IMPORTANT RENEWAL NOTICE

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1 Professional Liability Service Team Marsh Canada Limited 120 Bremner Boulevard, Suite 800 Toronto, Ontario M5J 0A / Fax / errorsandomissions.insurance@marsh.com IMPORTANT RENEWAL NOTICE Subject: Great-West Life Advisor s Errors & Omissions (E&O) Insurance Program Westport Insurance Corporation Expiring Policy No. ELE4MB Dear Advisor: Renewal negotiations have been successfully completed with your program sponsor, Great-West Life (GWL) and the Insurer, Westport Insurance Corporation for the new policy term April 1, 2017 to April 1, Notwithstanding a general increase in claims against financial advisors, we have been able to maintain your current comprehensive coverage and competitive rates (including a rate reduction in many categories) for the term. All expiring policy terms and conditions will continue to apply for the term. For your consideration, there are also a number of optional coverages available which can be elected while completing your application, including Personal Legal Expense and Identity Restoration Services. After completing your E&O renewal, a link to an office package (office contents and commercial general liability) will be made available. Please use userid to start your renewal application at the following site: Your Password is the same as the last time you used the system. If you have forgotten your password, please use the I forgot my password link on the login page. A temporary password will be immediately sent to your address.

2 Page 2 PREMIUM CATEGORIES TERM ADVISORS LIFE, ACCIDENT & SICKNESS (A&S) AND MUTUAL FUNDS: Limit of Liability Each Claim/Aggregate* *Deductible Expiring Renewal $1,000,000/$2,000,000 $0 each claim $ $ $2,000,000/$2,000,000 $0 each claim $ $ $5,000,000/$5,000,000 $0 each claim $1, $1, $8,000,000/$8,000,000 $0 each claim $1, $1, $10,000,000/$10,000,000 $0 each claim $2, $2, LICENSED ASSISTANTS (LAs) Licensed Assistants must be salaried, have no personal sales, receive no commission income; AND must be an employee or assistant of an insured advisor currently enrolled in the program. Limit of Liability Each Claim/Aggregate* *Deductible Expiring Renewal $1,000,000/$2,000,000 $1,000 each claim $ $ $2,000,000/$2,000,000 $0 each claim $ $ $5,000,000/$5,000,000 $0 each claim $1, $1, GREAT-WEST LIFE MANAGERS AND GREAT-WEST LIFE INVESTMENT & RETIREMENT SPECIALISTS Limit of Liability Each Claim/Aggregate* *Deductible Expiring Renewal $1,000,000/$2,000,000 $0 each claim $ $ $2,000,000/$2,000,000 $0 each claim $ $ $5,000,000/$5,000,000 $0 each claim $ $ $8,000,000/$8,000,000 $0 each claim $1, $1, $10,000,000/$10,000,000 $0 each claim $2, $2, DEDUCTIBLE $0 if the Insured Agent has been claim free for the past three Certificate Periods insured under the Westport policy. $1,000 if the Insured Agent has not been claim free for the past three Certificate Periods* *For purposes of determining the deductible only, claim is defined as an Errors and Omissions incident or situation for which any loss payment, or any loss reserve is made or established by or on behalf of the Insured Agent.

3 Page 3 AGGREGATE Where regulations/regulators require a higher aggregate it will be provided automatically at no additional premium. For example, advisors who are life licensed in Manitoba, the aggregate of $5,000,000 will automatically be provided if limits of $1,000,000 or $2,000,000 are elected respectively. REGULATORY ENDORSEMENTS Regulatory endorsements for Ontario, Manitoba, British Columbia, Saskatchewan, Newfoundland and Alberta are included in the above premium. Regulatory Endorsements Corporations in BC, SK, QC To comply with Provincial Regulatory requirements regarding incorporated entities/corporations in Saskatchewan and/or Quebec and/or British Columbia, endorsements are available for these provinces. Endorsements will be issued for each Entity/Corporation at an additional premium: $300 for AMF/Quebec; $300 for ICS/Saskatchewan; $300 for ICBC/British Columbia. An application (online) is required to be completed and a separate Certificate of Insurance will be issued for the Corporation reflecting dedicated limits for the Corporation. These endorsements are limited to activities governed by the provincial requirement only. There is NO coverage for Mutual Funds or any other activities and it is NOT a Corporate E&O policy. WHY IT IS IMPORTANT TO START YOUR APPLICATION EARLY Although most applications are approved automatically within minutes, in some cases your application may require Marsh review and/or Insurer approval. This approval process can take anywhere from 24 hours to several days depending on the situation. Advisors with past or current claims or who have answered an application question in a particular way may trigger an underwriting review requirement. In order to ensure there is ample time to process your application and address underwriting approval, we strongly recommend you start the application process as early as possible. Marsh is unable to guarantee approval of your application if the expiry date of the policy has been breached. SELECTING YOUR LIMIT OF LIABILITY ANNUAL REVIEW Many advisors are choosing the minimum limit of $1,000,000. Selecting higher limits enables you to practice with minimum concern about the adequacy of your protection. Decisions about limits of liability should not be based solely on price; higher limits are available for a relatively small difference in premium. A general guideline to follow when deciding on an appropriate limit includes but is not limited to the following: Number of clients you manage Average size of your clients portfolios Types of products sold ( Life, Accident & Sickness, Mutual Funds) Potential for multiple losses if one product or service was provided to multiple clients and an issue arises Projected business growth for the next 12 months and beyond Whichever limit you select, it is prudent to review your coverage on an annual basis to ensure the limit is appropriate to your operations and exposures.

