Canadian Scholarship Trust Individual Savings Plan

C.S.T. Consultants Inc. Canadian Scholarship Trust Plan Sponsor Canadian Scholarship Trust Foundation 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8 1.877.333.RESP (7377) Investment Fund Manager and Distributor C.S.T. Consultants Inc. 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8 Trustee RBC Investor Services Trust 155 Wellington Street West, 2nd Floor Toronto, Ontario M5V 3L3 Auditor Deloitte LLP Bay Adelaide East 22 Adelaide Street West, Suite 200 Toronto, Ontario M5H 0A9 Bank Royal Bank of Canada Royal Bank Plaza South Tower 200 Bay Street, 10th Floor Toronto, Ontario M5J 2J5 Canadian Scholarship Trust Individual Savings Plan Semi-Annual Financial Statements Unaudited For updates on your Plan account, login to Online Services at www.cst.org In Quebec, Canadian Scholarship Trust Plan is distributed by C.S.T. Consultants Inc. Scholarship Plan Brokerage Firm. April 30, 2016 F.P.O 2002 M2-E (2016-05) CST Financl_Semi-Stmnt_Cvr_ENG_Final pv_01_12_15.indd 5 2016-06-14 9:23 AM

Contents Statements of Financial Position 1 Statements of Comprehensive Income 2 Statements of Changes in Net Assets Attributable to Subscribers and Beneficiaries 2 Statements of Cash Flows 3 Schedule I Statement of Investment Portfolio 4 Notes to the Financial Statements 5 Government Grants (Appendix I to Schedule I) 9 Unaudited semi-annual financial statements The accompanying semi-annual financial statements have not been reviewed by the external auditors of the Plan in accordance with assurance standards applicable to a review of interim financial statement.

Statements of Financial Position As at April 30, 2016 and October 31, 2015 (in thousands of Canadian dollars) Apr 30, 2016 Oct 31, 2015 (Audited) Assets Cash and cash equivalents $ 243 $ 163 Receivables for securities sold 4 42 Investments, at fair value (Note 4 and Schedule I) 8,965 8,547 Accrued interest and other receivables 3,461 3,407 Government grants receivable 18 33 12,691 12,192 Liabilities Payables for securities purchased 8 22 Accounts payable, accrued liabilities and unclaimed subscribers funds 76 32 Net Assets Attributable to Subscribers and Beneficiaries 12,607 84 54 12,138 Represented by: Non-Discretionary Funds Accumulated income held for future education assistance payments 1,722 1,825 Subscribers deposits (Note 6) 8,100 7,624 Government grants 2,260 2,227 Income on Government grants 502 453 Unrealized Gains (Losses) 23 $ 12,607 9 $ 12,138 1 Individual Savings Plan

Statements of Comprehensive Income For the six months ended April 30, 2016 and 2015 (in thousands of Canadian dollars) Apr 30, 2016 Apr 30, 2015 Income Interest for allocation to subscriber accounts $ 126 $ 134 Realized gains (losses) on sale of investments (19) (8) Change in unrealized gains (losses) 14 104 Dividends 7 5 128 235 Expenses Administration and account maintenance fees (Note 3(a)) 68 68 Portfolio management fees 6 6 Custodian and trustee fees 3 3 Increase in Net Assets from Operations Attributable to Subscribers and Beneficiaries $ 51 77 77 $ 158 Statements of Changes in Net Assets Attributable to Subscribers and Beneficiaries For the six months ended April 30, 2016 and 2015 (in thousands of Canadian dollars) Apr 30, 2016 Net Assets Attributable to Subscribers and Beneficiaries, Beginning of Period $ 12,138 Apr 30, 2015 $ 12,070 Increase in Net Assets from Operations Attributable to Subscribers and Beneficiaries 51 158 Transfers from internal and external plans 447 354 498 512 Receipts Net increase in Subscribers deposits (Note 6) 476 438 Government grants received (net of repayments) 16 120 Disbursements Payments to beneficiaries Education assistance payments (341) (278) Government grants (154) (151) Return of interest (26) (6) Total payments to beneficiaries (521) Receipts less Disbursements (29) Change in Net Assets Attributable to Subscribers and Beneficiaries 469 Net Assets Attributable to Subscribers and Beneficiaries, End of Period $ 12,607 (435) 123 635 $ 12,705 Individual Savings Plan 2

Statements of Cash Flows For the six months ended April 30, 2016 and 2015 (in thousands of Canadian dollars) Apr 30, 2016 Apr 30, 2015 Operating Activities Increase in Net Assets from Operations Attributable to Subscribers and Beneficiaries $ 51 $ 158 Net disbursements from investment transactions (399) (52) Items not affecting cash Realized (gains) losses on sale of investments 19 8 Change in unrealized (gains) losses (14) (104) Change in non-cash operating working capital Increase in Accrued interest and other receivables (54) (124) Increase (decrease) in Government grants receivable 15 (8) (Decrease) increase in Accounts payable, accrued liabilities and unclaimed subscribers funds 44 (79) Cash flow used in Operating Activities (338) (201) Financing Activities Transfers from internal and external plans 447 354 Government grants received (net of repayments) 16 120 Net increase in Subscribers deposits (Note 6) 476 438 Payments to beneficiaries (521) (435) Cash flow from Financing Activities 418 477 Net decrease in Cash and cash equivalents 80 276 Cash and cash equivalents, Beginning of Period Cash 91 160 Cash equivalents 72 196 163 356 Cash and cash equivalents, End of Period Cash 178 241 Cash equivalents 65 391 Cash and cash equivalents, End of Period $ 243 $ 632 Supplemental cash flow information: Withholding Taxes $ 1 $ Interest Income Received 96 127 3 Individual Savings Plan

