INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 MARCH 2015

INVESTMENT PERFORMANCE SURVEY OF CANADIAN INSTITUTIONAL POOLED FUNDS SUMMARY PERIOD ENDING 31 MARCH 21

COMMENTARY Funded status of pension plans dips in first quarter The solvency position of Canadian pension plans dipped slightly in the first quarter of 21. The Mercer Pension Health Index stands at 94% on March 31st, down from 9% at the start of the year. The small decline in the funded status masks a quarter of significant volatility in the key variables that affect the funded status of pension plans. Long-term interest rates fell basis points in the quarter, pushing pension liabilities higher. However, pension assets grew almost as much as pension liabilities due to strong equity returns, the positive impact of falling interest rates on bond portfolios and the magnifying effect of the declining Canadian dollar on the value of foreign asset holdings. Many pension plans remain more exposed to interest rate movements and equity market performance than they would like to be. However, plan sponsors have been reluctant to reduce their exposure to these factors at a time when interest rates are testing historical lows. Nevertheless, there is increasing awareness of the importance of establishing a risk management strategy in advance, which would allow plan sponsors to act quickly when opportunities present themselves again. The 1st quarter of 21 was highlighted by the pension longevity insurance transaction between Bell Canada and Sun Life, covering $ billion in liabilities. This is the first such transaction involving a pension plan outside of the United Kingdom. Mercer is proud to have acted as lead advisor on the transaction. The transaction illustrates the increasing attention that plan sponsors are paying to longevity risk, and the availability of new solutions to manage this risk. A new mortality table that recognizes increased longevity is expected to be adopted for purposes of determining lump sum values paid from a pension plan in August 21. This change will decrease the solvency position of pension plans by about 2% on average. For the quarter, the best performing S&P/TSX sectors were Health Care (+4.1 per cent), Information Technology (+8.7 per cent) and Consumer Discretionary (+6.1 per cent). The worst performing sectors were Energy (-1.1 per cent), Financials (-.2 per cent) and Telecom Services (+.2 per cent). Large cap stocks (S&P/TSX 6 Index) returned 2.4 per cent, outperforming small cap stocks (S&P/TSX SmallCap Index) which returned -.3 per cent during the quarter. Growth stocks outperformed value stocks as measured by the S&P Canada BMI Growth and Value indices. The indices returned 3.2 per cent and 1.9 per cent in the first quarter, respectively. The S&P Index returned.4 per cent for the quarter in Canadian dollar terms. International equities, as measured by the MSCI EAFE (CAD) index, generated a return of 14.8 per cent for the quarter. Emerging markets, as measured by the MSCI Emerging Markets (CAD) index, returned 11.8 per cent in the first quarter. The FTSE TMX Canada Universe Bond Index returned 4.2 per cent in the first quarter, while the FTSE TMX Canada Long Term Overall Bond Index returned 7.1 per cent. At the end of the quarter, the yield on the FTSE TMX Canada Universe Index was 1.7 per cent as compared to 2.7 per cent for the Long Bond Index. The chart below compares the distribution of the estimated solvency ratios of Mercer clients (covering 6 plans) at January 1, 21 and March 31, 21: Falling oil and food prices allowed many central banks to hold back on interest rate rises, which ultimately led to strong global equity performance in the first quarter this year. EAFE equity markets reached double digit performance, as a whole, as did equities in most of its constituent regions. The US equity market posted returns that hovered around 1% (in USD terms) while Canadian equity market returns were only modestly higher. A harsh winter is said to be partly to blame for this underwhelming performance. On the bond side, continued uncertainty about oil prices and monetary policy has investors betting on a slowing Canadian growth and inflation rate. This has led long term federal bond yields to continue the descent, ending the quarter below 2%. Proportion of plans % 4 % 4 % 3 % 3 % 2 % 2 % 1 % % % % 1/1/21 4/1/21 Solvency Ratio A typical balanced pension portfolio returned 6.2 per cent in the first quarter of 21. Other results: Long-term Government of Canada bond yields ended the first quarter at 1.9 per cent, down from 2.3 per cent at the beginning of the year. While there are outliers on either side, about 7% of Canadian pension plans are between 8 and per cent funded on a solvency basis as of March 31, 21. 1

