LIFE INSURANCE O

F N I s enes i G

Index Accounts Review SERIES IV

Volume 5 / Number 48 / Third Quarter September 30, 2020 Genesis Info

Contents

Market Indices Active Management Money Market Account ...... 3 Global Diversified (iA) Account ...... 19 Bonds Account ...... 4 Global Diversified (Loomis Sayles) Account ...... 20 Canadian Stocks Account ...... 5 Strategic Equity Income (iA) Account ...... 21 Global Stocks Account ...... 6 Dividend Growth (iA) Account ...... 22 International Stocks Account ...... 7 Canadian Stocks (Fidelity) Account ...... 23 European Stocks Account ...... 8 Focused Canadian Stocks (iA) Account ...... 24 U .S . Stocks Account ...... 9 Canadian Stocks Small Cap (Fidelity) Account ...... 25 U .S . Stocks / DAQ Account ...... 10 Canadian Stocks (iA) Account ...... 26 Global Allocation Account ...... 11 Global Dividend (Dynamic) Account ...... 27 Global Stocks (QV) Account ...... 28 Diversified Strategy Global Stocks (iA) Account ...... 29 Prudent Account ...... 12 NorthStar® (Fidelity) Account ...... 30 Moderate Account ...... 13 International Stocks (iA) Account ...... 31 Balanced Account ...... 14 European Stocks (Fidelity) Account ...... 32 Growth Account ...... 15 U .S .Dividend Growth (iA) Account ...... 33 Aggressive Account ...... 16 Global Health Care (Renaissance) Account ...... 34 Active Management Table of net returns as at September 30, 2020 ...... 35 Canadian Bonds (iA) Account ...... 17 Diversified (iA) Account ...... 18 Legal Notices ...... 36

Genesis Info Third quarter, ending September 30, 2020 - 2 - Industrial Alliance Market Indices Risk level Money Market Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Commentary • Oriented on short term revenues The Money Market Account reflects the performance • Priority placed on capital protection of the Bank of Canada’s Target for the overnight rate . • Conforms to a short term investment horizon Treasury bills are among the safest investments in the country, since they are quality securities guaranteed by Management team composed of several managers the Canadian government . Investment style Establishment date: May 2002 Index

Credited return 100% of the return of the index, less current annual fees . Current annual fees: 2 .00% Maximum annual fees: 2 .75%

Year By Year Returns This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 0.5

0.0

-0.5

-1.0 Genesis Account -1.00 -1.00 -1.00-1.00 -1.09 -1.29 -1.5 -1.40 -1.34 -1.49

-2.0 -1.90 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .Performance of the Money Market Account

$20,000

$15,000

$8,903 $10,000 Genesis Account

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Money Market Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (0 2). 0 0. (0 1). (0 1). (0 3). (0 9). (1 1). (1 3). (1 .2) (1 .2)

Fund Code: B62 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 3 - Industrial Alliance Market Indices Risk level Bonds Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor The Fund is suitable for investors who prefer low Asset mix of the FTSE TMX Canada investment risk and have a mid to long term time Universe Bond Index by types of bonds horizon

Canada • The Fund is suitable for investors seeking 33.43% diversification across the fixed income portion of Management team composed of several managers their portfolio Establishment date: May 2002Objectives of the Account • The Fund is suitable for investors that wish to receive regular interest income

Investment style Provinces Corporates 37.76% 26.67% Index

Municipalities 2.14%

Credited return Commentary 100% of the return of the index, less current annual fees . The Bonds Account reflects the performance of the FTSE Canada Universe Bond Index1 . Established in Current annual fees: 3 .25% 1947, the Canada Universe Bond Index1 is the broadest Maximum annual fees: 3 .50% and most widely used measure of performance of marketable government and corporate bonds Year By Year Returns outstanding in the Canadian market, providing the This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed benchmark performance standards for Canadian by December 31 . fixed-income investments . The Index is composed of several hundred bonds, primarily federal and provincial % and, to a lesser degree, municipal and corporate . 7.5 6.18 1 Please refer to the Legal Notices at the end of this publication for 5.31 5.0 more information about the Index . 3.33 3.45 2.5

0.27 0.0 0.21 Genesis Account -0.75 -2.5 -1.59 -1.85

-5.0 -4.35 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

$15,000 Genesis Account $11,062 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Bonds Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 5 4. 0 0. (0 4). 4 6. 3 6. 4 9. 2 7. 0 9. 1 .3 1 .0

Fund Code: B63 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 4 - Industrial Alliance Market Indices Risk level Canadian Stocks Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Dynamic long term growth by participating in the Asset mix of the S&P/TSX 60 performance of the Canadian stock market

Materials 15.50% Investment style Others 17.24% Industrials Index 12.48% Management team composed of several managers Establishment date: May 2002Objectives of the Account

Energy 10.76%

Financials Information Technology 28.42% 10.31% Utilities 5.29%

Commentary The Canadian Stocks Account reflects the performance Credited return of the S&P/TSX 60 Index1, a subset of the 100% of the total return of the index (including dividends), less current annual fees . S&P/TSX Composite Index1 . Its 60 constituents represent Current annual fees: 3 .25% Canadian large cap securities with a view to matching Maximum annual fees: 3 .50% the sector balance of the S&P/TSX Composite Index1 . 1 Please refer to the Legal Notices at the end of this publication Year By Year Returns for more information about the Index . This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 20 17.48 18.04

10.21 10 9.64 8.68 6.28 4.59 0 Genesis Account

-10 -10.71 -10.55 -11.98 -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

$15,000 Genesis Account $13,242 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Canadian Stocks Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (4 5). (2 3). 3 6. 18 .1 (2 9). 0 9. 1 6. 4 2. 3 .9 2 .8

Fund Code: B72 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 5 - Industrial Alliance Market Indices Risk level Global Stocks Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the MSCI World index by • Superior long term growth by focusing on global region diversification

Investment style United States Management team composed of several managers 66.28% Index

Europe Establishment date: May 2002Objectives of the Account 18.90%

Japan 7.83% Pacific Excl. Japan Mid-east and Africa Canada 3.73% 0.18% 3.08%

Commentary Credited return The Global Stocks Account reflects the performance of 100% of the total return of the index (including net dividends), in Canadian dollars, less current annual fees . the Morgan Stanley Capital International (MSCI World) index1 . This stock market index is one of the most Current annual fees: 3 .75% well-known international indicators analysts . The Maximum annual fees: 4 .00% MSCI World index1 is composed of over 2,700 securities from many industrialized countries . Year By Year Returns 1 Please refer to the Legal Notices at the end of this publication This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed for more information about the Index . by December 31 .

% 40

30 30.44

20 16.76 13.91 10 9.12 9.51 10.03 Genesis Account

2.30 0 0.46

-4.17 -10 -6.96 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$35,000

$30,000

$25,000 Genesis Account

$20,000 $21,691

$15,000

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Global Stocks Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 1 9. (1 3). 4 9. 18 .6 7 3. 3 8. 6 1. 6 3. 8 .2 8 .1

Fund Code: B73 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 6 - Industrial Alliance Market Indices Risk level International Stocks Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the MSCI EAFE index by region • Superior long term growth by focusing on international diversification Japan 23.23% • Conforms to an investment horizon that is long

Europe enough to endure the volatility of the market 56.07% Management team composed of several managers values Establishment date: June 2003 Pacific Excl. Japan Investment style 11.05% Index Canada Mid-east and Africa 9.12% 0.53%

Commentary The International Stocks Account reflects the performance of the Morgan Stanley Capital International (MSCI EAFE) Credited return index1 . This stock market index is one of the most 100% of the total return of the index (including net dividends), in Canadian dollars, less current annual fees . well-known international indicators among analysts . Current annual fees: 3 .75% The MSCI EAFE index1 is composed of securities of Maximum annual fees: 4 .00% companies operating in Europe, Australasia and the Far East from many industrialized countries . Year By Year Returns 1 Please refer to the Legal Notices at the end of this publication This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed for more information about the Index . by December 31 .