Schedule I Statement of Investment Portfolio As at April 30, 2016 (in thousands of Canadian dollars) Interest Maturity Par Fair Average Interest Maturity Par Fair Average Security Rate Date Value ($) Value ($) Cost ($) Security Rate Date Value ($) Value ($) Cost ($) Bonds Bonds (continued) Federal 28.8% Canada Housing Trust 2.05 15 Jun 2017 200 202 203 Corporate 24.2% (continued) HSBC Bank Canada 3.56 4 Oct 2017 30 31 31 Canada Housing Trust 1.70 15 Dec 2017 315 320 321 HSBC Bank Canada 2.08 26 Nov 2018 30 30 30 Canada Housing Trust 1.75 15 Jun 2018 645 657 652 HSBC Bank Canada 2.49 13 May 2019 50 51 50 Canada Housing Trust 2.00 15 Dec 2019 320 330 325 HSBC Bank Canada 2.91 29 Sep 2021 25 26 26 Canada Housing Trust 3.75 15 Mar 2020 100 110 111 Mercedes Benz Canada Inc. 1.78 19 Aug 2019 20 20 20 Canada Housing Trust 1.20 15 Jun 2020 100 100 100 National Bank of Canada 2.79 9 Aug 2018 10 10 10 Canada Housing Trust 1.25 15 Dec 2020 70 70 71 National Bank of Canada 1.74 3 Mar 2020 20 20 20 Omers Realty Corporation 2.47 12 Nov 2019 10 10 10 1,789 1,783 Royal Bank of Canada 2.82 12 Jul 2018 20 21 21 Municipal and Provincial 43.3% Royal Bank of Canada 2.77 11 Dec 2018 50 52 51 Province of Alberta 1.70 15 Dec 2017 130 132 129 Royal Bank of Canada 2.03 15 Mar 2021 30 30 30 Province of British Columbia 4.70 1 Dec 2017 400 424 442 Royal Bank of Canada 2.48 4 Jun 2025 30 29 30 Province of Manitoba 1.85 5 Sep 2018 75 76 76 Royal Bank of Canada 3.31 20 Jan 2026 30 30 30 Province of Manitoba 1.60 5 Sep 2020 20 20 20 Toronto Dominion Bank 1.69 2 Apr 2020 30 30 30 Province of New Brunswick 4.40 3 Jun 2019 70 77 78 Toronto Dominion Bank 2.69 24 Jun 2025 30 30 30 Province of Ontario 4.30 8 Mar 2017 50 51 53 Toronto Dominion Bank 2.98 30 Sep 2025 20 20 20 Province of Ontario 4.20 8 Mar 2018 270 286 292 Toronto Dominion Bank 4.78 14 Dec 2105 20 20 21 Province of Ontario 4.40 2 Jun 2019 235 258 261 Toronto Dominion Bank 5.76 18 Dec 2106 20 21 22 Province of Ontario 4.20 2 Jun 2020 330 367 369 Toyota Credit Canada Inc. 2.75 18 Jul 2018 20 21 20 Province of Quebec 4.50 1 Dec 2016 60 61 62 Toyota Credit Canada Inc. 2.48 19 Nov 2019 30 31 30 Province of Quebec 4.50 1 Dec 2017 409 431 446 Toyota Credit Canada Inc. 1.80 19 Feb 2020 40 40 40 Province of Quebec 4.50 1 Dec 2018 80 87 88 VW Credit Canada Inc. 2.45 14 Nov 2017 30 30 30 Province of Quebec 4.50 1 Dec 2019 210 234 241 VW Credit Canada Inc. 2.80 20 Aug 2018 30 30 31 Province of Quebec 4.50 1 Dec 2020 50 57 57 VW Credit Canada Inc. 2.50 1 Oct 2019 20 20 20 Province of Saskatchewan 1.95 1 Mar 2019 130 133 130 VW Credit Canada Inc. 2.15 24 Jun 2020 30 31 31 Wells Fargo Financial 2,694 2,744 Corporation Canada 2.78 15 Nov 2018 40 41 41 Corporate 24.2% Bank of Montreal 1.88 31 Mar 2021 10 10 10 Wells Fargo Financial Corporation Canada 2.94 25 Jul 2019 40 44 43 Bank of Montreal 3.12 19 Sep 2024 40 40 41 1,511 1,512 Bank of Montreal 3.34 8 Dec 2025 20 20 20 Bank of Nova Scotia 2.75 13 Aug 2018 10 10 10 Cash and cash equivalents 3.7% 231 231 Bank of Nova Scotia 2.46 14 Mar 2019 40 41 40 Total Fixed Income Investments 100.0% 6,225 6,270 Bank of Nova Scotia 2.13 15 Jun 2020 10 10 10 Investments Allocation (Note 4) Bank of Nova Scotia 2.09 9 Sep 2020 30 30 30 Government Grants (Appendix I) 2,972 2,904 Bank of Nova Scotia 2.90 3 Aug 2022 10 10 10 Cash and cash equivalents (Appendix I) 11 11 Bank of Nova Scotia 3.37 8 Dec 2025 30 30 30 bcimc Realty Corporation 2.79 2 Aug 2018 90 92 93 Total Investment Fund 9,208 9,185 Bell Canada 3.35 18 Jun 2019 90 94 94 Represented by: BMW Canada Inc. 2.33 26 Sep 2018 40 41 40 Cash and cash equivalents 243 BMW Canada Inc. 2.27 26 Nov 2018 10 10 10 Investments, at fair value 8,965 Caisse Centrale Desjardins 2.80 19 Nov 2018 40 41 41 Caisse Centrale Desjardins 2.44 17 Jul 2019 40 41 40 9,208 Canadian Imperial Bank of Commerce 3.42 26 Jan 2026 20 20 20 Caterpillar Financial Service Limited 1.75 3 Jun 2019 10 10 10 CIBC Capital Trust 9.98 30 Jun 2108 50 60 65 Ford Credit Canada Limited 3.14 14 Jun 2019 20 21 20 Ford Credit Canada Limited 2.92 16 Sep 2020 20 20 20 Health Care REIT Inc. 3.35 25 Nov 2020 10 10 10 Honda Canada Finance Inc. 2.35 4 Jun 2018 50 51 51 Honda Canada Finance Inc. 1.63 12 Aug 2019 10 10 10 Honda Canada Finance Inc. 2.16 18 Feb 2021 20 20 20 Individual Savings Plan 4

Notes to the Financial Statements Six months ended April 30, 2016 and 2015 (Unaudited, in thousands of Canadian dollars) Note 1. Nature of Operations prepared in accordance with International Accounting Standard ( IAS ) 34, Interim Financial Reporting. The Canadian Scholarship Trust Individual Savings Plan These financial statements were approved by the Board of (the Individual Savings Plan or the Plan ) is a self-determined the Foundation on June 9, 2016. Education Savings Plan that was established on October 1, 1999. (b) Basis of measurement The objective of the Plan is to assist parents and others to save for the These financial statements have been prepared on the historical post-secondary education of children. The Plan is managed and cost basis except for financial instruments classified as at fair distributed by C.S.T. Consultants Inc. ( C.S.T.C. ), a wholly-owned value through profit or loss ( FVTPL ), which are measured at subsidiary of the Canadian Scholarship Trust Foundation fair value. (the Foundation ). The Plan s registered place of business is 1600-2235 Sheppard Avenue East, Toronto, Ontario, Canada. (c) Future accounting standard Payments are made by a subscriber to an account maintained by The following new accounting standard has been issued by the the Plan s trustee on behalf of a beneficiary. Payments of sales charges International Accounting Standards Board ( IASB ). This new are made from the subscriber s initial contribution. The principal standard is not yet effective and the Plan has not completed its accumulated over the term of the subscriber s education savings plan assessment of the impact on its financial statements. agreement (the Agreement ) is returned in whole or in part at any IFRS 9 Financial Instruments ( IFRS 9 ) time at the request of the subscriber. A beneficiary is deemed to be a IFRS 9 was issued in November 2009 to replace IAS 39 qualified student upon receipt by the Foundation of evidence of Financial Instruments: Recognition and Measurement ( IAS 39 ). enrolment in a qualifying educational program at an eligible IFRS 9 will be effective for the Plan s financial statements institution. Education assistance payments ( EAPs ) paid to a during its fiscal 2019 year. beneficiary from the Plan are determined by the subscriber and are IFRS 9 introduces new requirements for the classification paid from the income earned on the subscriber s principal. and measurement of financial assets, reducing the number of There are a number