QUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs as at March 31, 2018

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1 QUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs For use by advisors only SSQ GIF Strategy: These funds are for investors seeking to maximize returns through active management without straying from the risk level assiciated with their investor profile. Regular monitoring is combined with automatic quarterly rebalancing. The fund may also be rebalanced during the quarter when it deviates from the strategic target allocation for any of the asset classes. PERFORMANCE OF SSQ BALANCED STRATEGY GIFs 6.0% 5.0% 4.0% 3.0% SSQ Balanced Strategy GIF Net returns SSQ Balanced Strategy GIF Change in a $10,000 investment (5 years) 13,500 $ 12,500 $ 11,500 $ 10,500 $ 1 year 3 years 5 years 9,500 $ Basic Guarantee Basic Guarantee MARKET REVIEW AND PERFORMANCE OF MAIN BENCHMARKS Market indexes 2018, 1st quarter performance MSCI World underlying indexes 2018, 1st quarter performance 3.0% 3.0% 4.0% 5.0% FTSE TMX Canada Universe S&P/TSX MSCI World S&P 500 MSCI Europe MSCI Pacific During the first quarter of 2018, the FTSE TMX Canada Universe index posted a return of 0.10%. This was due to the widening of credit spreads for provincial and corporate bonds amid negligible interest rate variation. The quarter was negative for the Canadian stock market (S&P/TSX) with a return of 4.52%. The Energy sector, which accounts for nearly 20% of the index, was the biggest detractor with a return of 9.44%. The global stock index (MSCI World) posted a quarterly return of 2.21% in local currencies and 1.58% when converted into Canadian dollars. The US stock index (S&P 500) posted a return of 0.80% in US dollars and 2.12% in Canadian currency, as the loonie depreciated by 1.55% against the greenback. The European stock index (MSCI Europe) finished the quarter in negative territory with a performance of 4.35% in local currencies, although this became positive when converted into Canadian dollars (0.86%). The Pacific region stock index (MSCI Pacific) posted a return of 4.14% in local currencies and 2.20% when converted into Canadian dollars

2 QUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs VALUE ADDED BY RISK PROFILE The SSQ Strategy GIFs are actively managed to surpass the performance of their benchmark portfolio while maintaining an adequate level of risk. The valued added determines whether the funds reached this objective. PERFORMANCE 3 MONTHS Conservative Balanced Growth Aggressive SSQ GIFs 0.29% 0.18% 0.25% 0.19% Benchmark 0.60% 0.92% 1.61% 1.16% Value added 0.89% 1.09% 1.87% 1.35% ATTRIBUTION OF QUARTERLY PERFORMANCE BY ASSET CLASS The following graph shows a breakdown of the quarterly performance of the SSQ Strategy Balanced GIF by asset class. The fund is compared to its benchmark portfolio and the value added by active portfolio management is displayed. The other Strategy funds (Conservative, Growth and Aggressive) are made up of similar underlying funds albeit in different proportions, so performance attribution is similar but in different proportions. The data shown do not take into account the cash effect and thus may differ somewhat from the actual results above. Value added by asset class 1.5% 0.5% 0.5% Bonds (45%) vs FTSE TMX Canada Universe Canadian Equities (30%) vs S&P/TSX Foreign Equities (25%) vs MSCI World Valued added/subtracted 3 months Performance SSQ Balanced Strategy GIF 3 months Performance of the benchmark portfolio 3 months The fixed income fund managers outperformed (0.13%) their benchmark index (FTSE TMX Canada Universe). All of the "Universe" bond fund managers outperformed their benchmark indexes. Overall, the Canadian equity fund managers outperformed (0.80%) to their benchmark index (S&P/TSX). Despite a difficult first quarter for Canadian stocks, all Canadian equity fund managers in the SSQ Strategy Balanced GIF beat their benchmark indexes. Fiera Capital's Canadian small cap equity fund stood out with value added of 5.85% for the quarter. This performance was primarily due to overweights in Industrial products and Information technology. The foreign equity fund managers slightly outperformed (0.16%) their benchmark index (MSCI World). Good performances in relation to the benchmark index by C Worldwide's International equity fund and Fiera Capital's Global equity fund offset the impact of the relative underperformances of Hexavest's All country global equity fund and Lazard's Global small cap equity fund