4 Page 4 IMPORTANT WHAT HAPPENS IF YOU DO NOT RENEW YOUR COVERAGE Your coverage will automatically lapse on April 1, 2017 if you do not renew your policy. Please note that the Insurer will not back-date coverage. It is in your best interest and it is your responsibility to renew your coverage in a timely manner. RETIRING? WHAT YOU SHOULD DO IF YOU ARE RETIRING FROM THE FINANCIAL INDUSTRY If you are retiring from the financial industry, we strongly recommend that you purchase EXTENDED REPORTING PERIOD (ERP) coverage. What is ERP? The Extended Reporting Period (ERP) is an endorsement which can be applied when a policy is cancelled or non-renewed. The extended reporting provision allows an insured to extend the period in which to report claims or potential claims for matters arising from errors, omissions or negligent acts committed or alleged to have been committed prior to the commencement of the Extended Reporting Period. The endorsement does not extend coverage for any new occurrences, only to those which took place before the policy was cancelled, and which surface during the extended reporting period. Advisors who continue to hold a license or act in a semi-retired capacity should continue to maintain traditional insurance as the ERP will not apply in these cases. The following Extended Reporting Period (ERP) options are available: In the event the Insured Agent retires from the business of selling and servicing life and accident & health Insurance and any related products covered by this policy, or becomes disabled or dies, at the next renewal date the Insured Agent or any heir, executor, administrator, assignee or legal representative, shall have the right to purchase an extension period, by paying prior to the policy s renewal date, the flat premium shown in the following schedule. Such discovery period will begin immediately following the date of cancellation and will run for not less than 3 years, covering CLAIMS FIRST MADE AGAINST THE INSURED and reported to the insurer during the extension period. Discovery Period Term Flat current, annual 3 Years 150% 4 Years 175% 5 Years 200% 6 Years 220% 7 Years 240% 8 Years 260% 9 Years 280% 10 Years 300% Unlimited 400%

5 Page 5 As an example, if you are purchasing an ERP of 5 years, you will have to pay 2 x $585 (current annual premium for $1,000,000 limit) = $1,170. This is a one time charge and is non renewable. You can only purchase the limit for which you have previously purchased. As an example, if you had previously purchased a $1,000,000 limit, the insurer will not permit you to purchase an extended reporting period for a limit of $2,000,000. You will have to purchase a limit of $1,000,000. PREMIUM is payable upon completion and acceptance of your online application. Advisors have the option to pay by credit card, debit online or cheque. Credit and debit payments made online will result in immediate delivery of your Certificate of Insurance and documents. Advisors paying by cheque will be ed their Certificate of Insurance and documents upon receipt and confirmation of payment by Marsh Finance. Please note, cheque payments can take several business days to clear before documents can be released. Payment must be received for coverage to be effective under the Policy. The Policy specifically defines premium as follows: PREMIUM: The INSURED AGENT shall pay the Corporation the premium due, in the amount stated in each individual CERTIFICATE issued under this policy, and the payment of such premium shall be a condition precedent to any coverage under this POLICY. The Marsh Non Refundable Administration Fee of $22.50 per advisor (applicable to the Professional Liability coverage) will continue to apply. Please note that this fee is in addition to the Brokers Commission of 22.5% of premium from the Insurer. IMPORTANT NOTICE ON CLAIMS Attached to this letter is An Important Notice on Claims. Please ensure that you read it carefully and follow the instructions provided, if required. Policy Claim Reporting Terms: This explanation of the reporting provisions of your policy has been provided in order to assist you in understanding and complying with the policy's requirements. In the event of a question or disagreement with your insurer concerning interpretation of the policy's reporting requirements as applied to the reporting of a specific claim, loss, occurrence, incident, offence or lawsuit, the actual policy wording, which is the contract between you and the insurer, and not Marsh's explanation of that language, will be controlling. Marsh, as an insurance representative, does not provide legal advice, and this explanation should not be relied upon as a legal interpretation of the policy provisions.