of government grants that may be available classifications from those in IAS 39. The approach in IFRS 9 is to beneficiaries including the Canada Education Savings Grant based on how an entity manages its financial instruments in the Program ( CESG ), the Canada Learning Bond ( CLB ), the context of its business model and the contractual cash flow Alberta Centennial Education Savings Grant ( ACES ), the Quebec characteristics of the financial assets. Education Savings Incentive ( QESI ), the Saskatchewan Advantage (d) Financial instruments Grant for Education Savings ( SAGES ) and the British Columbia The Plan recognizes financial assets and financial liabilities when Training and Education Savings Grant ( BCTESG ) (collectively, it becomes a party to a contract. Financial assets and financial Government Grants ). The Alberta government announced that no liabilities, with the exception of those classified as FVTPL, are new grants will be made under the ACES program after measured at fair value plus transaction costs on initial July 31, 2015. recognition. Financial assets and financial liabilities classified as The Plan collects Government Grants, which are credited FVTPL are measured at fair value on initial recognition and directly into subscribers Agreements and invests these funds in transaction costs are expensed when incurred. Investments, at accordance with the Plan s investment policies. The Government fair value have been designated as FVTPL. Grants, along with investment income earned thereon, are paid to Measurement in subsequent periods depends on the qualified students. classification of the financial instrument. The financial assets Agreements are registered with appropriate government and financial liabilities of the Plan are classified as follows: authorities if all required information is provided, and once registered are subject to the rules for Registered Education Savings Plans ( RESP ) under the Income Tax Act (Canada). The current tax Financial asset or financial liability Classification legislation provides that income credited on subscribers principal is Investments, at fair value FVTPL (i) not taxable income of the subscriber unless withdrawn as an Cash and cash equivalents Loans and receivables (ii) Accumulated Income Payment subject to certain eligibility Accrued interest and other receivables Loans and receivables (ii) requirements. The deposits are not deductible for income tax Receivables for securities sold Loans and receivables (ii) purposes and are not taxable when returned to the subscriber. Accounts payable, accrued liabilities and Payments made to a beneficiary, including EAPs, Government unclaimed subscriber funds Other financial liabilities (iii) Grants and investment income earned on Government Grants will Payables for securities purchased Other financial liabilities (iii) constitute taxable income of that beneficiary in the year that the payments are made. Note 2. Significant Accounting Policies (a) Statement of Compliance These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) on a basis consistent with accounting policies as described in Note 2 of the audited annual financial statements for the year ended October 31, 2015. These interim financial statements were 5 Individual Savings Plan (i) Financial assets are designated as FVTPL when acquired principally for the purpose of trading. Financial assets classified as FVTPL are measured at fair value, with changes recognized in Net Income and Comprehensive Income Attributable to Subscribers and Beneficiaries. (ii) Loans and receivables are non-derivative financial assets that have fixed or determinable payments and are not quoted in an active market. Subsequent to initial recognition, loans and receivables are carried at amortized cost using the effective interest method. Loans and receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default. (iii) Other financial liabilities are liabilities that are not derivative liabilities or classified as FVTPL. Subsequent to initial recognition, other financial liabilities are carried at amortized cost using the effective interest method.

Notes to the Financial Statements (continued) Six months ended April 30, 2016 and 2015 (Unaudited, in thousands of Canadian dollars) Note 2. Significant Accounting Policies (continued) (d) Financial instruments (continued) The effective interest method is a method of calculating the amortized cost of a financial instrument and allocating interest over the relevant period. The effective interest rate is the rate that discounts estimated future cash flows (including all transaction costs and other premiums or discounts) through the expected life of the financial instrument to the net carrying amount on initial recognition. (f) Investment transactions and income recognition Investment transactions are accounted for on a trade-date basis. Interest for allocation to subscriber accounts represents the coupon interest received by the Plan accounted for on an accrual basis. The Plan does not amortize premiums paid or discounts received on the purchase of fixed income securities. Dividends and distributions are accrued as of the ex-dividend date and ex-distribution date, respectively. Realized gains (losses) on the sale of investments and Change in unrealized gains (losses) are calculated with reference to the average cost of the related investments and are recognized in the period that such gains (losses) occur. (g) Subscribers deposits and sales charges Subscribers deposits reflect amounts received from subscribers and do not include future amounts receivable on outstanding Agreements. A sales charge is required as part of the initial contribution under each Agreement. Sales charges collected during the reporting period are paid to C.S.T.C. (h) Income taxes The Plan is exempt from income taxes under Section 146.1 of the Income Tax Act (Canada). (i) Cash and cash equivalents Cash and cash equivalents include deposit balances with banks and securities with a purchase date to maturity of 90 days or less and includes term deposits, treasury bills and bankers