Coverage D002 V2 D002 V3 +/=/- Notes. Non-Profit Liability Insurance. Coverage D002 V2 D002 V3 +/=/- Notes

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1 Wording Comparison Coverage D002 V2 D002 V3 +/=/- Notes Specialty Solutions Non-Profit Liability Insurance Coverage D002 V2 D002 V3 +/=/- Notes Insuring Agreements Insuring Agreements: A - Insured's Liability B - Non-Profit Outside Directorship Liability Coverage C - Employment Practices Liability Coverage Insuring Agreements: A - Insured Person Non-Indemnifiable Liability B - Insured Person Indemnifiable Liability C - Insured Organization Liability = Insuring agreements changed to a traditional structure. Dedicated Additional Limit of Liability for Insured Persons New coverage for excess $1M limit for Side A claims. + New extension to provide a $1M limit excess for D&Os under Insuring Agreement A. Spouse, Domestic Partner and Estate Coverage extended to include individuals as Insureds under two separate extensions, Spousal Extension Coverage' and 'Estate Extension Coverage'. Combined previous extension under one extension to include Spouse, Domestic Partners and Estate representatives in certain circumstances. + The spouse and domestic partner no longer requires them to be named as a co-defendant with an insured in a claim. Retired Executives Claims reporting coverage for 12 months after the director retired was included under the "Extended Reporting Period" section. Retired Directors are automatically provided claims reporting coverage from the date of their retirement for a 6 year period, unless a replacing policy is purchased or a transaction as outlined in the Change of Control section of the policy. + Reporting coverage has expanded from 1 year to 6 years for retired director s claims. Workplace Violence Expenses Expense coverage resulting from a Workplace Violence Incident for a $250,000 sublimit. + New expense extension. Crisis Consulting Expenses Expense coverage to mitigate adverse publicity caused by a covered claim - $100,000 sublimit. + New expense extension. Derivative Demand Evaluation Expenses Expense coverage to evaluate derivative demand allegations for a $500,000 sublimit. + New expense extension.

2 Outside Directorship Liability Liability extension to cover an Executive who sits on an Outside Organizations board at the request of the Insured Organization. Liability extension to cover an Executive who sits on an Outside Organizations board at the request of the Insured Organization. = Now an extension of coverage instead of Insuring Agreement B. The provisions related to coverage being excess of the insurance provided by the outside organization has been moved to Other Insurance clause in General Conditions. Employment Practices Liability Liability extension to cover the Insured for Wrongful Acts related to employment. Liability extension to cover Executives for Wrongful Acts related to employment. Further employment wrongful acts have been added: wrongful demotion, retaliation, negligent supervision or training, libel, slander, humiliation, mental anguish, mental distress. + Additional Employment Practices Wrongful Acts outlined within this extension and corresponding definition. Fiduciary Liability Liability extension to cover the Insured for any error, omission or negligence related to an employee benefit plan. + Previously this extension was only offered on an endorsement basis. Extended Reporting Period Claims reporting coverage offered up to 12 months for purchase with a 60 day post policy window to purchase. Claims reporting coverage offered for 1, 3 and 6 year options with a 60 day post policy window to purchase. + Additional extended reporting period terms offered. Known Facts or Circumstances Facts and circumstances known to the Insured that might give rise to a claim are excluded and stated in the base wording. No longer excluded. + Known Facts or Circumstances is addressed in the application. Prior or Pending Proceedings Prior and pending claims from "any demand, suit or proceeding pending, or order, decree, judgment or settlement pending" prior or on the effective date of the policy. Prior and pending claims from "any civil, criminal, administrative or regulatory demand, suit, pending proceeding or investigation or order, decree, judgment or settlement pending" prior or on the effective date of the policy. = Expanded language to the exclusion for clarity. Personal Conduct Excludes claims arising from dishonesty, bad faith, gaining of profit not legally entitled by the Insured and remuneration illegally paid to the Insured by the Organization. A final judgment or final adjudication establishes this behaviour and includes a decision by the Insured and the Insurer when in dispute. Excludes claims from intentional dishonesty, fraudulent, criminal acts, gaining of profit not legally entitled by the Insured and remuneration illegally paid to the Insured by the Organization. will not apply until final non-appealable adjudication establishes such conduct. + Removed the term "bad faith" for an excluded conduct. The term "final judgment" where the Insured and Insurer agree on a decision is meant to provide firm clarity on the exclusion and limits the exclusion to a final non-appealable adjudication to establish the Insured's conduct. Organization vs. Insured Excludes claims brought against an Insured person by or on behalf of the Insured Organization. With carve back coverage for derivative actions, brought by trustee in bankruptcy and Insured no longer on the board. Excludes claims brought against an Insured person by or on behalf of the Insured Organization. With carve back coverage for derivative actions, brought by trustee in bankruptcy, whistlerblower protection, an Insured no longer on the board and defence costs. + Additional carve back coverages for whistleblower protection and defence costs.