Period Ending March 31, 21 Balanced th Percentile 7.82 7.82 16.33 16.1 14.37 11.4 11.2 1st Quartile 6.9 6.9 14.3 1.28 13.34.1. MERCER Median 6.24 6.24 13.22 14.4 12.78 9.49.8 3rd Quartile.6.6 11.3 13.79 11.96 9. 9.36 9th Percentile 4.8 4.8 9.24 12.33.87 8.14 8.46 Passive Portfolio 6.18 6.18 12.7 12.76 11.1 9. 9.23 Number of Funds 43 43 42 41 41 41 4 Total Market Value (CAD billion) 3.6 Effective January 1, 22, the passive portfolio comprises: 42.% FTSE TMX Canada Universe Bond, 2% S&P/TSX Composite, 1% S&P (CAD), 1% MSCI EAFE (CAD), and 2.% FTSE TMX Canada 91 Day T-Bills. 2 1 Balanced (Diversified Income) th Percentile 6.2 6.2 1.81 1.2 14.76 12.33 13.26 1st Quartile 4.29 4.29 12.79 13.29 13.63 11.6 12.36 MERCER Median 3.46 3.46.96 12.1 11.46 9.1 11.1 3rd Quartile 2.82 2.82 8.17 9.38 9.39 7.9 9.8 9th Percentile 1.29 1.29.2 7.99 7.8 6.6 7.3 Passive Diversified Incomt Pf 1.66 1.66 3.2 7.32 7.3 6.1 8.68 Number of Funds 9 8 Total Market Value (CAD billion) 24. The passive portfolio comprises: 7% S&P/TSX Equity Income and 3% FTSE TMX Canada Universe Bond. 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 2

Period Ending March 31, 21 Target Date Retirement Portfolio th Percentile 6.2 6.2 13.34.71 9.67 9.31 9.28 1st Quartile.81.81 11.73.48 9.37 8.27 8.23 MERCER Median.29.29 11. 9.97 8.74 7.84 7.97 3rd Quartile 4.73 4.73.19 9.8 8.46 7.69 7.6 9th Percentile 4.43 4.43 9.64 8.92 7.98 6.9 6.96 Number of Funds 9 9 8 Total Market Value (CAD billion) 1.7 It is noted that the underlying funds may not be similar in nature with the exception that they are targeting retirees. 1 Target Retirement Date 21 th Percentile.97.97 12.86 12.2 11.4 9.41 9.2 1st Quartile.39.39.88 11.2.8 8.9 8.39 MERCER Median 4.71 4.71 9.97.6 9.2 8.3 8.27 3rd Quartile 4.4 4.4 9.68 9.11 8.71 7.8 7.7 9th Percentile 2.6 2.6 6.9 4.8 4.94 4.2 4.32 Number of Funds 13 13 13 13 13 8 7 Total Market Value (CAD billion).6 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 3

Period Ending March 31, 21 Target Retirement Date 22 th Percentile 7.96 7.96 16.64 1.21 12.11.86.68 1st Quartile 6.89 6.89 13.63 13.21 11.91 9.1 9.1 MERCER Median.8.8 12.23 12.81 11.16 8.76 9.7 3rd Quartile 4.93 4.93.11.81 9.88 8.24 8.62 9th Percentile 4.36 4.36 9.8 8.2 7.8 7.2 7.39 Number of Funds 22 22 22 22 21 19 18 Total Market Value (CAD billion) 4. 2 1 These funds are grouped by the target retirement date set by the provider. It is noted that the underlying funds may not be similar in nature with the exception that they are targeting a common future retirement date. Target Retirement Date 22 th Percentile 8.4 8.4 17.32 16.2 13.33 11.17 11.4 1st Quartile 7. 7. 1.27 14.79 12.8.43.36 MERCER Median.93.93 12.6 13.33 11.81 9.77 9.77 3rd Quartile.4.4.11 12.3 11.4 9.6 9. 9th Percentile 4.91 4.91. 9.22 8.73 8.86 9.44 Number of Funds 16 16 16 16 1 9 Total Market Value (CAD billion) 3.6 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 4