acceptances. (e) Investment valuation Investments, at fair value include the following types of securities: bonds, money market securities, and exchange- traded funds ( ETF ). The fair value of fixed income securities that are not publicly traded is measured by using either the average bid price from multiple dealers, or by the present value of contractual cash flows, discounted at current market rates. Interest accrued at the reporting date is included in Accrued interest and other receivables. The fair value of securities that are publicly traded in an active market is measured using bid prices at the reporting date. Note 7 provides further guidance on fair value measurements. (j) Foreign currency The functional and presentation currency of the Plan is the Canadian Dollar. To the extent applicable in any period, foreign currency purchases and sales of investments and foreign currency dividend and interest income are translated into Canadian dollars at the rate of exchange prevailing at the time of the transactions. Realized and unrealized foreign currency gains or losses on investments are included in the Statements of Comprehensive Income in Realized gains (losses) on sale of investments and Change in unrealized gains (losses), respectively. (k) Critical accounting estimates and judgments When preparing the financial statements, C.S.T.C management makes estimates and judgments that affect the reported amounts recognized and disclosed in the financial statements. These estimates and judgments have a direct effect on the measurement of transactions and balances recognized in the financial statements. By their nature, these estimates and judgments are subject to measurement uncertainty and actual results could differ. Note 3. Related Party Transactions Related party transactions are measured at the exchange amount, which is the amount agreed between the parties. (a) Distribution and Administration of the Plan The Foundation, as the Plan sponsor, has appointed C.S.T.C. as the Investment Fund Manager and Scholarship Plan Dealer to administer and distribute, respectively, the Plan. The agreements are renewable annually on November 1. Administration and account maintenance fees are paid to the Foundation. Administration fees are annual fees of 1% of the total amount of principal, Government Grants and income earned thereon. During the six months ended April 30, 2016, $68 was recognized as an expense for Administration and account maintenance fees (2015 $68). Administration and account maintenance fees included in Accounts payable, accrued liabilities and unclaimed subscribers funds at April 30, 2016 was $5 (October 31, 2015 $5). Sales charges paid by subscribers from their initial contributions are paid to C.S.T.C. as compensation for the sale and distribution of savings plans. During the six months ended April 30, 2016, $7 was paid to C.S.T.C. from sales charges collected (2015 $8). Related amounts included in Accounts payable, at April 30, 2016 were $12 (October 31, 2015 $12). (b) Fees paid to monitor and manage the portfolio managers Included in Portfolio management fees on the Statements of Comprehensive Income is $1 (2015 $1) charged by C.S.T.C. for expenses incurred to monitor and manage the portfolio managers. No amount is included in Accounts payable, accrued liabilities and unclaimed subscribers funds owing to C.S.T.C. at April 30, 2016 and October 31, 2015 relating to these expenses. Individual Savings Plan 6

Notes to the Financial Statements (continued) Six months ended April 30, 2016 and 2015 (Unaudited, in thousands of Canadian dollars) Note 4. Investment Holdings The investment holdings are disclosed in Schedule I Statement of Investment Portfolio and the related Appendix I to the schedule, which is explained below. The Government Grants are invested collectively in a separate fund with Government Grants of other RESP plans administered by C.S.T.C. The Government Grant principal received and income earned thereon are separately tracked for each subscriber s Agreement. The portfolio holdings are allocated across all plans based on the proportion of principal and income attributable to Agreements within each plan (see Appendix I to Schedule I). Note 5. Risks Associated with Financial Instruments In the normal course of business, the Plan may be exposed to a variety of risks arising from financial instruments. The Plan s exposures to such risks are concentrated in its investment holdings and are related to interest rate risk, credit risk and liquidity risk. The Plan s risk management process includes monitoring compliance with the Plan s investment policy. The Plan manages the effects of these financial risks to the Plan portfolio performance by retaining and overseeing professional external investment managers. The investment managers regularly monitor the Plan s positions, market events and manage the investment portfolio within the constraints of the investment policy and mandate. interest rates had decreased by 1%, the fair value of the Total Investment Fund would have increased by $500 (October 31, 2015 $400). This 1% change assumes a parallel shift in the yield curve with all other variables held constant. In practice, actual results may differ materially. ii. Other price risk Other price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, other than those arising from interest rate risk. Factors specific to an individual investment, its issuer or other factors affecting all instruments traded in a market or market segment affect other price risk. The asset class that is most impacted by other price risk is the ETFs of the Government Grant asset pool, which represents 6% (October 31, 2015 6%) of the Total Investment Fund as at April 30, 2016. As at April 30, 2016, if equity and underlying indices prices had increased or decreased by 1%, with all other variables held constant, the fair value of the Total Investment Fund as per Schedule I Statement of Investment Portfolio would have increased or decreased by approximately $6 (October 31, 2015 $5). In practice, actual results may differ materially. (b) Credit risk Credit risk