3 QUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs CONTRIBUTION TO QUARTERLY PERFORMANCE BY PORTFOLIO MANAGER The SSQ Strategy GIFs are actively managed by highly acclaimed managers. The following diagram shows the quarterly performance of the SSQ Balanced Strategy GIF based on the contribution of each portfolio manager. Weighted Returns 0.40% 0.20% 0.00% 0.20% OAM Treasury Fiera Capital Bond OAM Bond Jarislowsky Fraser Ltd Canadian Value Equity Triasima Canadian Equity Montrusco Bolton Canadian Equity Fiera Capital Canadian Small Cap Equity Hillsdale U.S. Equity C WorldWide International Equity Fiera Capital Global Equity Hexavest All Country Global Equity Lazard Global Small Cap Equity *Please note that the OAM Treasury fund was replaced on February 19, 2018, by the Fiera Capital Short Term Bond Fund. The best quarterly performance came from Hillsdale's US equity fund with an absolute return of 4.78%. This was primarily due to selection of securities with growth and momentum characteristics. In addition, the fund benefited from an overweight in Information technology and lack of Facebook exposure. The biggest performance detractor within SSQ's Strategy Balanced GIFs this quarter was Jarislowsky Fraser's Canadian value equity fund, although it still outperformed its benchmark. The fund s performance was affected by the poor returns for two of their largest positions. Enbridge ( 16.3%) suffered from Canadian pipeline capacity problems while Alimentation Couche Tard ( 11.9%) posted lower than expected quarterly results. Meanwhile, Triasima's Canadian equity fund was the best contributor in its asset class with value added of 4.08% thanks to security selection in Materials (Canfor) and Energy (Enerplus), helping the fund stand out in two sectors that experienced difficulty within the S&P/TSX. The overweight in Information technology and the underweight in Energy also contributed to the fund's fine performance. Fiera Capital's Global equity fund continued to perform well with an absolute return of 3.10%. The fund benefited primarily from security selection. The portfolio's two largest positions (Moody s and Keyence) strongly contributed to the fund's performance. In addition, MasterCard continued to perform well as the company once again reported excellent quarterly results and is now growing at a faster rate than its main competitor, Visa. GOVERNANCE PROCESS During the quarter, all of the SSQ Strategy GIFs outperformed their benchmark portfolio. After analyzing all of the funds' managers, the investment team made a manager change for the Treasury fund. Effective February 19, 2018, the OAM Treasury fund was replaced by Fiera Capital's Short term bond fund for the Conservative and Balanced profiles of SSQ's Strategy GIFs. This decision stemmed from our manager search, which began back in the third quarter of 2017 following the departure of several key employees from Optimum Asset Management (OAM). For the same reasons, OAM's bond fund will be replaced by AlphaFixe's bond and bank loan funds effective June 26, Thanks to our constant monitoring of our managers' performance, we can state that we continue to have confidence in our external managers' ability to add value

4 QUARTERLY PERFORMANCE OF SSQ STRATEGY GIFs ASSET ALLOCATION OF STRATEGY AND CELESTIA GIFs (%) *Please note that the OAM Treasury fund was replaced on February 19, 2018, by the Fiera Capital Short Term Bond Fund. Any amount allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. Returns shown are applicable to an investor who opted for the Basic Guarantee. are calculated before deduction of the management expense ratio (MER) and net returns are calculated after deduction of the MER. The returns shown do not take into account sales, redemption, distribution or other optional charges that would have reduced returns. Returns are annualized, except for periods of less than one year. Past returns are not a reliable indicator of future performance. This method of calculating returns is in compliance with the industry standards established by the Canadian Life and Health Insurance Association. For more information on this calculation method, please contact SSQ Client Services at Please refer to our website for the most recent returns

