ADMINISTRATIVE GUIDE FOR ADVISORS

ADMINISTRATIVE GUIDE FOR ADVISORS Individual Client Sector Advisor s document Investment

Table of Contents 1. Introduction... 3 2. Summary of Changes Made... 3 3. Contact Us... 4 3.1 Administrative Offices and Client Services... 4 3.2 Sales Offices... 4 4. Products... 5 4.1 SSQ Guaranteed Investment Funds (GIFs)... 5 4.1.1 Key Characteristics... 5 4.1.2 List of available SSQ Guaranteed Investment Funds... 6 4.1.3 A) SSQ Guarantees (other than SSQ Equity GIA and SSQ Guaranteed Income) In force since November 26, 2012... 6 4.1.3 B) SSQ Guarantees (other than SSQ Equity GIA and SSQ Guaranteed Income) In force from July 18, 2004 to November 25, 2012... 7 4.1.4 Sales Charge Options and Commissions... 9 4.2 SSQ Guaranteed Investments... 10 4.2.1 Guaranteed Interest Accounts (GIAs)... 10 4.2.2 High Yield Account... 10 4.3 SSQ Equity GIA... 11 4.3.1 Key Characteristics... 11 4.3.2 SSQ GIF Guarantees for SSQ Equity GIA... 12 4.4 SSQ Guaranteed Income (GI)... 13 4.4.1 Primary Characteristics of GI 1, GI 2 and GI 2.1... 13 4.4.2 Guarantees for the GI 1 and GI 2 Products... 14 4.4.3 Guarantees for the GI 2.1 Product... 16 4.5 SSQ Private Wealth Management Program... 17 5. Loans... 18 6. Registered Plans... 18 6.1 Application Forms Required... 18 6.2 Transfers between Financial Institutions... 18 6.2.1 Transfers from Outside Sources (Transfers on Hold)... 18 6.2.1.1 Welcome Bonus... 18 6.2.2 Transfers to a Financial Institution Other than SSQ... 19 6.3 Tax Deductions on Withdrawals - Registered Plan... 19 6.4 RRSP Contribution Deadlines and Limits... 19 6.5 Features of RRIFs/LIFs/PRRIFs/LRIFs... 19 6.6 Particularity Withdrawals under the HBP... 21 6.7 Conversion of Plan... 21 7. Transactions... 21 7.1 Deadlines and Processing Times... 21 7.2 Missing Information... 22 7.3 Payment of Purchases... 22 2016-03-24

7.4 Corrections... 22 7.5 Cheque Specimen... 22 7.6 Fees... 23 7.7 Required Signatures... 23 7.8 Maximum Age to Subscribe, Make Contributions and Own by Plan and Province (Other than SSQ Equity GIA)... 24 7.9 Available Forms... 24 7.10 Benefit Upon Death of Annuitant... 25 7.11 Documents Required for Settlement of Death Benefits... 25 7.12 Rate Guarantees... 26 7.13 Commissions... 27 7.14 Resets and Changes in Sales Charge Options... 27 7.15 Transfer of the exemption of back-load fees to the No-load sales charge option Mode A... 28 7.16 Pre-authorized Redemption Program (PRP)... 28 7.17 Pre-authorized Transfer Program (PTP)... 28 7.18 Estate Planning... 29 8. Document Production... 29 8.1 Statements of Transaction... 29 8.2 Statements of Investment... 29 8.3 Tax Slips... 30 8.4 Confirmation of Maximum and Minimum Withdrawals from RRIF/LIF/PRRIF/LRIF Accounts... 30 8.5 List of GIAs to Renew... 30 9. Information Available on our Secure Website... 31 9.1 Client Access... 31 9.2 Advisor Access... 31 2016-03-24

1. Introduction This Guide contains the key administrative rules for investments made with SSQ Financial Group. It has been divided into several sections to make it easier to use. To find the section you are looking for, please refer to the Table of Contents. This document contributes to standardizing our operations, and thereby guaranteeing quality service and compliance with recognized sound business principles. When the Guide is updated in the future, simply refer to section 2 for a summary of changes made. All changes will also be underlined in the text until the subsequent update. The electronic version of the Guide and its updates will be available on our secure website. This document is not part of the Information Folder and Contract. In case of discrepancy, the terms and conditions stipulated in the Information Folder and Contract will take precedence. Please note that the rules contained in this Guide may vary for Nominee account transactions or for transactions made using FundSERV. 2. Summary of Changes Made The terminology has been realigned with the changes made on November 9, 2015. 4.1 SSQ Funds A plan and fund transfer is completed in two days. The plan transfer is done first. The redemption sequence for the units must be confirmed due to the new fund codes. 4.1.3A) Guarantees Some aspects of the enhanced guarantee have changed. The change generates a new contract number. 4.1.3B) Guarantees from before November. 26, 2012 The guarantee upon death bonus is not on the investment statements. The guarantee fees are included in the fund's unit value. 4.1.4 Sales charge options The trailer fee commission is doubled for the Back-Load sales charge schedule. 4.2.1 GIA The GIA term may not exceed the age limit for participation. 4.2.2 The High Yield GIA has been replaced by the High Yield Daily Interest Account. 4.3.2 SSQ Equity GIA The guarantee fees are included in the fund's unit value. 4.4 SSQ Guaranteed Income Same changes as for the SSQ Funds. 4.5 Private wealth management New administrative requirements for application. 6.5 Features of RRIFs/LIFs/PRRIFs/LRIFs None by default for the minimum investment instructions. See the explanations. 6.7 Conversion of plan Performance records will not be transferred. 7.1 Deadlines Details for after 2:00 p.m. 7.8 Age of subscription Changed to age 75 for the enhanced guarantee. 7.9 Forms Changes in beneficiary designation must be submitted using the "Estate Planning" form (FRA1781). 7.10 Death benefit Annuity settlement option available. 7.11 Death settlement document Simplification of death settlements for amounts of $50,000 or less. 7.15 Transfer of the exemption of back-load fees to the No-load sales charge option Mode A 7.16 Pre-authorized Redemption Program (PRP) Allocation must be a % for payment of the minimum/maximum/gwa/lwa/ewa. For other PRPs, allocation must be in $. 7.17 Internal Transfer Program (ITP) New section. 7.18 Estate planning New section. 2016-03-24 Page 3