refers to the ability of the issuer of debt securities to make interest payments and repay principal. The Plan s portfolio is comprised of bonds issued or guaranteed by federal or provincial governments along with corporate debt instruments with a minimum approved credit rating as set by Canadian Securities Administrators. The Plan has a concentration of investments in government and government guaranteed bonds, which are considered to be high credit quality investments thereby moderating credit risk. The Plan s credit risk exposure is summarized below. (a) Market risk i. Interest rate risk Interest rate risk is the risk of a change in the fair value or cash flows of the Plan s investments in interest-bearing financial instruments as a result of fluctuations in market interest rates. There is an inverse relationship between changes in interest rates and changes in the fair value of bonds. This risk is actively managed using duration, yield April 30, 2016 October 31, 2015 curve analysis, sector and credit selection. There is reduced % of Total % of Total risk to interest rate changes for cash and cash equivalents due Investment Amount Investment Amount to their short-term nature. Credit rating Fund (in thousands) Fund (in thousands) The Plan s holdings of debt instruments by maturity are AAA 28% $ 2,581 29% $ 2,536 as follows: AA/AAH/AAL 35% 3,236 39% 3,314 Debt Instruments by Maturity Date % of Total Investment Fund A/AH/AL 26% 2,364 22% 1,950 Apr 30, Oct 31, BBB 2% 203 0% 43 2016 2015 R-1 1% 70 1% 72 Less than 1 year 4% 2% Short-term unrated 2% 178 3% 281 1-3 years 41% 48% Total debt instruments 94% $ 8,632 94% $ 8,196 3-5 years 27% 24% Greater than 5 years 22% 20% The Dominion Bond Rating Service ( DBRS ) was the Total debt instruments 94% 94% primary source for obtaining credit ratings. Secondary sources used include Standard & Poor s Financial Services LLC and As at April 30, 2016, if prevailing interest rates had Moody s Investors Service, Inc. increased by 1%, the fair value of the Total Investment Fund (c) Liquidity risk of $9,208 (October 31, 2015 $8,710) as per the Liquidity risk is the risk that the Plan may not be able to meet Schedule I Statement of Investment Portfolio would have its financial obligations as they come due. The Plan s exposure decreased by $400 (October 31, 2015 $300). If prevailing to liquidity risk is concentrated in principal repayments to 7 Individual Savings Plan

Notes to the Financial Statements (continued) Six months ended April 30, 2016 and 2015 (Unaudited, in thousands of Canadian dollars) Note 5. Risks Associated with Financial Instruments (continued) Assets Measured at Fair Value as of April 30, 2016 Level 1 Level 2 Level 3 Total Fixed income securities $ $ 8,389 $ $ 8,389 (c) Liquidity risk (continued) Equity Securities 576 576 subscribers and EAPs to beneficiaries. The Plan primarily invests in securities that are traded in active markets and can be Total Investment Fund $ 576 $ 8,389 $ $ 8,965 readily sold. The Plan retains sufficient cash and cash equivalents positions to meet liquidity requirements by utilizing cash Assets Measured at Fair Value as of October 31, 2015 forecasting models that reflect the maturity distribution of Level 1 Level 2 Level 3 Total subscribers deposits and accumulated income. All other Fixed income securities $ $ 8,033 $ $ 8,033 financial liabilities are short term and due within one year. Equity Securities 514 514 (d) Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Total Investment Fund $ 514 $ 8,033 $ $ 8,547 Plan holds ETFs that invest in U.S. equities and are hedged to For the six-month period ended April 30, 2016 and year ended Canadian dollars by the ETF provider. October 31, 2015, there were no transfers between Levels 1 or 2. Note 6. Subscribers Deposits The changes in Subscribers deposits for the six-month period ended April 30, 2016 and 2015 are as follows: Apr 30, 2016 Apr 30, 2015 Payments from subscribers $ 888 $ 934 Inter-plan principal transfers 659 406 Return of principal (1,071) (902) Net increase in Subscribers deposits 476 438 Balance, Beginning of Period 7,624 7,610 Balance, End of Period $ 8,100 $ 8,048 Note 7. Fair Value Measurements and Disclosures Estimates of fair value used for measurement and disclosure are designed to approximate amounts that would be received to sell an asset, or paid to discharge a liability, in an orderly transaction between market participants. The carrying values of other financial instruments such as Cash and cash equivalents, Accrued interest and other receivables, Receivables for securities sold, Government grants receivable, Accounts payable, accrued liabilities and unclaimed subscribers funds and Payables for securities purchased approximate their fair values as these financial instruments are short term in nature. The following table presents the level in the fair value hierarchy into which the Plan s financial instruments that are carried at fair value in the Statements of Financial Position are categorized: i. Level 1 financial instruments are valued using quoted market prices. ii. Level 2 financial instruments are valued using directly or indirectly observable inputs. iii. Level 3 financial instruments are valued using unobservable inputs (including the use of assumptions based on the best information available). Individual Savings Plan 8

