policyholders/Certificateholders 899 1,114 2, Attributable to Fraternal and Other Fund Account Insurance Fund 989 1,114 2,884 Attributable to: Non-controlling Interests Equity Holders 920 1,114 2,884 (99) * This line only applies to Quebec provincially incorporated insurers who have adopted the overlay approach for the implementation of IFRS 9 Next page is

4 Canadian Insurer/Society STATEMENT OF EQUITY IN PARTICIPATING ACCOUNT Beginning of Year Adjustments (Specify) Share of Net Income (Loss) Transfer from (to) Retained Earnings (Stock companies only) Transfer from (to) Non-Par Account (Mutual companies only) End of Year STATEMENT OF NON-PARTICIPATING ACCOUNT Mutual Companies Only Beginning of Year Adjustments (Specify) Share of Net Income (Loss) Transfer from (to) Par Account Dividends to Preferred Shareholders End of Year STATEMENT OF RETAINED EARNINGS Stock Companies Only Beginning of Year , ,023 Adjustments 540 3,375 0 (Specify) Share of Net Income (Loss) 600 1,114 2, Transfer from (to) Par Account Dividends to Shareholders: Preferred Common ,000 5,000 End of Year , ,907 Next page is

5 COMPREHENSIVE INCOME (LOSS), and ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive Income (Loss) Net Income 010 1,114 2,884 Other Comprehensive Income (Loss): Items that may be reclassified subsequently to Net Income: Change in Unrealized Gains and Losses: - Loans Bonds and Debentures 140 (9) - Equities (IAS 39) ,733 Reclassification of (Gains) Losses to Net Income 210 1,652 Overlay approach * Change in Unrealized Gains and Losses related to overlay approach for financial instruments Unrealized Gains and Losses 220 Reclassification of (Gains) Losses from Net Income 225 Derivatives Designated as Cash Flow Hedges Change in Unrealized Gains and Losses Reclassification of (Gains) Losses to Net Income Foreign Currency Translation Change in Unrealized Gains and Losses Impact of Hedging Share of Other Comprehensive Income of Associates & Joint Ventures Other Subtotal of items that may be reclassified subsequently to Net Income ,376 Items that will not be reclassified subsequently to Net Income: Change in Unrealized Gains and Losses: - Equities (IFRS 9) 465 Revaluation Surplus Remeasurements of Defined Benefit Plans Other Subtotal of items that will not be reclassified subsequently to Net Income Total Other Comprehensive Income (Loss) ,376 Total Comprehensive Income (Loss) 589 1,114 17,260 Attributable to: Participating Policyholders/Certificateholders Non-controlling Interests Equity Holders 620 1,114 17,260 Accumulated Other Comprehensive Income (Loss) Accumulated Gains (Losses), net of tax, on: Items that may be reclassified subsequently to Net Income: - Loans Bonds and Debentures 740 (2,010) - Equities (IAS 39) 770 (4,805) Overlay Approach * Derivatives Designated as Cash Flow Hedges Foreign Currency (Net of Hedging Activities) 840 (1,351) Share of Other Comprehensive Income of Associates & Joint Ventures Other Subtotal of items that may be reclassified subsequently to Net Income (8,166) Items that will not be reclassified subsequently to Net Income: - Equities (IFRS 9) 865 Revaluation Surplus Remeasurements of Defined Benefit Plans Other Subtotal of items that will not be reclassified subsequently to Net Income Balance at end of Year (8,166) * These lines only applies to Quebec provincially incorporated insurers who have adopted the overlay approach for the implementation of IFRS 9 Next page is