Period Ending March 31, 21 Target Retirement Date 23 th Percentile 9. 9. 19.16 18.3 14.81 11.82 12.44 1st Quartile 8.1 8.1 16.44 16.36 14.4.86.96 MERCER Median 6.94 6.94 14.6 1.24 13.23 9.97.4 3rd Quartile.92.92 11.3 13.76 12.24 9..2 9th Percentile.23.23.24 11.28.1 8.41 8.83 Number of Funds 22 22 22 22 21 19 18 Total Market Value (CAD billion) 3.8 2 1 These funds are grouped by the target retirement date set by the provider. It is noted that the underlying funds may not be similar in nature with the exception that they are targeting a common future retirement date. Target Retirement Date 23 th Percentile 9.48 9.48 2. 18.88 16.9 12.48 12.6 1st Quartile 8.6 8.6 16. 17.88 14.83 11.97 11.8 MERCER Median 7.4 7.4 14.43 1.6 13.26.78 11.31 3rd Quartile 6.2 6.2.7 14.32 12.72.61.6 9th Percentile.41.41.42 11..6 9.7.47 Number of Funds 16 16 16 16 1 9 Total Market Value (CAD billion) 2.6 2 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year.

Period Ending March 31, 21 Target Retirement Date 24 th Percentile 9.46 9.46 21.33 19.9 17.1 13.66 13.74 1st Quartile 8.69 8.69 17.42 18.9 1.3 11.4 11.69 MERCER Median 7.4 7.4 1.8 16.99 14.37.34.9 3rd Quartile 6.63 6.63 11. 1.32 13.32 9.94.7 9th Percentile.8.8.7 12.1 11.38 8.8 9.23 Number of Funds 22 22 22 22 21 19 18 Total Market Value (CAD billion) 2. 2 2 1 These funds are grouped by the target retirement date set by the provider. It is noted that the underlying funds may not be similar in nature with the exception that they are targeting a common future retirement date. Target Retirement Date 24 th Percentile 9.7 9.7 21.87 2. 17.12 13.3 13.21 1st Quartile 8.33 8.33 17.81 19.9 16.2 12.66 12.8 MERCER Median 7.37 7.37 14.73 17.6 14.9 11.19 11.46 3rd Quartile 6. 6..97 1.7 13.68.64 11.3 9th Percentile.83.83.68 12.44 11.32.3.81 Number of Funds 16 16 16 16 1 8 Total Market Value (CAD billion) 1.7 2 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 6

Period Ending March 31, 21 Target Retirement Date 2 th Percentile 9.3 9.3 2.89 2.9 17.44 13.72 13.87 1st Quartile 8.77 8.77 17.96 19.42 16.91.68 11.24 MERCER Median 7.43 7.43 13.93 17. 1.28.6.91 3rd Quartile 6.6 6.6.97 1.96 13.7 9.71.27 9th Percentile.94.94.66 12.88 11.68 8.99 9.38 Number of Funds 17 17 1 1 14 Total Market Value (CAD billion).8 2 2 1 These funds are grouped by the target retirement date set by the provider. It is noted that the underlying funds may not be similar in nature with the exception that they are targeting a common future retirement date. Target Risk (Conservative Income) th Percentile.72.72 11.4.93.16 9.2 9.22 1st Quartile.2.2.92 9.2 8.64 8.31 8.7 MERCER Median 4.42 4.42.33 8.27 7.68 7.4 7.42 3rd Quartile 4.31 4.31 9.29 7.6 7.13 7. 7.13 9th Percentile 3.6 3.6 8.12.94.9 6.17 6.19 Number of Funds 11 11 11 11 11 Total Market Value (CAD billion) 6.6 These funds are grouped based on the equity ranges (including Real Estate if applicable) specified by the policy benchmark of the respective funds. Funds with equities ranging from % - < 27.% are grouped in this category. 12 8 6 4 2 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 7