8.1 Transaction statements A transaction statement is issued upon the first Pre-authorized Transaction Program operation. 8.3 Tax slips Option to receive two slips per fund. Guarantee fees will appear annually. 9.2 Advisor access to the secure website Consultation mode only. 3. Contact Us 3.1 Administrative Offices and Client Services Client Services 1-800-320-4887 Business hours: Monday to Thursday, from 8:30 a.m. to 8:00 p.m. Friday from 8:30 a.m. to 5:00 p.m. Fax Toll free: 1-866-559-6871 Email Website: Administrative address: (where to send administrative documents) ssqir@ssq.ca ssq.ca Address: 2515, boulevard Laurier P.O. 10510, Stn Sainte-Foy Quebec QC G1V 0A3 3.2 Sales Offices Montreal: Toll free: 1-888-292-8483 Fax: 1-866-606-2764 Quebec: Toll free: 1-888-292-8483 Fax: 1-866-559-6871 Ontario, Western Canada and the Maritimes: Telephone: 1-888-429-2543 Fax: 416-928-8515 2016-03-24 Page 4

4. Products 4.1 SSQ Guaranteed Investment Funds (GIFs) 4.1.1 Key Characteristics Minimum contribution $400 per contribution $40 per pre-authorized debit for the Pre-authorized Purchase Program (PAP): Weekly, every two weeks, monthly, every two months, quarterly, semi annually, annually (any day of the month). Minimum redemptions and transfers $100 per redemption or transfer (if the value of the contract subsequent to the transaction is less than $500, the redemption applies to all fund units, with the exception of RRIFs/LIFs/PRRIFs/LRIFs) $100 per bank transfer for the Pre-authorized Redemption Program (PRP) with $5,000 minimum in SSQ GIFs in the contract (RRIF/LIF/TFSA/NRSP): Weekly, every two weeks, monthly, every two months, quarterly, semi annually, annually (any day of the month). To ensure that planned redemptions can be made, a sufficient balance must be maintained in each fund. Otherwise, the redemption requested cannot be made. Transfers No transfer fees for transferring funds or managers from one to another, except for excessive short-term transactions. For transfers of unit values within the same contract, the purchase dates of the units and the redemption fee tables, where applicable, are transferred in their entirety. The guarantee application dates and the guaranteed values are not affected by this transfer, as long as the guarantee features are not modified in any way. Transfers of unit values from one contract to another are considered redemptions under the original contract and new contributions under the destination contract. Requests including a plan transfer and a fund transfer will be processed over two days. First, the plan transfer will be completed, then the funds will be reorganized according to the desired allocation the next day. Distribution frequency for income from funds Sequence of unit redemptions Income paid out Application forms Note: Please refer to the specific section in this regard in the Information Folder and Contract. Because the sales charge option is included in the fund code, you must indicate the desired order of redemption by fund code. If you do not include this information in your redemption request, we will contact you for more information. For units purchased with any sales charge options, units purchased first or considered to have been purchased first shall be redeemed first. For units purchased with the Back-Load option, units entitled to an exemption of redemption fees at the time of redemption are always redeemed first. Units for which the fee schedule is terminated are redeemed second. Thereafter, the rest of the units are redeemed in the order most favourable to the client, i.e., by redeeming the units purchased first. For funds in which distribution is possible, and when your client has chosen to receive the fund s distribution directly to his/her bank account, the operation will be considered to be a unit redemption. As a result, your client may have to pay back-load fees upon the redemption. Other than TFSA: FRA641 TFSA: FRA1251 Documents concerning SSQ GIFs are available on our secure website under the Documentation section (available funds, fund codes, details about each fund, management fees, returns, etc.). 2016-03-24 Page 5

4.1.2 List of available SSQ Guaranteed Investment Funds Please refer to the SSQ Guaranteed Investment Funds section under the Documentation section of our secure website. 4.1.3 A) SSQ Guarantees (other than SSQ Equity GIA and SSQ Guaranteed Income) In force since November 26, 2012 First letter of fund code BASIC GUARANTEE ENHANCED GUARANTEE OPTIMAL GUARANTEE A B C Maximum age for making initial contribution* RRSP and LIRA Other plans 71 years 90 years 71 years 75 years 71 years 85 years Maximum age to make contributions* RRSP and LIRA Other plans 71 years 100 years 71 years 75 years 71 years 100 years Guarantee upon maturity 75% 75% Guaranteed percentage depends on when the contributions were made: Contribution date Guaranteed percentage 15 years or more before maturity 100% At renewal 100% At any other time 75% Guarantee application date upon first maturity date* Guarantee application date upon second and third maturity date* On the annuitant s 100th birthday N/A Depends on annuitant's age at time of initial fund contribution: Age at initial contribution Maturity date Up to age 55 At age 70 Starting at age 55 and 1 day 15 years after the first contribution 15 years after the renewal Guarantee upon death 75% 100% 100% Fees None Between 0.00% and Between 0.05% and 1.75% 1.00% Guarantee reset None Upon maturity: - Upon request - Twice per calendar year (maximum age 85*) - The maturity date is recalculated as if it were a new purchase. Upon death: - Automatic - Every 3 years up to age 80 - One last reset is made at age 80 2016-03-24 Page 6