% 30 26.43 20 13.97 12.40 11.58 10 10.52

0 Genesis Account -1.37 -0.76 -10 -5.62 -9.50 -13.47 -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$25,000

$20,000 Genesis Account $15,000 $13,904

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the International Stocks Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (7 0). (0 5). 1 8. 10 .9 (2 4). (2 5). (0 9). 1 3. 2 .9 3 .4

Fund Code: B76 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 7 - Industrial Alliance Market Indices Risk level European Stocks Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the MSCI Europe index by country • Superior long term growth by focusing on diversification in the main European stock markets Other countries 17.05% • Conforms to an investment horizon that is long Switzerland 16.69% enough to endure the volatility of the market Management team composed of several managers values France Establishment date: May 2002 17.12% Investment style Germany 15.45% Index

United Kingdom Netherlands 6.99% 21.34% Sweden 5.36%

Commentary Credited return The European Stocks Account reflects the performance 100% of the total return of the index (including net dividends), in Canadian dollars, less current annual fees . of the Morgan Stanley Capital International European index1 (MSCI Europe) . This index, one of the most Current annual fees: 3 .75% recognized international stock market indexes, is Maximum annual fees: 4 .00% composed of European securities from many countries, mainly the United Kingdom, Germany, France and Year By Year Returns Switzerland . This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed 1 Please refer to the Legal Notices at the end of this publication by December 31 . for more information about the Index % 30 28.96

20 13.19 12.22 11.64 12.82 10

0 Genesis Account -2.09 -4.91 -10 -6.93 -10.63 -12.40 -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

$15,000 Genesis Account $13,434 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the European Stocks Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (8 7). (1 2). 1 5. 10 .9 (3 6). (2 9). (2 2). 0 3. 2 .3 3 .0

Fund Code: B77 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 8 - Industrial Alliance Market Indices Risk level U.S. Stocks Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the S&P 500 index by • Superior long term growth by participating in the industrial group performance of the majority of American economic sectors

Consumer Discretionary • Conforms to an investment horizon that is long 11.55% Telecommunication Services 10.80% Management team composed of several managers enough to endure the volatility of the market values Health Care Establishment date: May 2002 14.23% Others 10.29% Investment style Index Financials 9.67%

Information Technology Industrials 28.15% 8.29% Consumer Staples 7.02% Credited return Commentary 100% of the total return of the index (including net dividends), in Canadian dollars, less current annual fees . The U .S . Stocks Account reflects the performance of the S&P 500 index1, the most widely used indicator in Current annual fees: 3 .25% the investment industry to judge the performance of Maximum annual fees: 3 .50% the U .S . stock market . Created in 1923, this index is composed of 500 securities primarily listed on the Year By Year Returns New York Stock Exchange . These securities were not This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed selected because of their size, but for their capacity to by December 31 . accurately represent over 90 industrial sectors of the U .S . economy . % 1 40 Please refer to the Legal Notices at the end of this publication 36.57 for more information about the Index . 30

20.49 20 18.88 16.72 Genesis Account

10 9.47 9.72 5.53 4.79 0 0.76 0.60 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$45,000 $40,000 $35,000 Genesis Account $30,000 $25,000 $32,705 $20,000 $15,000 $10,000 $5,000 $0 10 11 12 13 14 15 16 17 18 19 20

Performance of the U .S . Stocks Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 5 9. (1 7). 5 9. 21 .1 12 .1 7 5. 10 .8 10 .1 12 .8 12 .6

Fund Code: B79 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 9 - Industrial Alliance Market Indices Risk level U.S. Stocks / DAQ Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Establishment date: May 2002 Asset mix of the Nasdaq 100 Index Objectives of the Account Telecommunication Services 19.25% • Superior long-term growth by participating in the performance of the 100 largest, non-financial companies listed on the Nasdaq Stock Market Management team composed of several managers • Conforms to an investment horizon that is long Consumer Discretionary Information Technology 18.94% enough to endure the volatility of the market 48.13% values

Health Care 6.63% Consumer Staples 4.66% Utilities Industrials 0.61% 1.78%

Commentary Credited return The U .S . Stocks / DAQ account reflects the performance 100% of the price index return, in Canadian dollars, less current annual fees . of the Nasdaq 100 index1 . This index represents 100 issues of companies that are among the largest Current annual fees: 3 .50% and most active on the U .S . Nasdaq market . This index Maximum annual fees: 3 .75% is mainly made up of companies that offer promising products and services such as computer hardware Year By Year Returns and software, telecommunications, retail/wholesale This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed trade, biotechnology, high-technology products, etc . by December 31 . The Nasdaq 100 offers the best growth prospects of companies operating in the new technology sector . % 1 Please refer to the Legal Notices at the end of this publication 40 39.35 for more information about the Index . 30 26.49 24.91 23.39 20 18.52

10 9.40 10.33 Genesis Account 4.14 1.41 0 -0.81 -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$65,000 $60,000 $55,000 $50,000 $45,000 Genesis Account $40,000 $35,000 $51,897 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 10 11 12 13 14 15 16 17 18 19 20

Performance of the U .S . Stocks / DAQ Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 31 .2 (3 6). 9 3. 34 .8 43 .6 20 .1 22 .5 18 .0 20 .0 17 .9

Fund Code: B82 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 10 - Industrial Alliance Market Indices Risk level Global Allocation Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the Global Allocation • Proportional diversification of the risk between Account “income” and “equities” in the investment portfolio

FTSE Canada Universe Bond 40.00% Management team composed of several managers Investment style Diversified Strategy – Index Establishment date: February 2020

MSCI - World (Can $) 45.00%

S&P/TSX 60 15.00%

Credited return Commentary 100% of the compound return of the portfolio’s index accounts (including dividends), converted into Canadian dollars, less The Global Allocation Account is linked to the return of the current annual fees charged proportionally according to the distribution of each account . an average portfolio composed of the following three market indices: 40% of the FTSE Canada Universe Current annual fees: 3 .48% Bond Index, 15% of the S&P TSX 60 Index and 45% of Maximum annual fees: 3 .73% the MSCI - World ($ CAD) Index . The Global Allocation Account is actively managed with the assets distributed Year By Year Returns among these various indices . This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 15 14.27

10 9.11 8.45 6.74 6.17 5 4.04 3.70 Genesis Account 0 Simulation*

-5 -3.87 -3.32

-10 -7.67 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

Genesis Account $15,000 Simulation* $14,301 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Balanced Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 3 4*. (0 9). 2 6. 13 .1 6 5*. 4 5*. 4 0*. 4 5*. 3 .6* 3 .6*

* Simulation of past returns as if the Account had been in effect for these periods .

Fund Code: B106 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 11 - Industrial Alliance Diversified Strategy Risk level Prudent Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the Prudent Account • Diversification of the risk with a strong “income” proportion in the investment portfolio

Money Market Account 12.00% Investment style Bond Account Management team composed of several managers 60.00% Diversified Strategy – Index

Canadian Stock Account Establishment date: June 2003 10.00%

U.S. Stock Account 9.00%

International Stock Account 9.00%

Commentary The Prudent Account is linked to the return of an Credited return average portfolio composed of the following five Genesis 100% of the compound return of the portfolio’s index accounts (including dividends), converted into Canadian dollars, less index accounts: US Stock Account, International Stock the current annual fees charged proportionally according to the distribution of each account . Account, Canadian Stock Account, Bond Account and Money Market Account . The Prudent Account is actively Current annual fees: 3 .15% managed with the assets distributed among these Maximum annual fees: 3 .46% various accounts . Year By Year Returns This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 7.5 6.57 5.62 5.0 3.45 3.26 2.43 2.5 2.00 1.48 1.72 Genesis Account 0.62 0.0

-2.5 -3.04 -5.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

Genesis Account $15,000

$12,734 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Prudent Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 3 6. (0 4). 0 9. 7 5. 3 7. 4 0. 3 0. 2 2. 2 .7 2 .4

Fund Code: B65 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 12 - Industrial Alliance Diversified Strategy Risk level Moderate Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the Moderate Account • Diversification of the risk with a strong “income” proportion in the investment portfolio Canadian Stock Account 14.00% Investment style Management team composed of several managers U.S. Stock Account Diversified Strategy – Index 13.00% Establishment date: June 2003

Bond Account 50.00%

International Stock Account 13.00%

Money Market Account 10.00%

Commentary Credited return The Moderate Account is linked to the return of an 100% of the compound return of the portfolio’s index accounts (including dividends), converted into Canadian dollars, less average portfolio composed of the following five Genesis the current annual fees charged proportionally according to the distribution of each account . index accounts: US Stock Account, International Stock Account, Canadian Stock Account, Bond Account and Current annual fees: 3 .19% Money Market Account . The Moderate Account is actively Maximum annual fees: 3 .49% managed with the assets distributed among these various accounts . Year By Year Returns This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 10 8.24