Period Ending March 31, 21 Target Risk (Conservative Growth) th Percentile 6.9 6.9 14.16 13.43 12.4 9.97 9.99 1st Quartile 6.28 6.28 12.81 11.41.2 8.9 8.97 MERCER Median.6.6 11.24.73 9.68 8.26 8.29 3rd Quartile 4.84 4.84.41.4 9.1 8.11 8.18 9th Percentile 4.64 4.64.11 9.4 8.6 7.74 7.88 Number of Funds 14 14 14 14 14 14 14 Total Market Value (CAD billion) 6.8 These funds are grouped based on the equity ranges (including Real Estate if applicable) specified by the policy benchmark of the respective funds. Funds with equities ranging from 27.% - < 47.% are grouped in this category. 1 Target Risk (Moderate Growth) th Percentile 7.88 7.88 1.74 1.6 13.8.97 11.12 1st Quartile 7.8 7.8 14.33 14.78 12.97 9.69 9.99 MERCER Median 6.41 6.41 12.34 13.46 11.9 9.34 9.64 3rd Quartile.64.64.99 13.19 11. 9. 9.37 9th Percentile.18.18.34 12.27.78 8.49 9. Number of Funds 17 17 17 17 17 17 17 Total Market Value (CAD billion) 17.3 These funds are grouped based on the equity ranges (including Real Estate if applicable) specified by the policy benchmark of the respective funds. Funds with equities ranging from 47.% - < 67.% are grouped in this category. 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 8

Period Ending March 31, 21 Target Risk (Aggressive Growth) th Percentile 9.43 9.43 18.41 18.99 16.8 12.3 11.9 1st Quartile 8.9 8.9 1.89 17.37 1.14 11.46 11.36 MERCER Median 7.28 7.28 13.77 16.3 14.21.38.81 3rd Quartile 6.8 6.8 12.48 1.77 13.67 9.72.42 9th Percentile.82.82.31 1.6 13.2 9.39.13 Number of Funds 16 16 16 16 16 16 16 Total Market Value (CAD billion) 8.2 These funds are grouped based on the equity ranges (including Real Estate if applicable) specified by the policy benchmark of the respective funds. Funds with equities ranging from 67.% - < 87.% are grouped in this category. 2 1 Target Risk (Maximum Growth) th Percentile 9.2 9.2 16.48 21.22 17.91 12.92 13.1 1st Quartile 8.91 8.91 1.16 2.47 17. 12.7 12.48 MERCER Median 7.7 7.7 14.14 18.6 16.29 11.12 11.81 3rd Quartile 6.78 6.78 12.39 18.34 1.66.6 11.27 9th Percentile 6.67 6.67.89 17.17 14.67 9.87 11.2 Number of Funds 9 9 9 9 9 9 9 Total Market Value (CAD billion) 3.1 These funds are grouped based on the equity ranges (including Real Estate if applicable) specified by the policy benchmark of the respective funds. Funds with equities ranging from 87.% - % are grouped in this category. 2 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 9

Period Ending March 31, 21 Canadian Equity th Percentile 6.4 6.4 14.13 18.87 1. 9.99 11.47 1st Quartile 4. 4..8 16.37 13.88 7.7 9.79 MERCER Median 3.17 3.17 8.8 14.12 12.23 6.2 8.77 3rd Quartile 1.41 1.41.74 12.11 11. 4.99 7.6 9th Percentile.7.7.2 7.79 7. 2.28.83 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 7 7 7 68 68 67 6 Total Market Value (CAD billion) 61.2 2 1 Repeated strategies are excluded in this universe. Only the most representative product is included if several products of the same strategy are offered. Funds can reasonably be benchmarked to the S&P/TSX Capped Composite index or near equivalent and show a high correlation thereto. Funds must be classified by style as Core, Growth-biased or Value-biased. Funds must be % Canadian investments. Funds must be broadly diversified, in at least of the industry sectors. Funds must be large to large/mid capitalization. Funds classified as Responsible Investment, Income-oriented or Extension are not included. Canadian Equity (Core) th Percentile.7.7 16.61 19.29 1.62 8.91.32 1st Quartile 4.81 4.81.71 1.29 13.88 7.28 9.43 MERCER Median 3.38 3.38 9.31 14.43 11.89.81 8.27 3rd Quartile 2.82 2.82 6.46 13.33 11.19.4 7.64 9th Percentile 1.19 1.19 3.76.92 9.46 3.81 6.83 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 41 41 41 37 37 3 33 Total Market Value (CAD billion) 33.9 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year.