Redemption Changing the guarantee option Internal transfers BASIC GUARANTEE ENHANCED GUARANTEE OPTIMAL GUARANTEE Redemptions have an effect on guaranteed contributions (based on market values at time of redemption). Income from funds paid in cash is considered as redemption. Permitted once per 12-month period, upon written request (using form FRA727). As a result of the change, a new guarantee will begin with an initial contribution amount corresponding to the market value. The maximum age for making an initial contribution under the new guarantee must be respected. Note: Changing the guarantee generates a new contract number that will be confirmed via an investment statement. Internal transfers have no effect on the guarantee, for example, when changing between plans, insofar as the guarantee contains the same features. New guarantee upon maturity period The initial contribution considered for this guarantee corresponds to the unit market value on this date, including the guarantee payment made by SSQ, if applicable. The guarantee upon death continues and is not affected by this new guarantee upon maturity period. *The maximum age and the maturity dates for LIRAs, LIFs and RRIFs from Newfoundland and Labrador may be different. The Information Folder will provide details about all of these characteristics. 4.1.3 B) SSQ Guarantees (other than SSQ Equity GIA and SSQ Guaranteed Income) In force from July 18, 2004 to November 25, 2012 STANDARD GUARANTEE PREMIUM GUARANTEE First digit of fund code 3 4 Guarantee at maturity at age 65 (min. 10-year term) 75% of net contributions 100% of net contributions (75% for net contributions made over the past 10 years) Guarantee upon death Fees Guarantee application date upon maturity Resetting guaranteed value upon maturity 100% of net contributions (75% at age 80 or over) 100% of net contributions PLUS 4% simple annual return (100% at age 80 or over) This % is not included in the guaranteed amounts presented on the income statements. It will be calculated upon death. Additional fees are applied to the daily market value of each fund. Fees included in the unit value of the funds. Guaranteed amounts are not affected. Established separately for each contract Established based on the date of the initial fund contribution Depends on annuitant's age at time of initial fund contribution: Age 55 or less: corresponds to the date of the annuitant's 65th birthday Over age 55: corresponds to the date of the initial contribution + 10 years 2 resets per calendar year, upon written request (using form FRA727). Resets do not affect the guaranteed value upon death. Maturity remains set at age 65 or, if less than 10 years remain before maturity, it is set at 10 years from the reset date. 2016-03-24 Page 7

Contribution limit Redemption Changing the guarantee option Internal transfers New guarantee upon maturity period Since November 26, 2012, no new contracts may be opened with the Standard or Premium guarantees. The contribution limit per contract for the Standard and Premium guarantees under the original version of the contract is $25,000 per calendar year. Redemptions have an effect on guaranteed contributions (based on market values at time of redemption). Income from funds paid in cash is considered as a redemption. Permitted once per 12-month period, upon written request (using form FRA727) As a result of the change, a new guarantee will begin with an initial contribution amount corresponding to the market value. Maturity remains set at age 65 or, if less than 10 years remain before maturity, then it shall be set at 10 years from the date the change is made. Internal transfers have no effect on the guarantee, for example, when changing between plans, insofar as the guarantee contains the same features. Upon maturity of the guarantee, a new guarantee period begins, in accordance with the terms and conditions of the guarantee at enrolment on this date for a period of 10 years. The initial contribution considered for this guarantee corresponds to the unit market value on this date, including the guarantee payment made by SSQ, if applicable. The guarantee upon death continues and is not affected by this new guarantee upon maturity period. Note: Documents that deal specifically with the SSQ GIF guarantees are available on our secure website under the "Documentation" section. Additional information may be found in the product's Information Folder. 2016-03-24 Page 8

4.1.4 Sales Charge Options and Commissions Second digit of fund code Commission SSQ Fiera Capital Money Market GIF (without commission) Commission chargeback Back-Load Sales Charge Also referred to as Back-Load No-Load Sales Charge Mode A Also referred to as No-Load Front-Load Sales Charge Also referred to as Front-Load 0 1 2 High sales commission Trailer fee commission payable the first month The trailer fee commission is doubled when the Back-Load sales charge schedule is terminated (for guarantees purchased on or after November 26, 2012) No sales commission High sales commission payable the first month Negotiable sales commission High sales commission payable the first month None None None No-Load Sales Charge Mode B Also referred to as Charge-Back 3 Interesting sales commission High trailer fee commission payable the 25th month For 24 months, prorated for months remaining (10% exemption for RRIFs/LIFs/PRRIFs/LRIFs) Client fees (per contract) Exemption of client fees (per contract) Year 1: 6% of the MV Year 2: 6% of the MV Year 3: 5% of the MV Year 4: 4% of the MV Year 5: 3% of the MV Year 6: 2% of the MV Subsequent years: none 10% (or 20% for RRIFs/LIFs/PRRIFs/LRIFs) of the market value of units as at December 31st of the previous year, plus 10% (20% for RRIFs/LIFs/PRRIFs/LRIFs) of the market value of units purchased during the year Calculated on an individual basis Redemption requests for exempted amounts must be made before December 15th of each year None Maximum 5% of contribution (Front- Load charge) None N/A N/A N/A 2016-03-24 Page 9