6.47 6.20 5 3.78 3.44 3.24 2.51 Genesis Account 1.49 0 -0.05

-5 -3.56 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

Genesis Account $15,000

$13,680 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Moderate Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 3 1. (0 5). 1 4. 9 1. 3 9. 3 9. 3 3. 2 8. 3 .5 3 .2

Fund Code: B66 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 13 - Industrial Alliance Diversified Strategy Risk level Balanced Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the Balanced Account • Proportional diversification of the risk between “income” and “equities” in the investment

Canadian Stock Account portfolio 18.00%

U.S. Stock Account 17.00% Management team composed of several managers Investment style Diversified Strategy – Index Establishment date: May 2002

Bond Account International Stock Account 40.00% 17.00%

Money Market Account 8.00%

Commentary Credited return The Balanced Account is linked to the return of an 100% of the compound return of the portfolio’s index accounts (including dividends), converted into Canadian dollars, less average portfolio composed of the following the current annual fees charged proportionally according to the distribution of each account . five Genesis index accounts: US Stock Account, International Stock Account, Canadian Stock Current annual fees: 3 .24% Account, Bond Account and Money Market Account . Maximum annual fees: 3 .53% The Balanced Account is actively managed with the assets distributed among these various accounts . Year By Year Returns This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 10 9.76 9.93

6.76

5 4.09 4.44 4.49 3.27 2.34 Genesis Account

0

-1.61

-5 -4.09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

Genesis Account $15,000

$14,653 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Balanced Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 2 4. (0 7). 1 9. 10 .7 3 9. 3 7. 3 5. 3 4. 4 .2 3 .9

Fund Code: B67 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 14 - Industrial Alliance Diversified Strategy Risk level Growth Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the Balanced Account • Diversification of the risk with a “stock” proportion higher than “income” proportion in the investment portfolio

Canadian Stock Account U.S. Stock Account 22.00% 21.00% Management team composed of several managers Investment style Diversified Strategy – Index Establishment date: June 2003

International Stock Account 21.00% Bond Account 30.00%

Money Market Account 6.00%

Commentary Credited return The Growth Account is linked to the return of an 100% of the compound return of the portfolio’s index accounts (including dividends), converted into Canadian dollars, less average portfolio composed of the following five Genesis the current annual fees charged proportionally according to the distribution of each account . index accounts: US Stock Account, International Stock Account, Canadian Stock Account, Bond Account and Current annual fees: 3 .28% Money Market Account . The Growth Account is actively Maximum annual fees: 3 .56% managed with the assets distributed among these various accounts . Year By Year Returns This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 15 13.14 11.62 10 7.30 5.43 5.75 Genesis Account 5 4.38 4.01 3.19

0

-5 -3.19 -4.64 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$25,000

$20,000 Genesis Account

$15,000 $15,648

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Growth Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 1 6. (0 9). 2 4. 12 .3 3 8. 3 5. 3 8. 4 0. 4 .9 4 .6

Fund Code: B68 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 15 - Industrial Alliance Diversified Strategy Risk level Aggressive Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the Aggressive Account • Diversification of the risk with a strong “stock” proportion in the investment portfolio

U.S. Stock Account International Stock Account Investment style 25.00% 25.00% Management team composed of several managers Diversified Strategy – Index Establishment date: June 2003

Bond Account 20.00% Canadian Stock Account 26.00% Money Market Account 4.00%

Commentary The Aggressive Account is linked to the return of Credited return an average portfolio composed of the following 100% of the compound return of the portfolio’s index accounts (including dividends), converted into Canadian dollars, less five Genesis index accounts: US Stock Account, the current annual fees charged proportionally according to the distribution of each account . International Stock Account, Canadian Stock Account, Current annual fees: 3 .33% Bond Account and Money Market Account . The Maximum annual fees: 3 .60% Aggressive Account is actively managed with the assets distributed among these various accounts . Year By Year Returns This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed by December 31 .

% 20 16.61 13.33 10 7.84 6.42 7.01 Genesis Account 4.65 4.72 4.02

0

-4.80 -5.20 -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$25,000

$20,000 Genesis Account

$15,000 $16,660

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Aggressive Account

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 0 8. (1 1). 2 8. 13 .8 3 6. 3 2. 3 9. 4 5. 5 .5 5 .2

Fund Code: B69 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 16 - Industrial Alliance Active Management Risk level Canadian Bonds (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • The Fund is suitable for investors who prefer low investment risk and have a mid to long term time

Corporates horizon 33.92% • The Fund is suitable for investors seeking Management team composed of several managers diversification across the fixed income portion of their portfolio Establishment date: December 2005 • The Fund is suitable for investors that wish to receive Government Bonds 11.87% regular interest income

Provincials 36.71% Short term and other Investment style 9.55% Municipals and Subsidized Interest rate forecasts and spread trading 5.83% Foreign Bonds 2.12%

Top 10 holdings of the underlying fund Credited return Canada Housing Trust, 2 .900%, 2024-06-15 3 .74% 100% of the net return of the underlying fund, less current annual fees . Government of Canada, 1 .250%, 2030-06-01 3 .37% Current annual fees: 1 .75% Government of Canada, 0 .140%, 2020-12-31 2 .56% Maximum annual fees: 2 .25% Government of Canada, 2 .000%, 2051-12-01 2 .36% Province of Alberta, 2 .900%, 2028-12-01 2 .03% Government of Canada, 0 .140%, 2020-12-23 1 .89% Year By Year Returns Province of Ontario, 2 .600%, 2027-06-02 1 .80% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Province of Ontario, 1 .750%, 2025-09-08 1 .72% by December 31 . Province of Ontario, 6 .500%, 2029-03-08 1 .59% Province of Ontario, 1 .050%, 2027-09-08 1 .48% % 22 .54% 7.5 Characteristics of the underlying fund 5.65 5.0 4.91 Bond and short term Portfolios 4.10 Average rating - Bonds A+ 2.5 2.69 Average term 10 .4 years 0.30 0.02 Genesis Account Modified duration 8 .0 years 0.0 -0.38 Average coupon 2 .9% -1.08 -2.5 Yield at market value 1 .4% -2.26

-5.0 -4.46 Commentary 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Canadian Bonds (iA) Account reflects the perfor­mance of the IA Wealth Core Bond Pool, A Series . The objective of the Fund is to generate a high total rate of return through a combination of interest income Past Performance and enhancement of capital consistent with security of This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current capital . Therefore, the Fund invests in high quality fixed annual fees . income securities that provide investors with as high a level of income as is consistent with the reasonable $20,000 protection of invested capital . $15,000 Genesis Account $11,107 $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Canadian Bonds (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 5 4. 0 0. (0 4). 4 6. 3 6. 4 9. 2 7. 0 9. 1 .3 1 .0

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B64 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 17 - Industrial Alliance Active Management Risk level Diversified (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • The Fund is suitable for investors who are comfortable with low to moderate investment risk

Foreign Equity and have a mid to long term time horizon 25.82% • The Fund is suitable for investors seeking Management team composed of several managers diversification across asset classes and the

Short term and other potential for a combination of income and capital 25.33% Establishment date: January 2005 growth with income distributed on a quarterly basis

Canadian Equity Investment style 33.16% Canadian Bonds Asset mix favouring a fair balance between asset 14.57% Foreign Bonds Income Trust classes 0.48% 0.64%

Sector Allocation of the underlying fund Canadian Equity Portfolio Credited return 100% of the net return of the underlying fund, less current annual fees . Financials 9 .95% Materials 4 .28% Current annual fees: 1 .75% Industrials 4 .10% Maximum annual fees: 2 .25% Information Technology 3 .75% Energy 3 .60% Communication Services 2 .04% Year By Year Returns Consumer Staples 1 .97% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Utilities 1 .68% by December 31 . Consumer Discretionary 1 .33% Real Estate 1 .02% % Health Care 0 .08% 7.5 33 .80% 5.65 5.0 4.91 Top 10 holdings of the underlying fund 4.10 2.69 IA Clarington Global Value Fund, Series I 14 .45% 2.5 IA Clarington Dividend Growth Class, Series I 14 .31% 0.30 0.0 0.02 Genesis Account Government of Canada, 0 .140%, 2020-12-23 3 .65% -0.38 -1.08 IA Clarington U .S . Dividend Growth Fund, 3 .59% -2.5 Series I -2.26