3 Outside Organization vs. Outside Organization Executive Excludes claims brought against an Outside Organization Executive made by or on behalf of the Outside Organization they are serving. No carve back coverages. Excludes claims brought against an Outside Organization Executive made by or on behalf of the Outside Organization they are serving. With carve back coverages for EPL claims, derivative actions and claims brought by a trustee in event of bankruptcy. + Additional carve back coverages for EPL claims, derivative actions and claims brought by trustee in event of bankruptcy. Benefit Law Bodily Injury and Property Damage Professional Liability Labour Relations Management Excludes claims resulting from the violation of responsibilities, obligations or duties imposed by regulation or common law upon fiduciaries of any employee benefit plan. Excludes claims for bodily injury or property damage with carve back coverages for emotional distress or mental anguish related to an Employment Practices Wrongful Act. Excludes claims arising from professional services provided to others. Excludes EPL claims arising out of labour relations or collective agreement bargaining. No longer an exclusion. + Fiduciary Liability is now provided on the base wording under the definition of Wrongful Act. Excludes claims for bodily injury or property damage with carve back coverages for emotional distress and mental anguish in an Employment Practices Wrongful Act, defence costs for corporate manslaughter, defence costs for of the Criminal Code and defence costs for the Occupational Health and Safety Regulations. + For language used on this exclusion. Additional carve back coverages providing defence costs for corporate manslaughter (217.1 of the Criminal Code) and workplace violence (Part XX of Occupational Health and Safety Regulations). No longer an exclusion. + Removed the exclusion from the base wording. No longer an exclusion. = Removed exclusion, but still excludes labour and collective bargaining disputes under Employment Practices Wrongful Act. Contract Excludes claims rising from contract agreements. With carve back coverages for the Insured where they would have been liable in absence of such a contract or agreement. Excludes claims rising from contract agreements. With carve back coverages for the Insured where they would have been liable in the absence of such a contract or agreement, liability assumed in agreement of an Employee Benefit Plan and defence costs. + For language used on this exclusion. Additional carve back coverages for liability assumed in agreement of Employee Benefit Plan and defence costs. EPL Insolvency Occupational Health and Safety, Workers' Compensation, Unemployment Insurance, Social Insurance, Social Security, Disability Benefits EPL Wage and Hour Excludes EPL claims resulting from the insolvency of the Insured. Excludes EPL claims resulting from violations of the workers compensation, occupational health and safety, social welfare, disability benefits or any other similar act. Carve back coverages for discrimination claims or retaliation claims pursuant to these acts. Excludes EPL claims for wage and hour disputes, not excluding defence costs. No longer an exclusion. + Excludes EPL and Fiduciary claims resulting from violations of the workers compensation, occupational health and safety, social welfare, disability benefits or any other similar act. Carve back coverages for discrimination claims, retaliation claims and Equal Pay claims pursuant to these acts. + For language used on this exclusion. Additional carve back for defence costs for violation of Equal Pay. No longer an exclusion. = Loss definition excludes wage and hour damages but allows for defence costs.