4.2 SSQ Guaranteed Investments 4.2.1 Guaranteed Interest Accounts (GIAs) Description Standard GIA Laddered GIA Select GIA A GIA that guarantees capital at 100% as well as a return identified in advance. A group of 3, 5, 7 or 10 GIAs (the term determines the number of GIAs) with the same interest rate and which allows for the reinvestment of a portion of the amounts every year. A GIA with an enhanced rate. Options Redeemable* or nonredeemable Simple (NRSP and TFSA only) or compound interest Redeemable or nonredeemable Simple (NRSP and TFSA only) or compound interest Redeemable* or nonredeemable Simple (NRSP and TFSA only) or compound interest Duration (the term may not exceed the age limit to own, depending on the plan See section 7.12) Minimum contribution Upon maturity From 1 to 120 months 3, 5, 7 or 10 years 1 year and more $400 $5,000 $25,000 Automatically reinvested for the term selected initially at a rate in effect on that date Automatically reinvested for the total term selected initially at the rate of regular GIA in effect on that date Automatically reinvested for the term selected initially at a rate in effect on that date Application forms Other than TFSA: FRA641 TFSA: FRA1251 Other than TFSA: FRA641 TFSA: FRA1251 Other than TFSA: FRA641 TFSA: FRA1251 Available plans All NRSP, RRSP, LIRA and TFSA All Rate guarantee Refer to the Rate Guarantee section in this Guide. Assuris coverage $100,000 for registered GIAs and $100,000 for non-registered GIAs Note: Specific documentation for each product is available on our secure website under the Documentation section. A daily interest account also exists and is used for contributions when a product's minimum contribution amount is not reached, or when SSQ is awaiting investment instructions. * Two options are available for income plans. See section 6.5 for more information. 4.2.2 High Yield Account This savings account offers a higher interest rate than a bank account. It is available for all individual plans offered by SSQ. To apply, fill out the Application Form Other than TFSA (FRA641) or the Application Form for TFSA (FRA1251). A $400 minimum is required. 2016-03-24 Page 10

4.3 SSQ Equity GIA 4.3.1 Key Characteristics Description Combination of GIA and SSQ GIF whose capital is guaranteed at 100% A minimum return is guaranteed and there are no maximums for potential returns A separate guarantee exists for the SSQ Equity GIA (refer to the specific guarantees for the SSQ Equity GIA) Options Duration Minimum contribution Maximum age 40% SSQ GIF and 60% GIA 60% SSQ GIF and 40% GIA Compound interest on the GIA portion 10 years $5,000 Maximum age to make contributions or renew an SSQ Equity GIA is December 31 of the year the annuitant turns 61. Redemption Redeemable (minimum redemption of $5,000) Market value adjustment fee Prorated redemption of units currently held in GIAs and SSQ GIFs Eligible funds Upon maturity Sales charge option Application forms Available plans Rate guarantee Assuris coverage See the documents available on our secure website. In the absence of instructions received at least five days before the GIA reaches maturity, and if the age limit has not been reached, the GIA portion is automatically reinvested for a new 10-year period at the rate in effect on this date. In the absence of instructions, and if the age limit has been reached, the amounts will be transferred into a daily interest account. The only option available is the Back-Load sales charge option. Other than TFSA: FRA641 TFSA: FRA1251 Requires a separate application. NRSP, RRSP, LIRA and TFSA Refer to the Rate Guarantee section in this Guide. $100,000 for registered GIAs and $100,000 for non-registered GIAs 2016-03-24 Page 11

4.3.2 SSQ GIF Guarantees for SSQ Equity GIA Guarantee upon maturity 100% of all contributions made to the fund in the contract for this guarantee. Guarantee upon death 100% of all contributions made to the fund in the contract OR 75% of all contributions made to the fund in the contract for this guarantee if the annuitant's death occurs at or after age 80 Fees Guarantee application date Resetting guaranteed value upon maturity Guarantee fees applied to the daily market value of each fund These fees are included in the unit value and do not affect the guaranteed amounts Set at 10 years following each contribution. Not permitted Redemption Changing the guarantee option Internal transfers New guarantee upon maturity period (original contract number is maintained) Redemptions have a proportional effect on guaranteed values. Not permitted Internal transfers have no effect on the guarantee, for example, when changing between plans, insofar as the guarantee contains the same features. Upon maturity of the guarantee, and if the age limit has not been reached, a new guarantee period begins in accordance with the terms and conditions of the guarantee at application on this date for a period of 10 years The initial contribution considered for this guarantee corresponds to the unit market value on this date, including the guarantee payment made by SSQ, if applicable The guarantee upon death continues and is not affected by this new guarantee upon maturity period Note: Documents that deal specifically with the SSQ Fund guarantees are available on our secure website under the "Documentation" section. Additional information can be found in the product's Information Folder. 2016-03-24 Page 12