IA Clarington Thematic Innovation Class I 3 .40% -5.0 -4.46 IA Clarington Strategic Income Fund, Series I 3 .37% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SHOPIFY INC . 2 .20% Royal Bank of Canada 2 .00% The Toronto-Dominion Bank 1 .73% IA Clarington Emerging Markets Bond Fund, 1 .64% Past Performance Series I This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current 50 .34% annual fees . Characteristics of the underlying fund Bond and short term Portfolios $20,000 Average rating - Bonds A+ Average term 8 .9 years $15,000 Genesis Account Modified duration 6 .9 years Average coupon 2 .4% $13,536 Yield at market value 1 .2% $10,000

Commentary $5,000 The Diversified (iA) Account reflects the performance of the IA Clarington Monthly Income Balanced Fund, $0 T6 Series . The objective of the Fund is to seek a 10 11 12 13 14 15 16 17 18 19 20 combination of current interest and dividend income and long term capital growth . The Fund invests in equity, fixed income and cash securities, as well as in Performance of the Diversified (iA) Account1 government and corporate securities to diversify the Fund’s holdings . Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (4 3). (1 0). 2 6. 12 .8 (2 2). (0 6). 0 6. 1 6. 3 .3 3 .1

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B96 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 18 - Industrial Alliance Active Management Risk level Global Diversified (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • The Fund is suitable for investors who are

Foreign Equity comfortable with low to moderate investment risk 32.58% and have a mid to long term time horizon • The Fund is suitable for investors seeking Management team composed of several managers diversification across asset classes and the potential for a combination of income and capital Establishment date: February 2020 growth with income distributed on a quarterly basis Canadian Equity Canadian bonds 24.40% 37.25% Investment style Short Term and others Foreign bonds 4.29% Asset mix favouring a fair balance between asset 1.48% classes Sector Allocation of the underlying fund Canadian Equity Portfolio Financials 21 .92% Credited return Information Technology 15 .58% 100% of the net return of the underlying fund, less current annual fees . Industrials 10 .16% Current annual fees: 1 .75% Health Care 9 .20% Maximum annual fees: 2 .25% Consumer Discretionary 8 .95% Communication Services 7 .77% Consumer Staples 6 .63% Year By Year Returns Materials 5 .78% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Utilities 4 .17% by December 31 . Energy 4 .06% Real Estate 2 .97% % Market Index 2 .81% 15 14.58 100 .00% 11.73

10 8.43 Top 5 holdings of the 3 underlying fund 7.60 6.07 6.22 Canada Housing Trust, 2 .900%, 2024-06-15 3 .74% 5 5.25 Government of Canada, 1 .250%, 2030-06-01 3 .37% Genesis Account Government of Canada, 0 .140%, 2020-12-31 2 .56% 0 Government of Canada, 2 .000%, 2051-12-01 2 .36% -1.23 Simulation* Province of Alberta, 2 .900%, 2028-12-01 2 .03% -5 -4.08 22 .54% -7.41 -10 IA Clarington Real Return Bond Fund 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Government of Canada, Real Return Bond, 17 .10% 2 000%,. 2041-12-01 Government of Canada, Real Return Bond, 16 .95% Past Performance 4 250%,. 2026-12-01 Government of Canada, Real Return Bond, 15 .99% This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current 1 500%,. 2044-12-01 annual fees . Government of Canada, Real Return Bond, 12 .38% 1 250%,. 2047-12-01 $25,000 Government of Canada, Real Return Bond, 11 .87% 4 250%,. 2021-12-01 $20,000 96 .76% Genesis Account IA Clarington Monthly Income Balanced Fund $15,000 $15,531 Simulation*

IA Clarington Global Value Fund, Series I 14 .45% $10,000 IA Clarington Dividend Growth Class, Series I 14 .31% Government of Canada, 0 .140%, 2020-12-23 3 .65% IA Clarington U .S . Dividend Growth Fund, Series I 3 .59% $5,000 IA Clarington Thematic Innovation Class I 3 .40% $0 50 .34% 10 11 12 13 14 15 16 17 18 19 20 Characteristics of the underlying fund Bond and short term Portfolios Average rating - Bonds AA- Performance of the Diversified (iA) Account1 Average term 10 .0 years Modified duration 7 .7 years Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years Average coupon 2 .8% As at September 30, 2020 Yield at market value 1 .3% 3 1*. (0 8). 2 6. 12 .5 6 2*. 3 0*. 3 4*. 3 0*. 4 .9* 4 .5*

Commentary 1 The returns shown are based on the performances of all underlying funds that made up this account since it was created . The Global Diversified (iA) Account reflects 30% of the * Simulation of past returns as if the Account had been in effect for these periods . performance of the IA Wealth Core Bond Pool, A Series, 45% of the performance of the IA Clarington Global Value Fund, A Series and 25% of the performance of the IA Clarington Monthly Income Balanced Fund, T6 Series . The objective of the Account is to seek a combination of current interest and dividend income and long-term capital growth . The funds invest in equity, fixed income and cash securities, as well as in government and corporate securities to diversify the Account’s holdings . Fund Code: B107 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 19 - Industrial Alliance Active Management Risk level Global Diversified (Loomis Sayles) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • Combine growth with current income by investing in global securities Fixed Income 28.70% • Diversify the risk between the asset classes Daniel J . Fuss CFA, CIC • Suits a medium to long term investment horizon David W . Rolley, CFA Eileen N . Riley, CFA Investment style Lee M . Rosenbaum Assets that favour a good balance between the

U.S. Equity Foreign Equity various classes 42.70% 20.40% Establishment date: March 200

Short Term and others 5.60% Canadian Equity 2.60%

Top 10 holdings of the underlying fund Credited return Danaher Corp . 3 .00% 100% of the net return of the underlying fund, less current annual fees . Amazon .com Inc . 2 .90% Current annual fees: 1 .75% Alibaba Group Holding Ltd ., Sponsored ADR 2 .80% Maximum annual fees: 2 .25% MasterCard Inc . 2 .50% IQVIA 2 .30% Roper Technologies Inc . 2 .30% Year By Year Returns Facebook Inc . 2 .30% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Linde PLC 2 .20% by December 31 . S&P Global Inc . 2 .20% UnitedHealth Group Inc . 2 .10% % 24 .60% 20

15.82 Commentary 15

The Global Diversified (Loomis Sayles) Account reflects 11.04 11.55 11.62 the performance of the IA Clarington Loomis Global 10 Allocation Fund, T8 Series . Combines a concentrated 5.81 Genesis Account global equity portfolio with a high conviction U .S . and 5 1.52 global fixed income allocation . Security selection is 0 0.33 driven by bottom-up fundamental research . Managers -1.00 -2.65 look for valuation disparity in the market place to -5 -3.53 position the portfolio where the greatest risk/reward 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 opportunities lie which typically runs counter to macro trends . . Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$25,000

$20,000 Genesis Account $15,000 $15,369

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Global Diversified (Loomis Sayles) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 0 6. (0 8). 3 1. 12 .7 2 7. 4 4. 5 5. 5 5. 4 .0 4 .4

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B102 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 20 - Industrial Alliance Active Management Risk level Strategic Equity Income (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • The Fund is suitable for investors who are comfortable with moderate investment risk and have a mid to long term time horizon • The Fund is suitable for investors that wish to

U.S. Equity Management team composed of several managers maximize after-tax income in a non-registered 33.75% account and receive income regularly Establishment: December 2005 Canadian Equity 52.61% Investment style Value Short term and other 6.83% Income Trust Foreign Equity 4.19% 2.62%

Sector Allocation of the underlying fund Credited return Canadian Equity Portfolio 100% of the net return of the underlying fund, less current annual fees . Financials 12 .93% Utilities 11 .66% Current annual fees: 1 .75% Consumer Staples 7 .67% Maximum annual fees: 2 .25% Communication Services 7 .39% Industrials 4 .94% Year By Year Returns Real Estate 4 .19% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Materials 3 .52% by December 31 . Energy 2 .67% Information Technology 1 .83% % 56 .80% 20 16.29 Top 10 holdings of the underlying fund 13.55