Period Ending March 31, 21 Canadian Equity (Growth Biased) th Percentile 8.4 8.4 1.18 18.22 14.8 8.23 11. 1st Quartile.62.62 12.82 17.3 13.84 6.96 8.92 MERCER Median 4.4 4.4 9.7 16.4 12.7 6.2 7.98 3rd Quartile 2.9 2.9 7.49 14.16 11.43 4.4 7. 9th Percentile.34.34-7.31 4.24 4.86-1. 3.72 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 16 16 16 1 1 1 1 Total Market Value (CAD billion) 7.8 2 1 - - Canadian Equity (Value Biased) th Percentile 4.37 4.37 14.8 19.8 18. 13.1 14.3 1st Quartile 2.66 2.66 7.84 14.23 14.13 8.8 11.17 MERCER Median 1.28 1.28.4 12.31 12.6 7.1 9.61 3rd Quartile.63.63 2.21.8.97.41 7.79 9th Percentile -.7 -.7-1.3 7. 6.84 1.92 4.93 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 2 2 2 2 2 24 24 Total Market Value (CAD billion) 24.1 2 2 1 - Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 11

Period Ending March 31, 21 Canadian Equity (Responsible Investments) th Percentile 4.31 4.31 12.1 16.72 14.4 7.74.38 1st Quartile 3.64 3.64 9.64 1.8 14.4 7.48 9.37 MERCER Median 3.24 3.24 8.4 14.1 13.9 6.6 8.89 3rd Quartile 1.99 1.99 4.86 12.48.38.74 7.97 9th Percentile.91.91 1.8 9.89 9.47 3.9 6.6 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 8 8 8 8 8 8 8 Total Market Value (CAD billion).9 2 1 Canadian Equity (Income Oriented) th Percentile 3.4 3.4 11.29 16.6 1.9 13.36 14.1 1st Quartile 2.24 2.24 8.8 13.8 12.32 9.6 12.31 MERCER Median 1.6 1.6.44 12.3 11.16 8.62 9.91 3rd Quartile.46.46.96 9.42 9.2 7.4 8.98 9th Percentile -3.61-3.61 -.4 3.3 4.44 2.1 6.29 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 18 18 18 17 1 14 12 Total Market Value (CAD billion) 4.7 2 1 - - Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 12

Period Ending March 31, 21 Canadian Fixed Income (Universe) th Percentile 4.34 4.34.6 6.12.94 6.8 6.62 1st Quartile 4.22 4.22.31.9. 6.4 6.37 MERCER Median 4. 4. 9.9.36.37 6.41 6.22 3rd Quartile 3.79 3.79 9.46.8.8 6.18 6.2 9th Percentile 3.37 3.37 8.2 4.8 4.8.86.68 FTSE TMX Canada Universe 4.1 4.1.26.4.14 6.27 6.4 Number of Funds 48 48 48 47 47 47 47 Total Market Value (CAD billion).1 12 8 6 4 2 Canadian Fixed Income (Credit) th Percentile 4. 4..14 6.6 7.32 8.8 7.89 1st Quartile 3.7 3.7 9.17.83 6.63 7.49 7.37 MERCER Median 3.6 3.6 8..62 6. 7. 7. 3rd Quartile 3.29 3.29 8..3.78 6.73 6.6 9th Percentile 2.79 2.79 6.93 4.9 4.86.9.91 FTSE TMX Canada Univ Corp 3. 3. 8.22.2.7 6.2 6.29 Number of Funds 16 16 14 11 11 9 8 Total Market Value (CAD billion) 3.4 12 8 6 4 2 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 13

Period Ending March 31, 21 Canadian Fixed Income (Long Term) th Percentile 7.43 7.43 2.23 9.42 8..99.2 1st Quartile 7.22 7.22 19.62 9.3 8.9.63.21 MERCER Median 7.14 7.14 19.39 8.7 7.93.42 9.97 3rd Quartile 6.92 6.92 18.72 8.2 7.74.29 9.87 9th Percentile 6.6 6.6 17.87 7.89 7. 9.78 9.44 FTSE TMX Canada Long Term 7.13 7.13 19.72 8.81 7.81.44 9.99 Number of Funds 17 17 16 1 1 14 13 Total Market Value (CAD billion) 14.1 2 2 1 Canadian Fixed Income (Short Term) th Percentile 2. 2. 4.4 3.37 3.72 4.6 4.34 1st Quartile 1.98 1.98 4.32 3.28 3.32 3.72 3.71 MERCER Median 1.86 1.86 4.12 3.2 3.24 3.7 3.6 3rd Quartile 1.81 1.81 3.97 2.98 2.99 3.21 3.31 9th Percentile 1.37 1.37 3.8 2.9 2.63 2.99 3. FTSE TMX Canada Short Term 1.89 1.89 3.92 2.91 2.9 3.28 3.29 Number of Funds 16 16 14 11 11 11 Total Market Value (CAD billion) 18.7 4 3 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 14