4.4 SSQ Guaranteed Income (GI) N.B. The SSQ Guaranteed Income product is no longer available for new contracts as of March 4, 2013, and for new contributions as of May 3, 2013. 4.4.1 Primary Characteristics of GI 1, GI 2 and GI 2.1 Contribution Minimum redemptions and transfers No contribution permitted except for pre-authorized purchase programs implemented before February 14, 2013. However, the amounts may not be increased. They may only be decreased or cancelled. It is not possible to implement any new pre-authorized purchase programs since February 14, 2013. $100 per redemption or transfer (if the value of the contract subsequent to the transaction is less than $500, the redemption applies to all fund units, with the exception of RRIFs/LIFs/PRRIFs/LRIFs) $100 per bank transfer for a Pre-authorized Redemption Program (PRP) (RRIF/LIF/PRRIF/LRIF/TFSA/NRSP): Weekly, every two weeks, monthly, every two months, quarterly, semi annually, annually (any day of the month). To ensure that planned redemptions can be made, a sufficient balance must be maintained in each fund. Otherwise, the redemption requested cannot be made. Transfers of funds eligible for the Guaranteed Minimum Withdrawal Benefit to SSQ Fiera Capital Money Market GIF and SSQ OAM Treasury GIF are not permitted. Transfers Sequence of unit redemptions Frequency of income distribution from funds Available funds No transfer fees for transferring funds or managers from one to another, except for excessive short-term transactions. For transfers of the value of units within the same contract, the purchase date of the units and the redemption fee tables, where applicable, are transferred in their entirety. The application dates of the guarantee and the guaranteed values are not affected by this transfer as long as the guarantee features are not modified in any way. For units purchased with any sales charge option, units purchased first, or considered to have been purchased first shall be redeemed first. For units purchased with the Back-Load option, units entitled to an exemption of redemption fees at the time of redemption are always redeemed first. Units whose fee schedule is terminated are redeemed second. Thereafter, the rest of the units are redeemed in the order most favourable to the client, i.e., by redeeming the units purchased first. Because the sales charge option chosen is included in the fund code, you must indicate the desired order of redemption by fund code. If you do not include this information in your redemption request, we will contact you for more information. Please refer to the specific section in this regard in the Information Folder and Contract. See our secure website for more information. Documentation for the SSQ Guaranteed Income product is available on our secure website under the Documentation section. Note: Documentation for the SSQ Guaranteed Income product is available on our secure website under the Documentation section. Additional information may be found in the product's Information Folder. 2016-03-24 Page 13

4.4.2 Guarantees for the GI 1 and GI 2 Products N.B. The SSQ Guaranteed Income product is no longer available for new contracts as of March 4, 2013, and for new contributions as of May 3, 2013. Guarantee upon maturity Guarantee upon death Guaranteed minimum withdrawal benefit (GMWB) 75% of net contributions made as of the 100th birthday of the annuitant GI 1 GI 2 75% of net contributions made as of the 120th birthday of the annuitant At least 100% of net contributions made. The guaranteed amount may be increased by automatic resets every three years up to age 80. Guaranteed Withdrawal Balance (GWB): The total amount guaranteed to be available and which is paid in the form of annual withdrawals. It is used as a basis for calculating the amounts the investor can withdraw annually (GWA and LWA). It is equal to 100% of net contributions and may be increased by resets and bonuses, and decreased by withdrawals. Guaranteed Withdrawal Amount (GWA): The GMWB provides an income equal to a minimum of 100% of the initial capital investment, provided it is withdrawn over a minimum of 20 years. It is equal to 5% of the GWB at the time of the initial contribution and is recalculated every December 31st. Lifetime Withdrawal Amount (LWA): After December 31st of the year during which the annuitant reaches age 64, a Lifetime Withdrawal Amount (LWA) is guaranteed for the annuitant s lifetime for as long as the contract investment period has not terminated (100 years), provided that the total of annual withdrawals does not exceed the maximum permitted. The LWA is calculated at the time of the initial contribution if the annuitant was age 64 on December 31st preceding the initial contribution; otherwise, it is calculated on December 31st of the year the annuitant reaches age 64. It is recalculated every December 31st for the next calendar year. It is equal to 5% of the GWB. Bonus An annual bonus equal to 5% of the bonus calculation base (BCB) increases the GWB and is granted for each year during which no withdrawals are made. If withdrawals are made before December 31 of the year during which the annuitant reaches age 64, we reserve the right to restrict the GWB bonus period to 15 years following the initial contribution (or transfer) to the funds eligible for the GMWB. Where applicable, bonuses are granted on December 31. An annual bonus equal to 5% of the bonus calculation base (BCB) increases the GWB and is granted for each year during which no withdrawals are made. The BCB may be reduced following withdrawals. When applicable, bonuses are granted on December 31. Resets Redemption Transfers The Guaranteed Value Upon Death and Guaranteed Withdrawal Balance are reset every three years (until the year the annuitant reaches age 80, and then one last time on the annuitant s 80th birthday). This reset is made on the anniversary date of the initial contribution to funds subject to the Guaranteed Minimum Withdrawal Benefit (GMWB). As long as they do not exceed the maximum amounts permitted, redemptions decrease the Guaranteed Withdrawal Balance (GWB) and have no impact on the GWA and LWA. If redemptions exceed the maximum amount permitted, the GWB may be decreased by an additional amount and the Guaranteed Withdrawal Amounts (GWA and LWA) may decrease. Internal transfers permitted in the same contract have no impact on the guaranteed amounts. Unless the total amount is transferred to a new contract, transfers between contracts cancel the Guaranteed Minimum Withdrawal Benefits and are reset to zero. 2016-03-24 Page 14

Guarantee fees GI 1 GI 2 Competitive fees vary depending on the fund. They are expressed as an annual percentage of the market value of the fund, calculated daily and paid quarterly by the redemption of units held in the contract. SSQ Fiera Capital Money Market GIF and SSQ OAM Treasury GIF Competitive fees vary depending on the fund. They are expressed as an annual percentage of the market value of the fund, calculated daily and paid quarterly by the redemption of units held in the contract. Other available SSQ GIFs: Competitive fees vary depending on the fund. They are expressed as an annual percentage of the Guaranteed Withdrawal Balance (GWB), calculated daily and paid quarterly by the redemption of units in the contract. Note: Documentation for the SSQ Guaranteed Income product is available on our secure website under the Documentation section. Additional information may be found in the product's Information Folder. 2016-03-24 Page 15