4 Pollution Excludes claims arising from pollution. With carve back coverage for claims related to retaliation in an EPL claim. No longer an exclusion. + Loss definition excludes pollution clean-up costs and remediation. Severability of s Limited to positions of CFO, President or Chairman. Limited to positions of CEO, Chairman and General Counsel. = Changed positions more common with non-profit organizations. Pension and Employment Benefit Plan Contributions s No exclusion. Excludes Fiduciary claims related to the failure to collect contributions owed to the Employee Benefit Plan, unless a Wrongful Act was committed. = Fiduciary Liability is now provided on the base wording under the definition of Wrongful Act and this exclusion was previously included by endorsement if Fiduciary Liability was purchased. Serial Loss/ Related Claims Condition clarifies that multiple claims arising out of the same circumstance shall be considered one loss. Now called "Related Claims", clarifies that multiple claims arising out of the same wrongful act is considered a single claim. = Changed term from "Serial Loss" to "Related Claims" for easier understanding. Deductibles Deductibles are outlined according to the old insuring agreement structure. Revised how deductibles apply for the new insuring agreement structure and clarified deductibles applied to Related Claims and Non-Indemnified Losses. + Added affirmative language for no retention to apply for a non-indemnifiable loss and defense costs. Defence Costs Defence costs are within the Limit of Liability. Defence costs are outside the Limit of Liability. + Defence costs outside of the Limit of Liability and uncapped. Right and Duty to Defend Insurer's Consent to Settlements Insurer has the duty to defend except if the claim is made outside Canada; Insured may be instructed to conduct own defence. Hammer Clause - 80% Insurer of covered loss and 20% Insured for covered loss after proposed settlement. Insurer has duty to defend. + Removed condition for Insured to conduct own defence if the claim was made outside Canada. Hammer Clause completely removed. + Insurer will not make a settlement without the consent of the Insured. Allocation All defence costs will be paid by the Insurer. Insurer and Insured will use best efforts to agree on allocation of loss for covered and uncovered matters and parties. 100% defence costs will be paid by the Insurer. Loss for covered and uncovered matters and parties will be determined by assessment of relative legal and economic exposures of the Insured. + "Best efforts" removed due to a potential long process of an agreement between the Insured and Insurer on covered and uncovered matters and parties. Notice of Claims/ Notice of Facts and Circumstances Claims reported 'as soon as practicable' with condition of failure to notify the Insurer in writing to the Insurer that causes prejudice to the Insurer or any wilfully false statements may forfeiture Insured's right to indemnity. Claims reported 'as soon as practicable' with 90 days post policy reporting. + Removed any conditions of forfeiture of rights to indemnity due to late reporting or due to wilfully false statements.