Government Grants Appendix I to Schedule I Statement of Investment Portfolio As at April 30, 2016 (in thousands of Canadian dollars) Interest Maturity Par Fair Average Interest Maturity Par Fair Average Security Rate Date Value ($) Value ($) Cost ($) Security Rate Date Value ($) Value ($) Cost ($) Bonds Bonds (continued) Federal 19.8% Provincial 29.9% (continued) Canada Housing Trust 2.05 15 Jun 2017 3,700 3,754 3,788 Province of British Columbia 6.35 18 Jun 2031 2,800 4,048 3,990 Canada Housing Trust 1.75 15 Jun 2018 1,220 1,242 1,227 Province of British Columbia 4.70 18 Jun 2037 4,920 6,274 6,017 Canada Housing Trust 2.05 15 Jun 2018 10,079 10,326 10,321 Province of British Columbia 4.95 18 Jun 2040 3,700 4,953 4,777 Canada Housing Trust 2.05 1 Nov 2018 251 186 187 Province of British Columbia 4.30 18 Jun 2042 9,030 11,184 10,388 Canada Housing Trust 1.95 15 Jun 2019 5,500 5,654 5,646 Province of British Columbia 3.20 18 Jun 2044 1,000 1,043 956 Canada Housing Trust 1.75 1 Aug 2019 280 246 247 Province of Manitoba 5.50 15 Nov 2018 1,000 1,108 1,154 Canada Housing Trust 1.26 1 Dec 2019 1,475 1,272 1,277 Province of Manitoba 3.85 1 Dec 2021 1,000 1,115 1,088 Canada Housing Trust 1.29 1 Feb 2020 3,776 3,216 3,243 Province of Manitoba 4.40 5 Sep 2025 2,800 3,248 3,148 Canada Housing Trust 3.75 15 Mar 2020 3,685 4,049 4,090 Province of Manitoba 4.10 5 Mar 2041 5,400 6,196 6,101 Canada Housing Trust 1.46 1 Apr 2021 204 202 202 Province of Manitoba 3.35 5 Mar 2043 1,300 1,324 1,298 Canada Housing Trust 3.80 15 Jun 2021 130 146 144 Province of Manitoba 4.05 5 Sep 2045 8,325 9,611 9,903 Canada Housing Trust 2.40 15 Dec 2022 9,103 9,594 9,512 Province of Manitoba 4.30 15 Nov 2051 450 522 512 Canada Housing Trust 2.90 15 Jun 2024 7,860 8,517 8,440 Province of New Brunswick 4.45 26 Mar 2018 400 425 435 Canada Housing Trust 1.95 15 Dec 2025 8,000 7,983 7,895 Province of New Brunswick 4.40 3 Jun 2019 1,400 1,533 1,556 Canada Post Corporation 4.36 16 Jul 2040 375 484 472 Province of New Brunswick 2.85 2 Jun 2023 200 209 196 Government of Canada 0.00 8 Sep 2016 110 110 110 Province of New Brunswick 3.65 3 Jun 2024 900 985 944 Government of Canada 0.00 22 Sep 2016 1,660 1,655 1,655 Province of New Brunswick 6.47 30 Nov 2027 5,569 6,959 6,908 Government of Canada 0.25 1 May 2017 1,025 1,021 1,022 Province of New Brunswick 5.65 27 Dec 2028 1,195 1,534 1,466 Government of Canada 1.25 1 Aug 2017 750 755 760 Province of New Brunswick 6.55 17 Oct 2030 600 819 839 Government of Canada 1.50 1 Sep 2017 5,091 5,146 5,134 Province of New Brunswick 5.50 27 Jan 2034 2,075 2,698 2,441 Government of Canada 1.25 1 Feb 2018 3,975 4,014 4,035 Province of New Brunswick 4.65 26 Sep 2035 710 844 739 Government of Canada 4.25 1 Jun 2018 450 483 485 Province of New Brunswick 4.55 26 Mar 2037 1,700 2,000 1,986 Government of Canada 1.25 1 Sep 2018 400 405 408 Province of New Brunswick 4.80 26 Sep 2039 1,200 1,468 1,494 Government of Canada 1.75 1 Sep 2019 2,150 2,222 2,230 Province of New Brunswick 3.55 3 Jun 2043 2,000 2,047 2,016 Government of Canada 1.50 1 Mar 2020 2,050 2,106 2,113 Province of Newfoundland and Government of Canada 3.50 1 Jun 2020 5,775 6,399 6,479 Labrador 2.30 2 Jun 2025 1,100 1,059 1,095 Government of Canada 0.75 1 Sep 2020 3,200 3,191 3,179 Province of Newfoundland and Government of Canada 0.75 1 Mar 2021 3,950 3,928 3,900 Labrador 3.00 2 Jun 2026 1,200 1,214 1,199 Government of Canada 3.25 1 Jun 2021 4,150 4,634 4,666 Province of Newfoundland and Government of Canada 2.75 1 Jun 2022 1,500 1,650 1,649 Labrador 6.15 17 Apr 2028 600 779 799 Government of Canada 1.50 1 Jun 2023 2,925 2,983 2,822 Province of Newfoundland and Government of Canada 2.50 1 Jun 2024 1,000 1,090 1,091 Labrador 4.65 17 Oct 2040 1,350 1,571 1,593 Government of Canada 2.25 1 Jun 2025 5,844 6,256 6,276 Province of Nova Scotia 5.80 1 Jun 2033 2,775 3,745 3,481 Government of Canada 1.50 1 Jun 2026 5,619 5,616 5,600 Province of Nova Scotia 4.40 1 Jun 2042 1,600 1,910 1,813 Government of Canada 8.00 1 Jun 2027 3,925 6,466 6,547 Province of Nova Scotia 3.45 1 Jun 2045 1,700 1,754 1,708 Government of Canada 5.75 1 Jun 2029 8,775 12,831 12,910 Province of Nova Scotia 3.50 2 Jun 2062 600 633 599 Government of Canada 5.75 1 Jun 2033 7,700 11,890 11,841 Province of Ontario 1.90 8 Sep 2017 950 963 958 Government of Canada 5.00 1 Jun 2037 16,922 25,377 23,489 Province of Ontario 4.20 8 Mar 2018 4,099 4,340 4,479 Government of Canada 4.00 1 Jun 2041 13,995 19,177 18,287 Province of Ontario 2.10 8 Sep 2018 2,460 2,519 2,546 Government of Canada 3.50 1 Dec 2045 16,900 22,202 21,706 Province of Ontario 4.40 2 Jun 2019 4,000 4,388 4,386 Government of Canada 2.75 1 Dec 2048 8,200 9,469 9,118 Province of Ontario 4.20 2 Jun 2020 2,000 2,225 2,155 Government of Canada 2.75 1 Dec 2064 3,800 4,614 4,386 Province of Ontario 4.00 2 Jun 2021 6,315 7,077 6,824 Kreditanstalt Fur Province of Ontario 3.15 2 Jun 2022 1,675 1,812 1,734 Wiederaufbau Global 5.05 4 Feb 2025 1,211 1,463 1,493 Province of Ontario 8.90 18 Aug 2022 1,000 1,417 1,422 Muskrat Falls Funding Trust 3.83 1 Jun 2037 4,500 5,193 5,005 Province of Ontario 2.85 2 Jun 2023 4,700 4,979 4,580 Muskrat Falls Funding Trust 3.86 1 Dec 2048 900 1,082 1,116 Province of Ontario 3.50 2 Jun 2024 4,690 5,162 4,847 230,299 226,203 Province of Ontario 2.60 2 Jun 2025 3,650 3,748 3,707 Province of Ontario 8.25 22 Jun 2026 450 681 689 Provincial 29.9% Province of Ontario 7.60 2 Jun 2027 2,095 3,128 3,009 Province of Alberta 4.00 1 Dec 2019 155 169 171 Province of Ontario 6.50 8 Mar 2029 3,250 4,590 4,536 Province of Alberta 1.25 1 Jun 2020 1,902 1,890 1,883 Province of Ontario 6.20 2 Jun 2031 1,500 2,115 2,090 Province of Alberta 2.35 1 Jun 2025 1,000 995 992 Province of Ontario 5.85 8 Mar 2033 6,425 8,914 8,767 Province of Alberta 4.45 15 Dec 2025 1,785 2,079 2,052 Province of Ontario 6.35 15 Oct 2034 200 240 230 Province of Alberta 3.90 1 Dec 2033 1,972 2,179 2,120 Province of Ontario 5.60 2 Jun 2035 3,200 4,410 3,855 Province of Alberta 3.45 1 Dec 2043 1,895 1,959 1,962 Province of Ontario 4.70 2 Jun 2037 7,145 8,983 8,190 Province of British Columbia 4.70 1 Dec 2017 3,975 4,213 4,379 Province of Ontario 4.60 2 Jun 2039 6,340 7,936 7,415 Province of British Columbia 1.65 19 Apr 2021 1,500 1,495 1,498 Province of Ontario 4.65 2 Jun 2041 14,515 18,502 17,519 Province of British Columbia 3.30 18 Dec 2023 2,275 2,495 2,358 Province of Ontario 3.50 2 Jun 2043 5,700 6,132 6,064 Province of British Columbia 5.70 18 Jun 2029 2,000 2,684 2,675 Province of Ontario 3.45 2 Jun 2045 23,100 24,789 23,727 9 Individual Savings Plan