4.4.3 Guarantees for the GI 2.1 Product N.B. The SSQ Guaranteed Income product is no longer available for new contracts as of March 4, 2013, and for new contributions as of May 3, 2013. Guarantee upon maturity Guarantee upon death GI 2.1 75% of net contributions made as of the 100th birthday of the annuitant. At least 100% of net contributions made. The guaranteed amount may be increased by automatic resets every three years up to age 80. EWA RWA Guaranteed Minimum Withdrawal Benefit The Eligible Withdrawal Amount (EWA) may be withdrawn before the first LWA. The Residual Withdrawal Amount (RWA) may be withdrawn before the end of the calendar year without exceeding the withdrawal amount permitted (EWA, LWA or minimum RRIF/LIF). A guaranteed income for life as of age 55 or later, as per investor s preference. The annual Lifetime Withdrawal Amount (LWA) varies from 3% to 5% of the Guaranteed Withdrawal Balance (GWB) based on the annuitant's age when the first LWA began. This percentage may be reset during automatic resets every three years depending on the age reached at that time. Age of annuitant when the first LWA payment is made age 55 to 59 age 60 to 64 age 65 to 69 age 70 to 74 age 75 and over Annual Lifetime Withdrawal Amount (LWA) 3.0% of the GWB 3.5% of the GWB 4.0% of the GWB 4.25% of the GWB 5.0% of the GWB Guaranteed amounts may be increased through automatic resets every three years and through eligible 5% bonuses every year during which no withdrawal is made. Bonus Resets Redemption An annual bonus equal to 5% of the bonus calculation base (BCB) increases the GWB and is granted for each year during which no withdrawals are made. The BCB may be reduced following withdrawals. When applicable, bonuses are granted on December 31. The Guaranteed Withdrawal Balance is reset automatically when the first LWA is withdrawn. The Guaranteed Value upon Death and Guaranteed Withdrawal Balance are reset every three years (until the year the annuitant reaches age 80, and then one last time on the annuitant s 80th birthday). This reset is made on the anniversary date of the initial contribution to funds subject to the Guaranteed Minimum Withdrawal Benefit (GMWB). As long as they do not exceed the maximum amounts permitted, redemptions decrease the Guaranteed Withdrawal Balance (GWB) and have no impact on the LWA. If redemptions exceed the maximum amount permitted, the GWB may be decreased by an additional amount and the Life Withdrawal Amounts may decrease. Transfers Internal transfers permitted in the same contract have no impact on the guaranteed amounts. Unless the total amount is transferred into a new contract, transfers between contracts cancel the Guaranteed Minimum Withdrawal Benefits and are reset to zero. 2016-03-24 Page 16

Guarantee fees GI 2.1 SSQ Fiera Capital Money Market GIF and SSQ OAM Treasury GIF: Competitive management fees vary depending on the fund. They are expressed as an annual percentage of the market value of the fund, calculated daily and paid quarterly by the redemption of units held in the contract. Note: Other available SSQ GIFs: Competitive fees vary depending on the fund. They are expressed as an annual percentage of the Guaranteed Withdrawal Balance (GWB), calculated daily and paid quarterly by the redemption of units in the contract. Documentation for the SSQ Guaranteed Income product is available on our secure website under the Documentation section. Additional information may be found in the product's Information Folder. 4.5 SSQ Private Wealth Management Program Description Minimum amount Maximum amount Agreement between SSQ and an investor (or a group of eligible investors) who hold(s) significant assets, with a unique investment approach. Offers extremely competitive management fees. Additional services: a quarterly market commentary and an annual performance report are sent to clients by email. $500,000 in segregated funds None Available plans All Investments allowed Funds The funds permitted are the same as for the regular contract Sales charge option: No-Load Mode A (Levelled) or No-Load Mode B (Charge Back) Guarantee options available: Basic, Enhanced and Optimal Investments not eligible GIA Standard GIA Laddered GIA SSQ Equity GIA Select GIA High Yield Account Automatic rebalancing option Redemption Statement of Investments Commissions Upon request in the Additional Instructions section of the Application form At no charge Quarterly or monthly Restrictions depending on investment vehicle. Quarterly For applicable commission rates, please refer to the specific Remuneration Schedule that you will receive when your contract is implemented. Application forms Application Form - Other than TFSA: FRA641 Application Form for TFSA: FRA1251 Please indicate private wealth management in the Additional Instructions section. Group of eligible investors FundSERV Processing delay Complete an application form for each member of the group Complete the form FRA1164 to identify the members of the group The product cannot be purchased or sold on FundSERV. A processing time of 48 to 72 hours is needed to put in place this program and for certain kind of transaction. 2016-03-24 Page 17