5 Workplace Violence Reporting No coverage for Workplace Violence Reporting on this form and no claims reporting requirements. Loss expenses must be filed with the Insurer within six (6) months of the incident. + New claims reporting conditions applicable to this new expense extension coverage. Non-Rescindability Insurer could rescind coverage due to misrepresentation on the application and bad faith of the signator. Policy is fully non-rescindable by the Insurer. + No longer have conditions where the policy can be rescinded. Notice of Non- Renewal No conditions outlined. Insurer will provide 90 days nonrenewal notice to the Insured days notice of nonrenewal. Cancellation If the Insured cancels the policy, a short rate refund will apply. If the Insurer cancels the policy, a pro-rata refund will apply. A pro-rata refund will apply regardless of the Insured or Insurer cancels. + Territory Worldwide except for EPL Canada only Worldwide coverage applies. + DEFINITIONS Claim Includes written demand or allegations seeking non-monetary relief for damages, civil proceeding, criminal proceeding, formal administrative or regulatory proceeding and an arbitration proceeding. Includes written demand or allegations seeking non-monetary relief, injunctive relief or monetary damages, civil proceeding, penal or criminal proceeding, a civil/ criminal/ administrative or regulatory investigation, extradition expenses, arbitration or mediation proceeding and a request to toll or waive a limitation period. + Expanded definition of claim. Employee Individual who was, now or will be employed by the Organization. Individual who was, now or will be employed by the Organization. Including part time, seasonal, temporary worker, volunteer or dependent contractor. + Expanded definition of employee but excludes independent contractors. Employment Practices Wrongful Act Includes wrongful dismissal, breach of employment contract, discrimination, EPL related harassment, wrongful deprivation of employment or promotion, wrongful discipline, failure to grant tenure, negligent evaluation, EPL related invasion of privacy, EPL related defamation, EPL related emotional distress and EPL related misrepresentation. Includes wrongful dismissal, breach of employment contract, discrimination, EPL related harassment, wrongful deprivation of employment, demotion or promotion, wrongful discipline, failure to grant tenure, negligent evaluation, EPL related invasion of privacy, EPL related defamation/ libel/ slander/ humiliation, EPL related emotional distress/ humiliation/ mental anguish, misrepresentation, retaliation and negligent evaluation/ supervision/ training. + Expanded definition to add additional EPL wrongful acts and excludes labour negotiation and collective bargaining disputes. Employed Lawyer Not defined in this wording. Employee who is employed as a lawyer for and salaried by the Insured Organization. + New extension under the definition of "Insured" and provides coverage for Employed Lawyers Wrongful Acts.

6 Executive Defined under two definitions of "Director" and "Officer". Defined Directors and Officers under a single definition. = Language in policy wording is more clear and easier to read. Insured Includes the Organization and the Insured Persons. Includes the Insured Organization, Insured Person and Employee Benefit Plan. + Expanded definition to include the Employee Benefit Plan due to the addition of the Fiduciary Liability coverage. Insured Person Includes any Directors, Officers, Employees, Volunteers, Board Observers, Members of a commission, assembly or committee and any person serving an outside directorship. Includes any Executives, Employees, Volunteers, Employed Lawyers, Fiduciary and Outside Organization Executive. + Expanded definition to include Employed Lawyers and Fiduciary. Insured Organization Defined under "Organization" as Organization named on the policy declarations and subsidiary including conditions of a subsidiary. Includes Parent Organization and Subsidiary. = No change in definition, both are separate definitions instead of combined under one. Loss Includes compensatory damages, prejudgment interest and defence costs. Excludes fines, penalties, punitive or exemplary damages, any taxes owed (except those liable under statutory law), salary, benefits and matters uninsurable by law. Includes compensatory, punitive, exemplary or multiplied damages, pre and post judgment interest, civil fines and penalties (including CASL), all costs assessed in civil action and defence costs. Excludes fines, penalties, punitive or exemplary damages, any taxes owed (except those liable under statutory law), salary, benefits, cost of compliance for injunctive or nonmonetary relief, pollution clean up and remediation and matters uninsurable by law. + Expanded definition of loss to include punitive, exemplary or multiplied damages, post judgment interest and civil fines and penalties. Loss now excludes pollution clean up and remediation. Wrongful Act Any negligent act, error, omission, negligence, breach of duty, misleading statement or any other act extended to Directors, Outside Directorship Liability and Employment Practices Liability. Includes: Executive Wrongful Act, Employment Practices Wrongful Act, Third Party Employment Practices Wrongful Act, Fiduciary Practices Wrongful Act, Personal Injury Wrongful Act, Publishers Liability Wrongful Act and Employed Lawyers Wrongful Act. + Expanded coverage to include Fiduciary Liability, Third Party Employment Practices Liability, Personal Injury Liability, Publishers Liability and Employed Lawyers Liability. All Wrongful Acts are individually defined in the policy.