Government Grants (continued) Appendix I to Schedule I Statement of Investment Portfolio As at April 30, 2016 (in thousands of Canadian dollars) Interest Maturity Par Fair Average Interest Maturity Par Fair Average Security Rate Date Value ($) Value ($) Cost ($) Security Rate Date Value ($) Value ($) Cost ($) Bonds (continued) Bonds (continued) Provincial 29.9% (continued) Municipal 1.1% (continued) Province of Ontario 2.90 2 Dec 2046 6,500 6,301 5,962 Municipal Finance Authority of Province of Quebec 4.50 1 Dec 2017 2,550 2,694 2,808 British Columbia 2.50 19 Apr 2026 760 753 758 Province of Quebec 4.50 1 Dec 2018 1,000 1,087 1,116 Region of Peel 5.10 29 Jun 2040 350 445 439 Province of Quebec 4.50 1 Dec 2019 1,550 1,725 1,711 Region of Peel 3.85 30 Oct 2042 300 321 317 Province of Quebec 11.00 15 Aug 2020 3,000 4,195 4,332 Province of Quebec 4.50 1 Dec 2020 1,000 1,136 1,057 13,806 13,706 Province of Quebec 3.00 1 Sep 2023 3,000 3,210 3,201 Corporate 29.5% Province of Quebec 3.50 1 Sep 2023 225 241 241 407 East Development Group 2.81 18 Dec 2016 375 376 380 Province of Quebec 3.75 1 Sep 2024 6,775 7,599 7,193 407 East Development Group 6.75 27 Jul 2039 1,272 1,699 1,549 Province of Quebec 2.50 1 Sep 2026 171 173 173 Arrow Lakes Power Province of Quebec 6.00 1 Oct 2029 2,000 2,728 2,693 Corporation 5.52 5 Apr 2041 847 973 847 Province of Quebec 6.25 1 Jun 2032 3,575 5,097 5,002 Bank of Montreal 1.12 12 Jun 2017 253 253 253 Province of Quebec 4.25 1 Dec 2032 350 386 384 Bank of Montreal 1.48 29 Mar 2018 7,662 7,705 7,662 Province of Quebec 5.25 1 Jun 2034 3,000 3,897 3,800 Bank of Montreal 2.10 6 Oct 2020 2,462 2,497 2,462 Province of Quebec 6.50 15 Feb 2035 1,000 1,496 1,463 Bank of Montreal 1.88 31 Mar 2021 1,781 1,784 1,783 Province of Quebec 5.75 1 Dec 2036 2,690 3,790 3,348 Bank of Montreal 4.61 10 Sep 2025 8,650 10,199 10,011 Province of Quebec 5.00 1 Dec 2038 2,940 3,848 3,045 Bank of Nova Scotia 1.84 30 Jun 2016 165 165 165 Province of Quebec 6.00 15 Feb 2040 8,000 11,897 11,489 Bank of Nova Scotia 4.10 8 Jun 2017 5,870 6,051 6,129 Province of Quebec 5.00 1 Dec 2041 11,400 15,194 14,524 Bank of Nova Scotia 2.24 22 Mar 2018 9,090 9,229 9,236 Province of Quebec 4.25 1 Dec 2043 4,500 5,445 5,175 Bank of Nova Scotia 1.33 1 May 2018 1,035 1,032 1,028 Province of Quebec 5.00 15 Feb 2045 1,450 1,974 1,901 Bank of Nova Scotia 2.46 14 Mar 2019 17,303 17,741 17,721 Province of Quebec 3.50 1 Dec 2045 10,000 10,786 10,111 Bank of Nova Scotia 2.40 28 Oct 2019 8,593 8,807 8,793 Province of Quebec 3.50 1 Dec 2048 2,000 2,176 2,043 Bank of Nova Scotia 2.09 9 Sep 2020 2,723 2,754 2,753 Province of Quebec 5.00 15 Feb 2050 1,500 2,103 2,014 Bank of Nova Scotia 3.27 11 Jan 2021 6,968 7,404 7,407 Province of Saskatchewan 3.20 3 Jun 2024 80 86 83 Bankers Hall L.P. 4.38 20 Nov 2023 2,507 2,681 2,507 Province of Saskatchewan 6.40 5 Sep 2031 4,037 5,723 5,700 Caisse Centrale Desjardins 2.80 19 Nov 2018 5,893 6,078 6,097 Province of Saskatchewan 4.75 1 Jun 2040 1,400 1,757 1,727 Canadian Imperial Bank of Province of Saskatchewan 3.90 2 Jun 2045 3,700 4,171 4,093 Commerce 1.13 8 Jun 2017 721 722 721 Province of Saskatchewan 2.75 2 Dec 2046 2,000 1,824 1,753 Canadian Imperial Bank of Commerce 2.35 18 Oct 2017 6,680 6,780 6,800 346,759 334,600 Canadian Imperial Bank of Commerce 1.70 9 Oct 2018 2,394 2,410 2,393 Municipal 1.1% Canadian Imperial Bank of City of Montreal 5.45 1 Dec 2019 200 226 227 Commerce 1.90 26 Apr 2021 60 60 60 City of Montreal 3.00 1 Sep 2025 831 846 837 Canadian Pacific Railway City of Montreal 4.10 1 Dec 2034 375 405 399 Company 6.91 1 Oct 2024 510 359 375 City of Montreal 6.00 1 Jun 2043 375 538 530 Capital Desjardins Inc. 5.19 5 May 2020 7,790 8,696 8,711 City of Ottawa 4.60 14 Jul 2042 500 597 590 Capital Desjardins Inc. 4.95 15 Dec 2026 3,333 3,759 3,731 City of Toronto 4.50 2 Dec 2019 225 248 250 CBC Monetization Trust 4.69 15 May 2027 2,527 2,934 2,729 City of Toronto 3.50 6 Dec 2021 200 217 219 Central 1 Credit Union 1.31 24 Nov 2016 1,352 1,353 1,353 City of Toronto 3.90 29 Sep 2023 1,200 1,333 1,329 Cogeco Cable Inc. 4.18 26 May 2023 1,469 1,536 1,528 City of Toronto 2.95 28 Apr 2035 300 282 277 CSS Partnership 6.92 31 Jul 2042 2,173 2,949 2,782 City of Toronto 3.50 2 Jun 2036 1,309 1,323 1,304 Dutch Municipal Bank, BNG 5.15 7 Mar 2025 143 169 170 City of Toronto 5.20 1 Jun 2040 350 449 446 Enbridge Inc. 1.73 13 Mar 2017 792 787 787 City of Toronto 4.70 10 Jun 2041 325 391 383 Enbridge Inc. 4.57 11 Mar 2044 431 405 400 City of Toronto 3.80 13 Dec 2042 225 237 232 EUROFIMA Maple Bond 4.55 30 Mar 2027 913 1,039 1,022 City of Toronto 4.15 10 Mar 2044 225 252 246 GE Capital Canada Funding City of York 2.60 15 Dec 2025 1,900 1,894 1,853 Company 1.62 15 Feb 2022 1,966 1,915 1,803 City of York 4.00 31 May 2032 300 328 329 GE Capital Canada Funding City of York 4.05 1 May 2034 525 577 578 Company 2.18 6 Feb 2023 3,071 3,120 3,071 Municipal Finance Authority of Greater Toronto Airport British Columbia 4.80 1 Dec 2017 100 106 107 Authority 6.45 30 Jul 2029 1,632 2,067 2,006 Municipal Finance Authority of Heathrow Funding Limited 3.25 21 May 2027 414 418 410 British Columbia 5.10 20 Nov 2018 350 383 389 HSBC Bank Canada 2.08 26 Nov 2018 11,025 11,080 11,091 Municipal Finance Authority of HSBC Bank Canada 2.45 29 Jan 2021 1,266 1,277 1,265 British Columbia 2.05 2 Jun 2019 1,000 1,020 1,024 HSBC Bank Canada 2.91 29 Sep 2021 12,220 12,570 12,429 Municipal Finance Authority of Kraft Canada Inc. 1.98 6 Jul 2020 3,800 3,792 3,800 British Columbia 4.88 3 Jun 2019 350 387 392 Labrador Island Link Funding Municipal Finance Authority of Trust 3.76 1 Jun 2033 500 569 586 British Columbia 3.75 26 Sep 2023 225 248 251 Individual Savings Plan 10