5. Loans For all administrative rules and regulations concerning RRSP loans or investment loans offered by SSQ or our partner, B2B Bank, please consult the documentation on this subject available on our secure website under the Documentation section. For the list of forms to be used for RRSP loans and investment loans, please refer to the Forms section on our secure website. 6. Registered Plans 6.1 Application Forms Required A separate application form is required: for each registered plan for each legislation for spousal RRSPs (in addition to the annuitant's own RRSP application form) 6.2 Transfers between Financial Institutions 6.2.1 Transfers from Outside Sources (Transfers on Hold) How to proceed: Send your transfer form directly to the ceding financial institution. Send a copy of the transfer request to SSQ, along with a recent statement of the investment to transfer (so that SSQ can do the follow-up described below), as well as the application form (or investment instructions for an existing contract). SSQ s follow-up: SSQ follows up on transfers that have been on hold with the ceding financial institution provided that the transfer is in the amount of $5,000 or more. The follow-up is carried out four weeks after receipt of the transfer request (or 7 days after the date of maturity when the transferred amount has a maturity date). 6.2.1.1 Welcome Bonus The Welcome Bonus represents the reimbursement of certain fees incurred and payable to the ceding financial institution by the investor on external transfers. These fees may include redemption fees for funds with Back-Load Sales Charges, transaction fees, market value adjustment for guaranteed deposits or other eligible sales charges. The funds must be invested in SSQ GIFs with the Back-Load Sales Charge or No-Load Sales Charge Mode B option. Investments in SSQ Guaranteed Investments (GIAs) and SSQ Equity GIAs are not eligible. Fees incurred on transfers will be reimbursed to the investor from the commission earned on the transfer. This deduction from the commission affects the advisor s and the firm s commission in the same proportion as the commission payments. The amount of the Welcome Bonus may not exceed the total amount of fees 2016-03-24 Page 18

charged by the ceding financial institution and may not exceed the gross sales commission for the transaction. Reimbursement is in the form of SSQ GIF units deposited in the investor's SSQ account using the same investment instructions as for the transferred amount. To be eligible, a minimum investment of $25,000 is required. To take advantage of the Welcome Bonus, transactions may not be made through FundSERV. SSQ will not contact the ceding financial institution to obtain supporting documents confirming the amount of transfer fees incurred. You must send the following to SSQ: The Welcome Bonus (FRA1631) form. A supporting document issued by the ceding company indicating the fee amount charged. The form and the supporting document must be received by SSQ before the sums are deposited and the fees are reimbursed. If the supporting document from the ceding institution is not received by SSQ at the same time as the transferred amount, only the approximate amount reimbursed will be indicated on the form (FRA1631). Once the transaction is made, SSQ will not make any corrections to the reimbursed amount. 6.2.2 Transfers to a Financial Institution Other than SSQ When the advisor assigned to a file is not the one requesting the transfer to a financial institution outside SSQ: SSQ informs the advisor when the transfer request is received. The advisor has a maximum period of 14 calendar days before going ahead with the transfer. 6.3 Tax Deductions on Withdrawals - Registered Plan Amount exceeding the minimum Rate Residents of provinces other than Quebec Rate Quebec residents Federal Quebec Total $5,000 and less 10% 5% 16% 21% $5,001 to $15,000 20% 10% 16% 26% More than $15,000 30% 15% 16% 31% 6.4 RRSP Contribution Deadlines and Limits Please refer to the guide updated every year, which can be found in the Documentation section (under the Other subsection) of our secure website. 6.5 Features of RRIFs/LIFs/PRRIFs/LRIFs Minimum payment In the event that we do not receive instructions regarding the Pre-authorized Redemption Program, the established default payment will be the minimum payment amount. Furthermore, the payment will be made by direct deposit to the client's bank account on December 1 of each year. We will therefore need to obtain a cheque specimen in the client's name. If we do not have payment instructions we will contact you to get them. 2016-03-24 Page 19

If we are unable to reach you, we will withdraw the units without fees (exempted and off schedule) first, followed by the order of funds listed on the original request. This automatic payment can be changed by sending us new instructions in writing at least 5 business days prior to the transaction date. Features of the SSQ Guaranteed Income product in RRIFs/LIFs/PRRIFs/LRIFs If the client selects payment of the GWA, LWA or EWA, but the minimum annual withdrawal amount in a given year is higher than the GWA, LWA or EWA payment, the following applies: the choice of GWA, LWA or EWA will stay as scheduled but the mandatory minimum withdrawal will be paid at the frequency stipulated. The following year, if the scheduled GWA, LWA or EWA is higher than the mandatory minimum, the GWA, LWA or EWA already planned will be paid as scheduled. Non-redeemable GIAs It is possible to have non-redeemable GIAs in a portfolio that take advantage of higher interest rates, but these GIAs cannot be redeemed (pre-authorized or lump-sum redemptions). Features of redeemable GIAs with regard to RRIFs/LIFs/PRRIFs/LRIFs Redeemable GIA Option 1: The redeemable GIA Option 1 permits cash redemptions totalling up to 20% of the market value of the redeemable GIAs held in the contract as at the preceding December 31 without any redemption fees. Additional redemptions may be made but redemption fees (adjustment to the market value) will apply, unless the GIA has come to term. The interest rates applied to these GIAs are usually higher than those for Option 2. Redeemable GIA Option 2: Redeemable GIA Option 2 allows for scheduled periodic cash redemptions for an annual total of more than 20% of the market value of the redeemable GIAs held in the contract as at the preceding December 31 without any redemption fees. Additional unplanned lump-sum redemptions may be made, but redemption fees (adjustment to the market value) will apply, unless the GIA has come to term. The interest rates applied to these GIAs are usually lower than those for Option 1. Withdrawal options Minimum withdrawals: Minimum withdrawal RRIFs/LIFs/PRRIFs/LRIFs allow you to withdraw only the minimum amount required by law. Level income (RRIF only)*: You can spread your total income over a fixed period of time. The withdrawal amount is therefore divided equally over the desired number of years. Fixed income: The fixed income RRIFs/LIFs/PRRIFs/LRIFs provide income stability. The member determines the amount of the annuity (higher than the minimum annual amount). The LIF payments are subject to the maximum amount permitted under the law; Maximum withdrawal amounts (LIF/PRRIF/LRIF only): Allow you to withdraw the maximum amount of income possible to meet current financial needs. The client may withdraw the maximum amount permitted under the law. * To ask for level income, check the «Other» box in section 8C of the application form and indicate the desired period of time. 2016-03-24 Page 20