Period Ending March 31, 21 Canadian Fixed Income (Core Plus Universe) th Percentile 4.76 4.76 11.16 6.48 6.62 7.24 7.6 1st Quartile 4.3 4.3.23 6.1 6.8 7. 7.3 MERCER Median 4.9 4.9 9.84.62.99 6.78 6.62 3rd Quartile 3.74 3.74 9..23.61 6.44 6.42 9th Percentile 1.99 1.99 4.67 3.92 4.86.83.71 FTSE TMX Canada Universe 4.1 4.1.26.4.14 6.27 6.4 Number of Funds 17 17 17 16 16 16 1 Total Market Value (CAD billion) 9.6 12 8 6 4 2 US Equity th Percentile 13.9 13.9 33.84 3.1 28.21 24.17 21.99 1st Quartile 12.1 12.1 31.3 33.21 26.83 22.84 2.14 MERCER Median 11.2 11.2 28.3 31.64 2.86 21.3 19.34 3rd Quartile 9.86 9.86 23.36 29.29 23.3 19.74 17.49 9th Percentile 7.32 7.32 18.6 26.27 22.31 18.7 1.96 S&P CAD.39.39 29.3 3.86 2.6 21.96 19.66 Number of Funds 37 37 37 3 34 34 32 Total Market Value (CAD billion) 17.2 4 3 2 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 1

Period Ending March 31, 21 International Equity th Percentile 17.2 17.2 21.74 24.8 21.6 16.91 1.6 1st Quartile 1.6 1.6 16.81 22.84 19.2 14.13 12.9 MERCER Median 14.67 14.67 14.4 2.74 18.4 13.11 11.76 3rd Quartile 13.74 13.74 11.66 19.41 17.47 12.3 11.17 9th Percentile 11.46 11.46 7.18 14.47 16.7 9.26 8.48 MSCI EAFE CAD 14.81 14.81 14.2 21.3 18.1 12.81 11.48 Number of Funds 1 1 48 48 46 46 46 Total Market Value (CAD billion) 28.2 2 2 1 Global Equity th Percentile 1.11 1.11 2.76 28.84 24.77 2.46 18.1 1st Quartile 13.33 13.33 23.12 27.14 23.8 18.4 16. MERCER Median 12.24 12.24 21.8 2.66 21.73 17.26 1.62 3rd Quartile 11.11 11.11 18.9 23.42 2.36 1.91 14.41 9th Percentile 9.6 9.6 13.2 21.2 18.9 14.28 13.6 MSCI World CAD 12.3 12.3 22.32 26.13 22.9 17.27 1.64 Number of Funds 44 43 41 39 Total Market Value (CAD billion) 1.1 3 2 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 16

Period Ending March 31, 21 Total Equity th Percentile 8.2 8.2 1.91 21.9 18.63 14.7 1.34 1st Quartile 7.6 7.6 13.83 18.71 16.44 11.22 12.22 MERCER Median...1 17.3 13.38 7.46 8.93 3rd Quartile 2.61 2.61 4.8 11.3 9.94 4.9 7.42 9th Percentile.9.9-3.92 7.73 8.69 3.11 6.3 S&P/TSX Composite 2.8 2.8 6.93 11.36 9.8 4.39 7.41 Number of Funds 17 17 17 17 17 17 17 Total Market Value (CAD billion). 2 2 1 - Canadian Small/SMID Cap Equity th Percentile 6.47 6.47 12.8 24.69 23.36 17.19 19.22 1st Quartile 4.78 4.78 4.76 18.6 1.34 9.28 12.99 MERCER Median 2.73 2.73 -.71 1. 11.41 6.49 11.12 3rd Quartile.49.49-3.33 11.7 8.64 3.3 9.23 9th Percentile -3.7-3.7-9. 8.1 4.18 1.84 6.92 S&P/TSX SmallCap -.2 -.2-9.76 2.6-1.11-4.79 1.98 Number of Funds 28 28 28 28 27 27 26 Total Market Value (CAD billion) 9.2 3 2 - Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 17