Government Grants (continued) Appendix I to Schedule I Statement of Investment Portfolio As at April 30, 2016 (in thousands of Canadian dollars) Interest Maturity Par Fair Average Interest Maturity Par Fair Average Security Rate Date Value ($) Value ($) Cost ($) Security Rate Date Value ($) Value ($) Cost ($) Bonds (continued) Bonds (continued) Corporate 29.5% (continued) Corporate 29.5% (continued) Labrador Island Link Funding Wells Fargo Financial Trust 3.86 1 Dec 2045 2,600 3,106 3,131 Corporation Canada 3.04 29 Jan 2021 808 853 843 Labrador Island Link Funding Wells Fargo Financial Trust 3.85 1 Dec 2053 800 973 1,008 Corporation Canada 3.46 24 Jan 2023 839 902 889 Loblaw Companies Limited 6.50 22 Jan 2029 1,827 2,281 2,268 WTH Car Rental 2.54 20 Aug 2019 2,960 2,977 2,960 Loblaw Companies Limited 6.54 17 Feb 2033 595 750 737 Manufacturers Life Insurance 340,978 340,141 Company 2.81 21 Feb 2024 1,569 1,585 1,605 Total Fixed Income Investments 80.3% 931,842 914,650 Manufacturers Life Insurance Company 2.64 15 Jan 2025 1,569 1,578 1,592 Number of Fair Average Manufacturers Life Insurance Security Securities Value ($) Cost ($) Company 2.10 1 Jun 2025 1,589 1,557 1,570 Equities 5.8% Manufacturers Life Insurance Agrium Inc. 15 1,570 1,716 Company 2.39 5 Jan 2026 4,728 4,655 4,696 Aimia Inc. 59 508 619 Manufacturers Life Insurance Company 3.18 22 Nov 2027 4,253 4,277 4,256 ATCO Ltd. 30 1,214 1,124 Manulife Financial Corporation 4.45 15 Dec 2026 8,146 8,243 8,423 AutoCanada Inc. 22 452 510 Maritimes and Northeast Bank of Nova Scotia 69 4,568 3,966 Pipelines Limited Partnership 4.34 30 Nov 2019 2,099 2,134 2,169 Birchcliff Energy Ltd. 109 568 623 Maritimes and Northeast Boardwalk Real Estate Investment Trust 1 61 56 Pipelines Limited Partnership 6.90 30 Nov 2019 662 723 747 Brookfield Asset Management Inc. 30 1,259 1,232 Master Asset Vehicle 0.78 15 Jul 2056 5 5 5 CAE Inc. 125 1,856 1,771 Master Asset Vehicle 0.78 15 Jul 2056 31 31 31 Milit-Air Inc. 5.75 30 Jun 2019 1,953 2,088 2,140 Canadian National Railway Company 28 2,149 2,074 National Bank of Canada 2.69 21 Aug 2017 12,060 12,271 12,334 Canadian Natural Resources Ltd. 41 1,542 1,081 NAV Canada 7.56 1 Mar 2027 3,157 4,084 3,974 Canadian Pacific Railway Company 9 1,566 1,555 North Battleford Power L.P. 4.96 31 Dec 2032 997 1,111 1,015 Canadian Western Bank 39 1,067 871 Ontrea Inc. 4.62 9 Apr 2018 1,969 2,073 2,018 Celestica Inc. 26 344 385 Ornge Issuer Trust 5.73 11 Jun 2034 3,365 3,943 3,821 Colliers International Group Inc. 4 219 248 Pearson International Fuel Dollarama Inc. 7 674 549 Facilities Corporation 5.09 9 Mar 2032 2,160 2,345 2,315 Dream Unlimited Corporation 41 317 306 Public Sector Pension Investment Board 3.27 12 Jun 2020 2,804 2,890 2,804 Empire Company Ltd. 33 680 866 Rogers Communications Inc. 6.68 4 Nov 2039 550 724 677 Enbridge Inc. 25 1,315 1,219 Royal Bank of Canada 0.95 17 Jun 2016 798 798 799 Enerflex Ltd. 116 1,392 1,431 Royal Bank of Canada 2.36 21 Sep 2017 5,390 5,468 5,478 Enerplus Corporation 52 360 334 Royal Bank of Canada 2.26 12 Mar 2018 2,590 2,630 2,630 Ensign Energy Services Inc. 20 154 169 Royal Bank of Canada 2.82 12 Jul 2018 3,029 3,116 3,132 Fairfax Financial Holdings Limited 1 935 838 Royal Bank of Canada 2.77 11 Dec 2018 27,570 28,464 28,514 Finning International Inc. 67 1,496 1,275 Royal Bank of Canada 1.43 11 Feb 2020 333 332 333 FirstService Corporation 7 394 321 Royal Bank of Canada 1.37 23 Mar 2020 5,878 5,844 5,878 Franco-Nevada Corporation 9 811 562 Royal Bank of Canada 2.03 15 Mar 2021 2,168 2,185 2,169 Royal Bank of Canada 1.97 2 Mar 2022 710 707 692 Freehold Royalties Ltd. 84 1,051 922 Shaw Communications Inc. 6.75 9 Nov 2039 1,894 2,341 2,311 GMP Capital Inc. 58 295 240 SP1 Limited Partnership 3.21 15 Jun 2019 3,026 2,865 2,804 Granite REIT 19 701 699 St. Clair Holding ULC 4.88 31 Aug 2031 463 491 491 Great Canadian Gaming Corporation 31 562 564 Strait Crossing Great-West Lifeco Inc. 17 621 549 Development Inc. 6.17 15 Sep 2031 226 202 204 Home Capital Group Inc. 43 1,607 1,320 Sun Life Financial Inc. 7.09 30 Jun 2052 3,905 4,862 5,082 IGM Financial Inc. 18 693 613 Toronto Dominion Bank 2.45 2 Apr 2019 7,943 8,162 8,171 Imperial Oil Limited 33 1,353 1,341 Toronto Dominion Bank 2.05 8 Mar 2021 820 829 820 Intact Financial Corporation 26 2,423 2,392 Toronto Dominion Bank 3.23 24 Jul 2024 12,670 13,479 13,251 Toronto Dominion Bank 2.98 30 Sep 2025 6,134 6,106 6,134 Jean Coutu Group (PJC) Inc. 3 52 48 Toronto Dominion Bank 4.86 4 Mar 2031 2,305 2,444 2,305 Laurentian Bank of Canada 8 407 399 Toronto Dominion Bank 4.78 14 Dec 2105 9,049 9,203 9,393 Loblaw Companies Limited 15 1,066 1,046 TransCanada Pipelines Limited 11.80 20 Nov 2020 1,994 2,766 3,033 Magna International Inc. 28 1,497 1,637 TransCanada Pipelines Limited 8.05 17 Feb 2039 1,553 2,304 2,492 Metro Inc. 6 247 212 UniCredit Group 2.52 29 May 2018 2,401 2,426 2,451 Methanex Corporation 28 1,219 1,208 University Health Network 5.64 8 Dec 2022 5,876 6,601 6,740 Morguard Corporation 3 438 399 11 Individual Savings Plan

Government Grants (continued) Appendix I to Schedule I Statement of Investment Portfolio As at April 30, 2016 (in thousands of Canadian dollars) Number of Fair Average Security Securities Value ($) Cost ($) Equities 5.8% (continued) Mullen Group Ltd. 54 789 923 Onex Corporation 11 884 910 Open Text Corporation 6 400 352 Pason System Inc. 69 1,259 1,291 Potash Corporation of Saskatchewan Inc. 63 1,399 1,647 Power Corporation of Canada 35 1,074 996 PrairieSky Royalty Ltd. 57 1,509 1,323 Quebecor World Inc. 15 493 437 Ritchie Brothers Auctioneers 22 774 715 ShawCor Ltd. 30 1,032 882 SNC-Lavalin Group Inc. 19 882 717 Suncor Energy Inc. 102 3,758 3,275 Teck Resources Limited 77 1,188 491 TELUS Corporation 67 2,663 2,778 Toronmont Industries Ltd. 28 1,061 883 Toronto Dominion Bank 77 4,293 3,950 Total Energy Services Inc. 35 455 494 Wajax Corporation 22 393 455 West Fraser Timber Co. Ltd. 8 315 351 Westshore Terminals Investment Corporation 84 1,537 1,796 Total Equities 67,861 63,956 Exchange-traded Funds 13.5% BMO S&P 500 Hedged to CAD Index ETF 2,503 79,016 76,431 ishares Core S&P 500 Hedged to CAD Index ETF 3,264 77,355 74,273 156,371 150,704 Total Equities and ETFs 19.3% Cash and cash equivalents 0.4% Total Portfolio Assets 100.0% 224,232 214,660 4,394 4,394 1,160,468 1,133,704 Government Grant Investment Allocation Group Savings Plan 2001 881,938 862,103 Family Savings Plan 79,615 77,848 Individual Savings Plan 2,972 2,904 Group Savings Plan 169,076 164,663 Plan II 864 830 Founders Plan 21,609 20,962 1,156,074 1,129,310 Cash and Short-term Investments Allocation Group Savings Plan 2001 3,354 3,354 Family Savings Plan 303 303 Individual Savings Plan 11 11 Group Savings Plan 641 641 Plan II 3 3 Founders Plan 82 82 4,394 4,394 Individual Savings Plan 12