10 9.29 Royal Bank of Canada 4 .12% 7.88 7.92 8.76 Brookfield Asset Management Inc . 3 .37% 5.06 Waste Connections Inc . 3 .18% Genesis Account Apple Inc . 3 .11% 0 The Toronto-Dominion Bank 3 .00% Loblaw Companies Ltd . 2 .97% -4.33 -6.18 -6.34 Fortis Inc . 2 .84% -10 Microsoft Corp . 2 .81% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Algonquin Power & Utilities Corp . 2 .80% Carrier Global Corp . 2 .75% 30 .95% Past Performance Commentary This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current The Strategic Equity Income (iA) Account reflects the annual fees . performance of the IA Clarington Strategic Equity Income Fund, Y Series . The objective of the Fund is to $25,000 generate regular dividend and interest income and moderate long term capital growth . The Fund invests $20,000 primarily in high quality dividend-paying common and Genesis Account preferred shares of Canadian and U .S . issuers, income $15,000 $13,861 trust units and/or fixed income securities of Canadian and U .S . issuers . $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Strategic Equity Income (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (9 7). (0 4). 4 9. 10 .0 (6 9). (2 4). (0 8). 2 2. 2 .7 3 .3

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B70 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 21 - Industrial Alliance Active Management Risk level Dividend Growth (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • The Fund is suitable for investors who are comfortable with moderate investment risk and have a mid to long term time horizon Canadian Equity 73.96% • The Fund is suitable for investors that wish to Management team composed of several managers maximize after-tax income in a non-registered account and receive income regularly Establishment: December 2005 Investment style U.S. Equity 19.89% Value

Income Trust 2.28% Short term and other Foreign Equity 1.66% 2.21%

Sector Allocation of the underlying fund Credited return Canadian Equity Portfolio 100% of the net return of the underlying fund, less current annual fees . Financials 31 .27% Energy 9 .86% Current annual fees: 1 .75% Utilities 7 .80% Maximum annual fees: 2 .25% Industrials 7 .69% Communication Services 6 .30% Year By Year Returns Materials 5 .95% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Real Estate 2 .28% by December 31 . Information Technology 1 .91% Consumer Discretionary 1 .68% % Consumer Staples 1 .50% 20 76 .24% 15.89 16.16 12.74 Top 10 holdings of the underlying fund 10 9.34

Royal Bank of Canada 5 .15% 5.21 5.17 4.95 The Toronto-Dominion Bank 5 .04% Genesis Account Brookfield Asset Management Inc . 4 .78% 0 Sun Life Financial Services of Canada Inc . 3 .84% -4.41 Enbridge Inc . 3 .78% -5.33 Bank of Montreal 2 .84% -10 -9.47 Waste Connections Inc . 2 .74% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 BCE Inc . 2 .59% Canadian National Railway Co . 2 .59% Bank of Nova Scotia 2 .51% 35 .86% Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current Commentary annual fees . The Dividend Growth (iA) Account reflects the performance of IA Clarington Dividend Growth Class, $25,000 T6 Series . This Fund seeks to achieve a consistent level of dividend income with some moderate capital $20,000 appreciation . This Fund invests primarily in common Genesis Account stocks of Canadian companies that pay dividends . $15,000 $13,556 The Fund may also invest in other income generating securities, including income trusts and preferred stocks . $10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Dividend Growth (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (10 .8) (1 3). 4 2. 13 .4 (9 7). (3 1). (1 0). 3 0. 3 .0 3 .1

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B71 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 22 - Industrial Alliance Active Management Risk level Canadian Stocks (Fidelity) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital growth mainly through investments in Canadian equity securities Canadian Equity 87.81% • Conforms to investment horizons that are sufficiently distant to tolerate the volatility of the Maxime Lemieux market values Establishment date: May 2002 Investment style Growth at a reasonable price

Foreign Equity 8.50% Canadian bonds Short Term and others 0.01% 3.68%

Sector Allocation of the underlying fund Ca redited return Canadian Equity Portfolio 100% of the net return of the underlying fund, less current annual fees . Financials 19 .23% Information Technology 12 .22% Current annual fees: 1 .75% Materials 10 .70% Maximum annual fees: 2 .25% Industrials 10 .14% Energy 7 .72% Year By Year Returns Consumer Staples 7 .57% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Consumer Discretionary 6 .93% by December 31 . Utilities 5 .32% Communication Services 4 .96% % Health Care 1 .81% 20 19.65 Real Estate 1 .21% 18.59 87 .81% 11.55 10 10.37 7.84 Top 10 holdings of the underlying fund 6.13 Royal Bank of Canada 2.84 Genesis Account Barrick Gold Corp . 0 The Toronto-Dominion Bank Shopify Inc . -3.80 Canadian National Railway Co . -10 -9.96 -9.83 Alimentation Couche-Tard Inc ., Class B, SV 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 BCE Inc . Dollarama Inc . Metro Inc . Constellation Software Inc . Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current Top 10 holdings represents 38 .46% of the underlying annual fees . fund’s net assets . $25,000 Commentary $20,000 The Canadian Stocks (Fidelity) Account reflects the Genesis Account performance of the Fidelity True North® Fund, A $15,000 Series . The fund seeks long term capital appreciation $15,743

by investing in equity securities of growth-oriented $10,000 companies at reasonable prices . The first screen criteria

is the price/earnings growth (PEG ratio) . However, $5,000 PEG alone tells the manager little about the overall

attractiveness of an investment opportunity . After the $0 first screen is done, the focus goes on the balance sheet . 10 11 12 13 14 15 16 17 18 19 20 The manager needs to see solid cash flow generation and earnings yield . In terms of risk management, the manager manages relative to the benchmark but will Performance of the Canadian Stocks (Fidelity) Account1 take the necessary deviations in order to generate the attractive alpha (value added vs . index) . The manager is Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years well supported by the analysts of Team Canada . As at September 30, 2020 (0 2). (1 2). 3 3. 17 .1 0 8. 3 3. 3 1. 3 4. 4 .4 4 .6

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B85 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 23 - Industrial Alliance Active Management Risk level Focused Canadian Stocks (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital growth mainly through investments in Canadian equity securities Canadian Equity 93.40% • Conforms to investment horizons that are sufficiently distant to tolerate the volatility of the Ian Cooke, CFA market values Joe Jugovic, CPA Establishment date: January 2005 Investment style Value

U.S. Equity Short term and other Bonds 3.63% 0.97% 2.00%

Sector Allocation of the underlying fund Credited return Canadian Equity Portfolio 100% of the net return of the underlying fund, less current annual fees . Financials 20 .97% Industrials 18 .38% Current annual fees: 1 .75% Utilities 13 .73% Maximum annual fees: 2 .25% Materials 11 .80% Energy 9 .73% Year By Year Returns Consumer Discretionary 6 .32% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Real Estate 4 .62% by December 31 . Health Care 3 .02% Consumer Staples 2 .92% % Information Technology 1 .91% 40 93 .40% 31.60

20 Top 10 holdings of the underlying fund 13.91 12.71 10.65 Industrial Alliance Insurance and Financial 6 .09% 4.45 2.26 0 Services Inc . - iA Financial Group Genesis Account AltaGas Ltd . 6 .07% -5.35 Canadian Western Bank 5 .71% -20 -13.74 -16.09 Parkland Corp/Canada 5 .41% -23.54 Superior Plus Corp . 5 .11% -40 Stella-Jones Inc . 4 .63% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Element Fleet Management Corp . 4 .15% Aritzia Inc ., SV 4 .06% Stantec Inc . 3 .73% Toromont Industries Ltd . 3 .33% Past Performance 48 .29% This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees . Commentary The Focused Canadian Stocks (iA) Account, is primarily $20,000 invested in small and mid capitalization companies and offers a complementary approach to conventional $15,000 portfolios . The managers employ a disciplined, Genesis Account bottom-up investment process that incorporates a $7,725 macroeconomic overlay to identify quality, undervalued $10,000 companies with attractive growth potential . The Fund

has a concentrated portfolio composed of the portfolio $5,000 managers’ best ideas .