5 QUARTERLY PERFORMANCE OF SSQ CELESTIA GIFs For use by advisors only SSQ Celestia GIFs: These funds are for investors seeking optimal diversification through the use of specialized funds and seeking greater return potential through the use of income generating securities. Regular monitoring is combined with automatic quarterly rebalancing. The fund may be rebalanced during the quarter if it deviates from the strategic target allocation for any of the asset classes. PERFORMANCE OF SSQ CELESTIA BALANCED GIF SSQ Celestia Balanced GIF Net returns 5.0% 4.0% 3.0% SSQ Celestia Balanced GIF Change in a $10,000 investment (5 years) 13,500 $ 12,500 $ 11,500 $ 10,500 $ 9,500 $ 1 year 3 years 5 years Basic Guarantee Basic Guarantee MARKET REVIEW AND PERFORMANCE OF MAIN BENCHMARKS Market indexes 2018, 1st quarter performance MSCI World underlying indexes 2018, 1st quarter performance 3.0% 3.0% 4.0% 5.0% FTSE TMX Canada Universe S&P/TSX MSCI World S&P 500 MSCI Europe MSCI Pacific During the first quarter of 2018, the FTSE TMX Canada Universe index posted a return of 0.10%. This was due to the widening of credit spreads for provincial and corporate bonds amid negligible interest rate variation. The quarter was negative for the Canadian stock market (S&P/TSX) with a return of 4.52%. The Energy sector, which accounts for nearly 20% of the index, was the biggest detractor with a return of 9.44%. The global stock index (MSCI World) posted a quarterly return of 2.21% in local currencies and 1.58% when converted into Canadian dollars. The US stock index (S&P 500) posted a return of 0.80% in US dollars and 2.12% in Canadian currency, as the loonie depreciated by 1.55% against the greenback. The European stock index (MSCI Europe) finished the quarter in negative territory with a performance of 4.35% in local currencies, although this became positive when converted into Canadian dollars (0.86%). The Pacific region stock index (MSCI Pacific) posted a return of 4.14% in local currencies and 2.20% when converted into Canadian dollars

6 QUARTERLY PERFORMANCE OF SSQ CELESTIA GIFs VALUE ADDED BY RISK PROFILE The SSQ Celestia GIFs are actively managed to surpass the performance of their benchmark portfolios while maintaining an adequate level of risk. The value added determines whether the funds reached this objective. PERFORMANCE 3 MONTHS Conservative Balanced Growth Aggressive SSQ GIFs 0.44% 1.19% 1.63% 1.99% Benchmark portfolio 0.53% 0.84% 1.08% 1.32% Value added 0.09% 0.35% 0.55% 0.67% ATTRIBUTION OF QUARTERLY PERFORMANCE BY ASSET CLASS The following graph shows a breakdown of the quarterly performance of the SSQ Celestia Balanced GIF by asset class. The fund is compared to its benchmark portfolio and the value added by active portfolio management is displayed. The other Celestia funds (Conservative, Growth and Aggressive) are made up of similar underlying funds albeit in different proportions, so performance attribution is similar but in different proportions. The data shown do not take into account the cash effect and thus may differ somewhat from the actual results above. Value added by asset class 1.5% 0.5% 0.5% Bonds (40%) vs FTSE TMX Canada Universe Canadian Equities (30%) vs S&P/TSX Foreign Equities (30%) vs MSCI World Valued added/subtracted 3 months Performance SSQ Celestia Balanced GIF 3 months Performance of the benchmark portfolio 3 months The fixed income fund managers outperformed (0.10%) their benchmark index (FTSE TMX Canada Universe). All of the "Universe" bond fund managers outperformed their benchmark indexes. The Canadian equity fund managers outperformed (0.24%) their benchmark index (S&P/TSX). The best performer relative to the benchmark in the first quarter was Triasima's Canadian equity fund, which posted value added of 4.08% thanks to security selection in Materials (Canfor) and Energy (Enerplus), helping the fund stand out in two sectors that experienced difficulty within the S&P/TSX. The overweight in Information technology and the underweight in Energy also contributed to the fund's fine performance. The foreign equity fund managers underperformed ( 0.69%) their benchmark index (MSCI World). TD's Global dividend equity fund had the most difficult quarter among its peers as it underperformed the benchmark index by 3.50%. This was mainly due to the underperformance of dividendpaying securities, strongly represented in the Consumer Staples and Telecommunications sectors, which together account for 25% of the portfolio. Meanwhile, Hillsdale's US equity fund recorded value added of 2.77% for the quarter, giving it the best performance among its peers