6 Page 6 If you have any questions, please feel free to call your service team: Greater Toronto Area Toll Free errorsandomissions.insurance@marsh.com We thank you for your business and look forward to assisting you in the future. Sincerely, Kim Podolak Vice President Professional Liability Service Team

7 Page 7 OPTIONAL COVERAGE OFFERINGS PERSONAL LEGAL EXPENSE INSURANCE (occurrence basis) offered through DAS Canada at $95.00/year. Please note this is legal expense coverage which is separate from the legal coverage you receive under your Advisor s E&O policy for matters related to rendering of your professional services. The need for legal expense insurance can arise from everyday occurrences such as receiving a speeding ticket, bodily injury due to the fault of others, employment disputes, or an unsatisfactory contracted service. In addition to unlimited telephone legal advice service, Legal Expense Insurance may help pay for lawyers' fees, disbursements for expert witnesses, medical reports, and court costs, and adverse costs if you lose your case and a judge orders you to pay the other party's legal fees. Please click the below link for more information: Through an exclusive offering for Marsh Canada professional liability insurance clients, you are now eligible to purchase personal legal expense insurance (LEI), underwritten by DAS Canada, at the special preferred rate of only $95.00/year. IDENTITY RESTORATION SERVICES offered through Trisura Guarantee Insurance Company and Identity Restoration Services Inc. at $30.00/year. Trisura Guarantee Insurance Company has partnered with Identity Restoration Services Inc. to provide you with Identity Restoration Services (IRS) that will help you understand potential threats to your personal identity as well as corrective services available in the event of a Stolen Identity Event. These services will help you: Reduce the potential of identity theft occurring Be prepared in the event that you do suffer a Stolen Identity Event Respond appropriately if your identity is stolen When you purchase a policy, you have immediate access to education and awareness services that will help protect you against the crime of identity theft. This includes access to a Personal Risk Assessment Survey designed to identify areas where your PII is vulnerable and recommend corrective measures to help protect you from identity theft. These services are offered not on an advisory basis, but are conducted on your behalf. Experts will manage the entire process of restoring your good name, navigating through the maze of agencies and businesses involved with identity restoration, eliminating hours of work and minimizing out-of-pocket expenses on your behalf. Due to the negotiated preferred pricing and low rates, the optional coverages are deemed fully earned and non-refundable.

8 IMPORTANT NOTICE ON CLAIMS INSTRUCTIONS REGARDING REPORTING CLAIMS / ISSUES Your insurance policy is written on a claims made and reported basis. A claims made policy provides coverage for any claim (subject to the terms, limits and exclusions of the policy) provided that the claim is first made and the insurer receives notice of the claim during the certificate period. Coverage under your claims made insurance policy is based on the date when you first became aware of or reasonably should have been aware of a claim or incident that could give rise to claim, regardless of the date when the incident actually occurred. Your current policy with Westport Insurance Corporation excludes claims and/or circumstances which may reasonably result in a claim where you have prior knowledge of the claim and/or circumstances. If you have knowledge of an incident and you are not certain if this incident could give rise to a claim, to protect YOUR interest, please forward a Notice to Westport Insurance Corporation. Failure to do this could potentially result in you paying out of your own pocket for incidents which you were aware of but did not report to the insurer. Claims, circumstances, issues or incidents may arise in instances where you may be requested to appear before a court or other regulatory body/authority or in the event that you have to attend a deposition or examination for discovery. You are required to immediately advise Westport Insurance. In order to protect yourself, it is essential that you immediately disclose in writing to your insurer, Westport Insurance Corporation, any claims, circumstances, issues or incidents (whether verbal or written) which may reasonably result in a claim. It is very important that you do not share your files with third parties and/or their lawyers without first contacting Westport Insurance Corporation. A failure to do so, may prejudice the interests of your insurer and your ability to obtain coverage under the policy. It is absolutely imperative that any claim or potential claim you are aware of be reported. Failure to comply with the claims reporting provision of your policy may result in the denial of coverage by the insurer in the event of a claim. Policy Claim Reporting Terms: This explanation of the reporting provisions of your policy has been provided in order to assist you in understanding and complying with the policy's requirements. In the event of a question or disagreement with your insurer concerning interpretation of the policy's reporting requirements as applied to the reporting of a specific claim, loss, occurrence, incident, offence or lawsuit, the actual policy wording, which is the contract between you and the insurer, and not Marsh's explanation of that language, will be controlling. Marsh, as an insurance representative, does not provide legal advice, and this explanation should not be relied upon as a legal interpretation of the policy provisions. Westport Insurance Corporation 150 King Street West, Suite 1000, Toronto, ON M5H 1J9 Toll Free Facsimile: ClaimsNAFinPro_CorporateSolutions@swissre.com cc: Corrinne_Pollard@swissre.com