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Focused Canadian Stocks (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (23 .8) (1 5). 3 1. 24 .8 (18 .7) (18 .8) (12 .7) (2 2). (3 .7) (2 .5)

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B88 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 24 - Industrial Alliance Active Management Risk level Canadian Stocks Small Cap (Fidelity) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020Investment Advisor Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital growth through investments in small and medium size capitalization Canadian Canadian Equity 89.37% companies • Conforms to investment horizons that are Hugo Lavallée sufficiently distant to tolerate the volatility of the market values Establishment date: January 2005 Investment style Growth

Global Equity 7.02% Canadian bonds Short Term and others 0.76% 2.85%

Sector Allocation of the underlying fund Credited return Canadian Equity Portfolio 100% of the net return of the underlying fund, less current annual fees . Consumer Discretionary 17 .19% Materials 13 .75% Current annual fees: 1 .75% Consumer Staples 12 .93% Maximum annual fees: 2 .25% Utilities 12 .28% Financials 8 .51% Year By Year Returns Information Technology 8 .32% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Industrials 6 .74% by December 31 . Communication Services 4 .33% Energy 3 .20% % Real Estate 1 .59% 30 Health Care 0 .53% 22.58 22.20 22.49 89 .37% 20 13.79

Top 10 holdings of the underlying fund 10 7.71 7.16

Dollarama Inc . 0.88 0 Genesis Account Brookfield Renewable Partners LP Alimentation Couche-Tard Inc ., Class B, SV -10 -5.39 Quebecor Inc ., Class B -11.85 -10.67 Franco-Nevada Corp . -20 Hydro One Ltd . 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Restaurant Brands International Inc . Wheaton Precious Metals Corp . CGI Group Inc ., Class A, SV Constellation Software Inc . Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current Top 10 holdings represents 42 .22% of the underlying annual fees . fund’s net assets . $25,000 Commentary $20,000 The Canadian Stocks Small Cap (Fidelity) Account reflects Genesis Account the performance of the Fidelity Canadian Opportunities $15,000 Fund, A Series . Before investing in a company, the Fund $18,514 manager focuses on its fundamental characteristics, $10,000 namely its financial situation, potential growth and earning possibilities . The Fund invests in companies $5,000 which, in the manager’s opinion, offer a possibility of long term growth and whose stocks are trading $0 at prices that reflect good value . The Fund can invest 10 11 12 13 14 15 16 17 18 19 20 in all capitalizations, but favours small and medium capitalization securities whose risks are alleviated through diversification of the portfolio . It can invest up Performance of the Canadian Stocks Small Cap (Fidelity) Account1 to 30% of its assets in foreign companies and can hold cash and fixed income securities . Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 11 .9 1 8. 10 .0 32 .3 15 .4 13 .4 9 9. 9 7. 7 .2 6 .4

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B92 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 25 - Industrial Alliance Active Management Risk level Canadian Stocks (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital growth mainly through investments in Canadian equity securities • Conforms to investment horizons that are Canadian Equity 69.68% sufficiently distant to tolerate the volatility of the Donny Moss, CFA market values

U.S. Equity Establishment date: January 2005 18.94% Investment style Value Canadian Bonds 5.13% Short term and other 2.58% Foreign Equity Income Trust 1.81% 1.86%

Sector Allocation of the underlying fund Canadian Equity Portfolio Credited return Financials 29 .33% 100% of the net return of the underlying fund, less current annual fees . Energy 9 .42% Utilities 7 .44% Current annual fees: 1 .75% Industrials 7 .13% Maximum annual fees: 2 .25% Communication Services 5 .95% Materials 5 .57% Real Estate 1 .86% Year By Year Returns Information Technology 1 .83% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Consumer Discretionary 1 .58% by December 31 . Consumer Staples 1 .43% 71 .54% % 30

21.16 Top 10 holdings of the underlying fund 20 16.75 The Toronto-Dominion Bank 4 .91% 11.68 Royal Bank of Canada 4 .87% 10 7.57 3.93 3.25 Brookfield Asset Management Inc . 4 .54% 0.61 0.58 Genesis Account Enbridge Inc . 3 .90% 0 Sun Life Financial Services of Canada Inc . 3 .73% TFS Canada Bond Series III Inc ., Floating Rate, 2 .77% -10 -7.18 5 .234%, 2022-06-30 -20 -18.32 Waste Connections Inc . 2 .67% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Bank of Nova Scotia 2 .53% Canadian National Railway Co . 2 .50% Government of Canada, 0 .140%, 2020-12-23 2 .41% 34 .83% Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current Commentary annual fees . The Canadian Stocks (iA) Active Management Account reflects the performance of the iA Clarington Canadian $20,000 Conservative Equity Fund, A Series . The manager employs a disciplined investment process that blends a top-down macroeconomic approach and bottom-up $15,000 Genesis Account security selection to select quality companies that have $10,695 the potential to grow and are currently undervalued . The $10,000 Fund primarily invests in large-cap companies with the potential to grow their dividends and aims for healthy diversification by sector and by security . $5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Canadian Stocks (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (18 .1) (1 1). 4 0. 10 .8 (15 .4) (6 1). (3 2). 1 1. (0 .6) 0 .7

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B97 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 26 - Industrial Alliance Active Management Risk level Global Dividend (Dynamic) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Is invested in global equity securities that generate or will eventually generate regular dividends (wich will be reinvested in the fund) while ensuring long term capital growth United States 62.70% Europe • Compatible with an investment horizon that is 20.10% David L . Fingold, B . Sc . Management long enough to tolerate the volatility of market Establishment date: March 2007 values

Short Term and others 7.50% Investment style Mid-east and Africa 5.60% Value Asia and Pacific 4.10%

Top 10 holdings of the underlying fund Lonza Group AG 5 .70% Credited return Nvidia Corp . 4 .20% 100% of the net return of the underlying fund, less current annual fees . HOYA Corporation . 4 .10% Current annual fees: 1 .75% Charter Communications Inc . 4 .00% Maximum annual fees: 2 .25% Dollar General Corp . 4 .00% Costco Wholesale Corp . 4 .00% Thermo Fisher Scientific Inc . 4 .00% Year By Year Returns Lowe's Companies Inc . 4 .00% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed MasterCard Inc . 3 .80% by December 31 . Danaher Corp . 3 .80% 41 .60% % 30 Commentary 26.63 21.73 The Global Dividend (Dynamic) Account reflects 20 20.13 19.70 the performance of the Dynamic Global Dividend Fund, A Series . The Fund seek to provide long term 10 capital growth through investment in a diversified 7.67 Genesis Account 4.33 portfolio consisting primarily of equity securities of 2.81 3.11 businesses located around the world . The portfolio 0 managers searches the globe for well-managed -1.86 -5.82 companies capable of initiating or growing their -10 dividends and that are trading below their intrinsic 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 value . The managers apply a bottom-up analysis to find companies with healthy or improving balance sheets and with a clearly understood dividend policies . Foreign Past Performance currency exposure is actively hedged to help control This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current currency risk . annual fees .

$35,000

$30,000

$25,000 Genesis Account

$20,000 $26,933

$15,000

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Global Dividend (Dynamic) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 7 1. (0 6). 6 9. 16 .7 11 .3 9 2. 11 .8 12 .0 12 .6 10 .4

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B100 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 27 - Industrial Alliance Active Management Risk level Global Stocks (QV) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Targets long term capital appreciation through investments in equity securities from around the world • Conforms to an investment horizon that is long United States 64.96% Management team composed of several managers enough to endure the volatility of the market values Establishment date: October 2019 Europe 28.29% Investment style Growth at a reasonable price

Asian & Pacific Short Term and others 5.37% 1.38%

Top 10 holdings of the underlying fund AFLAC Inc . 4 .24% Credited return Bank of America Corp . 4 .13% 100% of the net return of the underlying fund, less current annual fees . American Express Co . 3 .68% Current annual fees: 1 .75% Samsung Electronics Co . Ltd ., Sponsored GDR 3 .44% Maximum annual fees: 2 .48% 3M Corp . 3 .31% Union Pacific Corp . 3 .19% Berkshire Hathaway Finance Corp ., Class B 3 .17% Year By Year Returns UnitedHealth Group Inc . 2 .98% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Darden Restaurants Inc . 2 .98% by December 31 . Novo Nordisk A/S, Sponsored ADR 2 .97% 34 .09% % 15

Commentary 10.54 The portfolio manager selects the best large companies 10 6.92 6.44 outside of Canada by employing a “bottom-up” 5.14 approach focusing primarily on corporate analysis and 5 fundamental valuation with a secondary assessment 0 Genesis Account of a country’s competitive position, currency, and Simulation* economic growth prospects . The businesses must also -5 have the ability to pay and increase dividends . The -6.64 portfolio focuses on long term ownership of companies -10 that have sustainable competitive advantages, and is 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 typically focused of 25-40 mid and large cap companies operating in developed countries around the world that differs from the index . Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$20,000

$15,000 Genesis Account $10,951 Simulation* $10,000

$5,000

$0 14 15 16 17 18 19 20

Performance of the Global Stocks (QV) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (14 .2) (1 3). (1 6). 6 5. (10 .6)* (9 7)*. (3 7)*. 0 7*. - -

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created . * Simulation of past returns as if the Account had been in effect for these periods .