6.6 Particularity Withdrawals under the HBP Subject to the 90-day hold rule, in the case of withdrawals under the Home Buyer s Plan (HBP), the transaction will be processed 5 business days before the date entered as the "Date withdrawal required" on the T1036 form. If the request is received fewer than five business days before the date entered as the Date withdrawal required on the T1036 form, the request will be processed on the same day if it is received before 2 p.m. (EST), and on the next business day if it is received after 2 p.m. (EST). 6.7 Conversion of Plan A plan conversion form (FRA1525) must be used for all conversions from RRSP/LIRA to a RRIF/LIF/PRRIF/LRIF when the client remains under the same product. Clients who wish to take advantage of this conversion to change products must send in an application form. Please note that contracts converted to RRIFs/LIFs will lose their performance records. Examples of scenarios and forms to use depending on the desired results: Conversion of an RRSP/LIRA to a RRIF/LIF/PRRIF/LRIF Regular product to regular product GI 1 to GI 1 GI 2 to GI 2 GI 2.1 to GI 2.1 GI 1 to GI 2.1 GI 2 to GI 2.1 Plan Conversion (FRA1525) Form to use Plan Conversion (FRA1525) AND Transfer of the GI 1 and GI 2 Products Toward the GI 2.1 Product (FRA1515) 7. Transactions SSQ may, at its sole discretion, refuse or suspend any transaction request if it deems an operation to be exceptional or abusive. In addition, to ensure that transactions are processed quickly and efficiently, it is important to properly identify the contract or the client concerned (provide a contract number if one exists, the client s full name, date of birth and address). 7.1 Deadlines and Processing Times Except under certain circumstances, transaction requests are processed as follows: All transaction requests received by SSQ before 2 p.m. (EST) on valuation day are established at the unit value in effect that day. However, SSQ reserves the right for any requests received after 2 p.m. (EST) on valuation day or nonvaluation day, to apply the unit value established on the valuation day following the actual day of receipt of the request. When requests are not related to the valuation day, maximum processing times are as follows: Change of beneficiary: 5 business days Transfer form sent to a ceding financial institution: the following business day 2016-03-24 Page 21

Written reply to an information request: 5 business days Creation, modification or cancellation of an Pre-authorized transaction program (PTP): 5 business days or maximum 5 days before the date of the PTP Purchase of an annuity: 5 business days 7.2 Missing Information Some situations may require using automated applications for the forms when information is missing or incomplete. SSQ reserves the right to use these applications by default. When signatures, documents or other information required for the completion of a transaction is missing or incomplete, and when no automated operation can be applied: A call will be made to inform you that information is missing The transaction will be made only when all missing information is received, in accordance with the previously mentioned deadlines 7.3 Payment of Purchases If SSQ cannot cash the cheque or other negotiable bill of exchange: The purchase is cancelled Units involved in the transaction are redeemed If the redemption value is lower than the purchase value, the member shall owe the difference to the fund In all cases, SSQ invoices the member for fees (refer to the Fees section for more details about these fees) For pre-authorized purchase programs, unless indicated otherwise, the transaction will not be repeated 7.4 Corrections If you wish to correct a transaction* (one that has not resulted from an error made by SSQ): A release from obligation (letter) will be required before going ahead with the correction This letter must specify the correction to be made, the name and contract concerned, the name of the advisor and the general agent It must also state that a person authorized to indemnify is fully committed to assuming any fees that may be incurred by the correction The letter must bear the signature of this authorized person * Subject to approval by SSQ. Administrative fees may be charged at a rate agreed upon with the advisor. 7.5 Cheque Specimen To ensure that the bank account linked to a transaction belongs to the right person and that the contact information provided is correct, one of the following documents is necessary: Personalized cheque specimen in the client's name Copy of a void cheque taken from the client's financial institution's secure website confirming the client's bank information 2016-03-24 Page 22

Non-personalized cheque specimen with the name written by hand + the direct deposit section completed and signed by the client (either using the Direct Deposit form (FRA518) or the Banking Information and Authorization section on our main forms) Non-personalized cheque specimen with the name written by hand + client's signature on the same sheet Copy of a bank statement where the client's name and account number are visible Proof of the account in the name of the client provided by the financial institution 7.6 Fees Administrative fees for the following transactions: Type of fee Amount Transfer to another financial institution $35 Redemption as part of the LLP or HBP program $35 Cancellation of a purchase in the case of non-sufficient funds or any payment not $35 honoured Inactive contract $35 Unusual work requiring significant additional effort Based on a rate agreed to by the advisor 7.7 Required Signatures Signatures that are required based on the type of transaction: Required Signatures Transactions Investor or Investor Advisor advisor Purchase of a subsequent product in an existing contract Welcome bonus Change of address Change of beneficiary Change of Advisor Change of investment vehicle within the same contract (transfer between funds, transfer from GIA to funds or vice-versa, pooling investments, etc.) Change of product Request for Interest Rate Guarantee Loan application Implementation of a pre-authorized transaction program Change to a pre-authorized transaction program Guarantee option change Setting up a new contract Partial or total redemption (issued directly to client) Partial or total redemption (external transfer) Guarantee reset Reset or change the sales charge option GIA renewal Special event transaction (death, divorce, bankruptcy) Transaction for which a signed form (HBP, LLP, withdrawal of excess contributions, etc.) is required by a government agency 2016-03-24 Page 23