Period Ending March 31, 21 Emerging Markets th Percentile 13.2 13.2 21.16 17.16 14.33.98.3 1st Quartile 11.92 11.92 17.63 12.14.38 6.71 7.83 MERCER Median.69.69 14.7.19 8.83.4 6.47 3rd Quartile 9.24 9.24 11.2 8.62 7.19 3.9.49 9th Percentile 7.8 7.8 9.41 7.11 6.64 2.99. MSCI EM CAD 11.84 11.84 1.6 11.49 8.94 4.99 6.71 Number of Funds 22 22 21 2 19 18 13 Total Market Value (CAD billion) 1.2 2 2 1 Global Fixed Income th Percentile 8.71 8.71 1.78 12.17 11.34 11.2-1st Quartile 8.7 8.7 1.77 12.17 11.33 11.2 - MERCER Median 8.7 8.7 1.17.83.64 9.99-3rd Quartile 6.29 6.29 11.28 8.71 9.32 8.16-9th Percentile.19.19 6.48 6.87 7.81 7.4 - Citigroup WBIG CAD 6.92 6.92.43.86 8.11 8.12 6.89 Number of Funds 4 4 4 - Total Market Value (CAD billion). 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 18

Period Ending March 31, 21 Money Market th Percentile.32.32 1.29 1.29 1.28 1.31 1.27 1st Quartile.29.29 1.21 1.2 1.21 1.21 1.16 MERCER Median.28.28 1.16 1.16 1.18 1.18 1.12 3rd Quartile.24.24 1.3 1.4 1. 1.7 1.2 9th Percentile.22.22.93.97.97.98.92 FTSE TMX Canada 91 Day T-Bill.2.2.94.97.99.97.93 Number of Funds 3 3 28 27 27 27 27 Total Market Value (CAD billion) 8.4 2 1 Total time weighted rates of returns (%) (TWRR) are shown in this summary. Annualised rates of returns are shown for periods greater than one year. 19

MERCER PENSION HEALTH INDEX The Mercer Pension Health Index monitors the directional impact of the capital markets on the financial position of Canadian pension plans, not just pension funds. The Index represents the ratio of assets to liabilities for a model pension plan - the higher the ratio, the healthier the plan. The ratio has been arbitrarily set to % at the beginning of the period. The assets of the model plan are assumed to be invested in the passive balanced portfolio, while the liabilities are determined using the assumptions required for solvency valuations, which are based on the yield on long-term Government of Canada bonds. The Index also assumes deficit funding payments are made to fund deficits over five years. The starting point and the magnitude of the changes for any pension plan will depend on a range of factors: asset mix and the impact of active management, plan demographics and plan design. But the Index should help answer questions like: Why does my actuary say bad news when my bond manager says good news? Assets: Passive Portfolio (see page 2). Liabilities: % active members, % retired members. 6% of benefits for active members assumed to be settled through commuted values based on the Canadian Institute of Actuaries transfer value standards without the one-month lag, and the remaining 4 % assumed to be settled through an annuity purchase. Benefits for retired members assumed to be settled through an annuity purchase. Annuity prices determined based on the CIA guidance for the medium duration illustrative block. Results will vary by pension plan. 13% 12% 1% % 9% 8% 7% 6% % RATIO OF ASSETS TO LIABLITIES Mar 1 94% Although the information contained in this survey has been obtained from a source which Mercer Investment Consulting believes to be reliable, we do not guarantee its accuracy. You are invited to quote from this Survey with proper acknowledgement of the source. An expanded version of this survey including asset mix and investment management fee universes as well as each investment manager s returns is also available. For further information on a full range of investment consulting services please call one of our offices: CALGARY TORONTO MONTRÉAL Dave Makarchuk 43 476 3224 Mathieu Tanguay 416 868 2677 Diane Alalouf 14 841 783 Mercer is a leading global provider of investment consulting services, and offers customized guidance at every stage of the investment decision, risk management and investment monitoring process. We have been dedicated to meeting the needs of clients for more than 3 years, and we work with the fiduciaries of pension funds, foundations, endowments and other investors in some 3 countries. We assist with every aspect of institutional investing (and retail portfolios in some geographies), from strategy, structure and implementation to ongoing portfolio management. We create value through our commitment to thought leadership; world-class, independent research; and top-notch consultants with local expertise. www.mercer.ca 2

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