Fund Code: B100 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 28 - Industrial Alliance Active Management Risk level Global Stocks (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Targets long term capital appreciation through investments in equity securities from around the world • Conforms to an investment horizon that is long United States 62.25% Europe Management team composed of several managers enough to endure the volatility of the market 21.83% values Establishment date: March 2007 Investment style Growth Asian & Pacific 14.22% Short Term and others 1.70%

Sector Allocation of the underlying fund Global Equity Portfolio of various economic regions Credited. return Information Technology 21 .49% 100% of the net return of the underlying fund, less current annual fees . Health Care 14 .87% Consumer Discretionary 12 .81% Current annual fees: 1 .75% Industrials 11 .31% Maximum annual fees: 2 .25% Financials 11 .18% Communication Services 8 .16% Consumer Staples 7 .92% Year By Year Returns Materials 3 .99% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Utilities 3 .14% by December 31 . Real Estate 2 .34% Energy 1 .09% % 98 .30% 40 30.01 Top 10 holdings of the underlying fund 18.38 20 16.28 Apple Inc . 3 .93% 12.39 9.55 9.19 Microsoft Corp . 3 .90% 6.18 Amazon .com Inc . 3 .32% Genesis Account Alphabet Holding Company Inc . 1 .97% 0 Facebook Inc . 1 .94% -5.36 MasterCard Inc . 1 .42% -9.02 -10.51 UnitedHealth Group Inc . 1 .40% -20 Johnson & Johnson 1 .33% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nestlé SA 1 .24% Mondelez International Inc . 1 .20% 21 .65% Past Performance Commentary This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current The Global Stocks (iA) Account reflects the performance annual fees .

of the IA Clarington Global Value Fund, A Series . $35,000 The Fund uses a combination of top-down analysis for geographic and sector allocation, and bottom-up $30,000 analysis for security selection . Selects equity securities $25,000 Genesis Account from issuers considered to be leaders in their respective industries that possess above average earnings growth $20,000 $20,063 and stability, management quality and experience, as $15,000 well as overall market share . Assess the growth potential $10,000 of each industry and economic region, including the specific product(s), market size, as well as their $5,000 relationship to the long term economic growth potential $0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Global Stocks (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 3 7. (1 4). 4 3. 16 .7 10 .3 2 3. 4 4. 4 3. 7 .4 7 .2

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B101 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 29 - Industrial Alliance Active Management Risk level NorthStar® (Fidelity) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Targets long term capital appreciation through investments in equity securities from around the

United States world 34.00% • Conforms to an investment horizon that is long Daniel Dupont, BA enough to endure the volatility of the market Joel Tillinghast, MBA, CFA values Kyle Weaver Europe Investment style 9.31% Establishment date: December 2005 Asia and Pacific Blend 39.56% Other countries 8.10% Short Term and others Canada 6.04% 2.99%

Top 10 holdings of the underlying fund Credited return Ottogi Corp . 100% of the net return of the underlying fund, less current annual fees . Imperial Brands PLC Current annual fees: 1 .75% Microsoft Corp . Maximum annual fees: 2 .25% Seria Co Ltd . ITOCHU Corp . Amazon .com Inc . Year By Year Returns Simplo Technology This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Anthem, Inc . by December 31 . Gilead Sciences Inc . Suncor Energy Inc . % 60 Top 10 holdings represents 18 .05% of the underlying 43.16 fund’s net assets . 40

22.45 Commentary 20 9.29 11.25 Genesis Account The NorthStar® (Fidelity) Account, reflects the 5.89 7.18 2.12 performance of the Fidelity NorthStar® Fund, A Series . 0 The mandate of the Fund is to invest in global equity -3.91 -10.92 -10.74 securities while protecting the capital . The managers of -20 this fund therefore target positive absolute returns and 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 place less emphasis on the reference index .

Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$25,000

$20,000 Genesis Account $15,000 $19,428

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the NorthStar® (Fidelity) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 5 6. 0 4. 4 8. 23 .3 11 .7 2 2. 1 6. 0 6. 5 .8 6 .9

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B75 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 30 - Industrial Alliance Active Management Risk level International Stocks (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital growth mainly through investments out of North AmericaConforms to investment horizons that are sufficiently distant to tolerate the volatility of the market values

Europe Pierre Chapdelaine, CFA 58.35% Asian & Pacific Sevgi Ipek, CFA Investment style 37.79% Growth at a reasonable price Establishment date: October 2019

United States Short Term and others 2.63% 1.23%

Sector Allocation of the underlying fund Global Equity Portfolio Credited return Health Care 15 .50% 100% of the net return of the underlying fund, in Canadian dollars, less current annual fees . Industrials 14 .33% Financials 13 .67% Current annual fees: 1 .75% Information Technology 13 .03% Maximum annual fees: 2 .03% Consumer Discretionary 11 .44% Consumer Staples 10 .14% Materials 7 .26% Year By Year Returns Communication Services 4 .92% Utilities 4 .21% Real Estate 2 .98% Energy 1 .29% 98 .77%

Top 10 holdings of the underlying fund Performance data cannot be published for funds that have been in existence for less than 1 year . Nestlé SA 3 .28% Tencent Holdings Ltd . 2 .43% Alibaba Group Holding Ltd ., Sponsored ADR 2 .40% Iberdrola, S .A . 2 .30% Vonovia SE 2 .28% Chugai Pharmaceutical Co . Ltd . 2 .18% AstraZeneca Group PLC 2 .02% Techtronic Industries Co . Ltd . 1 .99% ASML Holding NV 1 .99% CSL Ltd . 1 .89% 22 .76% Past Performance This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current Commentary annual fees . The Fund uses a multi-dimensional approach blending top-down analysis for geographic and sector allocation, $20,000 and bottom-up analysis for security selection . The Fund is managed with the philosophy of providing a diversified portfolio comprised mainly of large capitalization $15,000 Genesis Account companies possessing steady, sustainable earnings $10,587 Simulation* growth potential and trading at a reasonable value . $10,000 The manager uses both quantitative and qualitative techniques to do so . Investment themes are used to identify macro-economic trends and global themes that $5,000 could have an impact on the local or regional investment environment . $0 19 20

Performance of the International Stocks (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (1 9). 0 0. 2 6. 13 .9 3 9*. - - - - -

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B105 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 31 - Industrial Alliance Active Management Risk level European Stocks (Fidelity) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital growth through investments in securities of continental Europe and the United

Netherlands Kingdom 18.43% • Conforms to investment horizons that are sufficiently

Other countries Matt Siddle, CFA distant to tolerate the volatility of the market 21.24% values France 17.81% Establishment date: January 2005 Investment style Blend

United Kingdom Germany 24.08% 16.87% Short Term and others 1.57%

Top 10 holdings of the underlying fund Credited return SAP AG 100% of the net return of the underlying fund, less current annual fees . Roche Holdings AG Current annual fees: 1 .75% Sanofi LLC Maximum annual fees: 2 .25% Wolters Kluwer NV Prosus NV Unilever NV Year By Year Returns Fresenius Medical Care AG & Co . This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Koninklijke Philips NV by December 31 . Beiersdorf AG SKF AB % 30 28.70 Top 10 holdings represents 38 .52% of the underlying 22.62 fund’s net assets 20 16.69 13.96 13.53 10 Commentary 4.38 The European Stocks (Fidelity) Account reflects the 0 Genesis Account performance of the Fidelity Europe Fund, A Series . The Fidelity European Fund seeks long term capital -10 -5.84 -11.02 appreciation by investing in equity securities of -12.65 -20 -15.70 growth-oriented companies at reasonable prices . 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The investment approach is clearly bottom-up, fully leveraging Fidelity’s internal research . The country allocation is a result of the stock picking process, not an opinion on economic growth, interest rates and Past Performance other macroeconomic statistics . Earnings growth and This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current attractive valuations are the two major stock selection annual fees . criteria . The risk control is absolute (the manager does not pay attention to the benchmark) . He will not $25,000 hold a stock just because it accounts for a significant percentage in the benchmark . $20,000 Genesis Account $15,000 $13,326

$10,000

$5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the European Stocks (Fidelity) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 (11 .8) (1 5). (0 1). 11 .8 (5 0). (5 4). (3 7). (1 4). 1 .2 2 .9