7 QUARTERLY PERFORMANCE OF SSQ CELESTIA GIFs CONTRIBUTION TO QUARTERLY PERFORMANCE BY PORTFOLIO MANAGER The SSQ Celestia GIFs are actively managed by highly acclaimed managers. The following diagram shows the quarterly performance of the SSQ Celestia Balanced GIF based on the contribution of each portfolio manager. OAM Treasury OAM Bond Fiera Capital Bond PIMCO Monthly Income CI Signature Corporate Bonds Jarislowsky Fraser Ltd Canadian Value Equity Triasima Canadian Equity Guardian Canadian Dividend Equity Hillsdale U.S. Equity C WorldWide International Equity Hexavest Global Equity TD Global Dividend Equity Morgan Stanley Global Real Estate Lazard Global Infrastructure Weighted Returns 0.8% 0.6% 0.4% 0.2% 0.2% *Please note that the OAM Treasury fund was replaced on February 19, 2018, by the Fiera Capital Short Term Bond Fund. The best quarterly performance came from Hillsdale's US equity fund with an absolute return of 4.78%. This was primarily due to selection of securities with growth and momentum characteristics. In addition, the fund benefited from an overweight in Information technology and lack of Facebook exposure. The biggest performance detractor within SSQ's Celestia Balanced GIF in the first quarter was Guardian's Canadian equity dividend fund. The main reason for this poor performance was Guardian's investment universe, which favours stocks paying high dividends, which in turn underperformed the Canadian equity universe. Their overweight in the Materials sector, which includes many high dividend securities, thus hampered the fund's performance. In its asset class, Fiera Capital's Bond fund was the biggest contributor to the performance of SSQ's Celestia Balanced GIF thanks to a good duration management strategy for the active management fund (accounting for 67% of Fiera Capital's Bond fund), as well as a good maturity selection on the curve for the tactical management fund (accounting for 33% of Fiera Capital's Bond fund). GOVERNANCE PROCESS In the first quarter, SSQ's Celestia Conservative GIF outperformed its benchmark portfolio whereas the Balanced, Growth and Aggressive profiles underperformed their benchmarks. After analyzing all of the funds' managers, the investment team made a manager change for the Treasury fund. Effective February 19, 2018, the OAM Treasury fund was replaced by Fiera Capital's short term bond fund for the Conservative and Balanced profiles of SSQ's Strategy GIFs. This decision stemmed from our manager search, which began back in the third quarter of 2017 following the departure of several key employees from Optimum Asset Management (OAM). For the same reasons, OAM's bond fund will be replaced by AlphaFixe's bond and bank loan funds effective June 26, Thanks to our constant monitoring of our managers' performance, we can state that we continue to have confidence in our external managers' ability to add value

8 QUARTERLY PERFORMANCE OF SSQ CELESTIA GIFs ASSET ALLOCATION OF STRATEGY AND CELESTIA GIFS (%) *Please note that the OAM Treasury fund was replaced on February 19, 2018, by the Fiera Capital Short Term Bond Fund. Any amount allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. Returns shown are applicable to an investor who opted for the Basic Guarantee. are calculated before deduction of the management expense ratio (MER) and net returns are calculated after deduction of the MER. The returns shown do not take into account sales, redemption, distribution or other optional charges that would have reduced returns. Returns are annualized, except for periods of less than one year. Past returns are not a reliable indicator of future performance. This method of calculating returns is in compliance with the industry standards established by the Canadian Life and Health Insurance Association. For more information on this calculation method, please contact SSQ Client Services at Please refer to our website for the most recent returns