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B89 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 32 - Industrial Alliance Active Management Risk level U.S. Dividend Growth (iA) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Suitable for investors who are comfortable with moderate to high investment risk and have a long term time horizon U.S. Equity 88.15% • Suitable for investors seeking foreign diversification Management team composed of several managers of their portfolio with exposure to U .S . securities Establishment date: December 2005 • Suitable for investors seeking long term capital appreciation potential

Investment style

Canadian Equity Blend (Growth and Value) 4.86% Short term and other Foreign Equity 3.97% 3.02%

Sector Allocation of the underlying fund Credited return U .S . Equity Portfolio 100% of the net return of the underlying fund, in Canadian dollars, less current annual fees . Information Technology 19 .30% Health Care 16 .03% Current annual fees: 1 .75% Financials 12 .89% Maximum annual fees: 2 .25% Industrials 9 .36% Consumer Staples 8 .32% Year By Year Returns Consumer Discretionary 7 .23% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Real Estate 6 .56% by December 31 . Communication Services 3 .67% Utilities 1 .99% % Materials 1 .66% 30 Energy 1 .14% 27.10 88 .15% 19.16 20 17.71 17.94 Top 10 holdings of the underlying fund 10 8.70 Microsoft Corp . 5 .31% 6.97 Genesis Account Apple Inc . 4 .66% Johnson & Johnson 2 .64% 0 0.47 Progressive Corp . 2 .58% -1.32 -5.71 Fortis Inc . 2 .57% -10 Broadcom Inc . 2 .35% -9.03 Progressive Waste Solutions Ltd . 2 .33% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Algonquin Power & Utilities Corp . 2 .29% UnitedHealth Group Inc . 2 .22% Verizon Communications Inc . 2 .21% Past Performance 29 .16% This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees . Commentary The U .S . Dividend Growth (iA) Account reflects the $35,000 performance of the IA Clarington U .S . Dividend Growth $30,000 Fund, A Series . The objective of the Fund is to achieve superior long term capital appreciation consistent with $25,000 Genesis Account the protection of the Fund’s capital . The Fund will invest $20,000 $22,269 primarily in a diversified portfolio of equity securities of large capitalization U .S . corporations, which, in the $15,000 opinion of the investment manager, offer above average $10,000 growth prospects . $5,000

$0 10 11 12 13 14 15 16 17 18 19 20

Performance of the U .S . Dividend Growth (iA) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 1 9. 0 8. 7 0. 18 .6 5 8. 1 2. 4 9. 4 5. 8 .5 8 .3

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B80 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 33 - Industrial Alliance Active Management Risk level Global Health Care (Renaissance) Account Series IV Low to Moderate Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Account Asset mix of the underlying fund • Long term capital appreciation through investments in the health care sector • Conforms to an investment horizon that is long enough to endure the volatility of the market Japan United States 8.34% Portfolio sub-manager values 64.86% Wellington Management Other countries 7.34% Establishment date: January 2005 Investment style Sector United Kingdom 7.33% Switzerland 5.62% Short Term and others Netherlands 4.62% 1.89%

Top 10 holdings of the underlying fund UnitedHealth Group Inc . 5 .78% Credited return Eli Lilly and Co . 5 .27% 100% of the net return of the underlying fund, less current annual fees . Pfizer Inc . 4 .88% Current annual fees: 1 .75% AstraZeneca Group PLC 4 .53% Maximum annual fees: 2 .25% Novartis AG, Sponsored ADR 4 .41% Bristol-Myers Squibb Co . 4 .28% Thermo Fisher Scientific Inc . 3 .69% Year By Year Returns Abbott Laboratories 2 .94% This chart shows you the Account’s annual performance and how an investment made on January 1 would have changed Danaher Corp . 2 .64% by December 31 . Eisai Co . Ltd . 2 .58% 41 .00% % 60 Commentary 49.53 The Global Health Care (Renaissance) Account reflects 40 32.01 the performance of the Renaissance Global Health 28.86 Care Fund, Class A . The Fund is composed of securities 20 15.65 of companies in health-related sectors, specifically in 9.77 Genesis Account the medical technology, biotechnology, health care 5.52 3.49 3.64 and pharmaceutical product industries . Following a 0 -2.42 bottom-up analysis, the manager builds the portfolio stock by stock within each industry group . The -20 -14.93 manager favours a value style in a growth sector . 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Although the Fund may be invested in the securities of companies listed on stock markets anywhere in the world, it is primarily made up of the stocks of U .S . Past Performance and European companies . This graph shows you how a $10,000 investment in this Account would have changed in value after deduction of current annual fees .

$45,000 $40,000 $35,000 Genesis Account $30,000 $25,000 $33,625 $20,000 $15,000 $10,000 $5,000 $0 10 11 12 13 14 15 16 17 18 19 20

Performance of the Global Health Care (Renaissance) Account1

Net compound returns YTD 1 month 3 months 6 months 1 year 2 years 3 years 5 years 7 years 10 years As at September 30, 2020 6 8. 0 9. 2 5. 15 .0 19 .7 6 0. 8 1. 5 0. 11 .7 12 .9

1 The returns shown are based on the performances of all underlying funds that made up this account since it was created .

Fund Code: B95 Past performance is not a guarantee of future returns . Genesis Info Third quarter, ending September 30, 2020 - 34 - Industrial Alliance Table of net returns as at September 30, 2020

Series IV

Current Fees of the Investment Simple returns1 Compound annual returns Annual fees underlying fund2 Advisor

1 month 3 months YTD 1 year 3 years 5 years 10 years % % % % % % % % % Market Indices Money Market 0 .0 (0 .1) (0 .2) (0 .3) (1 .1) (1 .3) (1 .2) 2 .00 - Industrial Alliance Bonds 0 .0 (0 .4) 5 .4 3 .6 2 .7 0 .9 1 .0 3 .25 - Industrial Alliance Canadian Stocks (2 .3) 3 .6 (4 .5) (2 .9) 1 .6 4 .2 2 .8 3 .25 - Industrial Alliance Global Stocks (1 .3) 4 .9 1 .9 7 .3 6 .1 6 .3 8 .1 3 .75 - Industrial Alliance International Stocks (0 .5) 1 .8 (7 .0) (2 .4) (0 .9) 1 .3 3 .4 3 .75 - Industrial Alliance European Stocks (1 .2) 1 .5 (8 .7) (3 .6) (2 .2) 0 .3 3 .0 3 .75 - Industrial Alliance U .S Stocks (1 .7) 5 .9 5 .9 12 .1 10 .8 10 .1 12 .6 3 .25 - Industrial Alliance U .S Stocks / DAQ (3 .6) 9 .3 31 .2 43 .6 22 .5 18 .0 17 .9 3 .50 - Industrial Alliance Global Allocation Account (0 .9) 2 .6 3 .4 6 .5 4 .0 4 .5 3 .6 3 .48 - Industrial Alliance Diversified Strategy Prudent Account (0 .4) 0 .9 3 .6 3 .7 3 .0 2 .2 2 .4 3 .15 - Industrial Alliance Moderate Account (0 .5) 1 .4 3 .1 3 .9 3 .3 2 .8 3 .2 3 .19 - Industrial Alliance Balanced Account (0 .7) 1 9. 2 .4 3 .9 3 .5 3 .4 3 .9 3 .24 - Industrial Alliance Growth Account (0 .9) 2 .4 1 .6 3 .8 3 .8 4 .0 4 .6 3 .28 - Industrial Alliance Agressive Account (1 .1) 2 .8 0 .8 3 .6 3 .9 4 .5 5 .2 3 .33 - Industrial Alliance Active Management Canadian Bonds (iA) 0 .1 (0 .1) 5 .7 4 .3 2 .9 1 .2 1 .1 1 75. 1 .43 Industrial Alliance Diversified (iA) (1 .0) 2 .6 (4 .3) (2 .2) 0 .6 1 .6 3 .1 1 75. 2 .30 Industrial Alliance Global Diversified (iA) (0 .8) 2 .6 3 .1 6 .2 3 .4 3 .0 4 .5 1 75. 1 91. Industrial Alliance Global Diversified (Loomis Sayles) (0 .8) 3 .1 0 .6 2 .7 5 .5 5 .5 4 .4 1 75. 2 .65 Loomis Sayle Strategic Equity Income (iA) (0 .4) 4 .9 (9 .7) (6 .9) (0 .8) 2 .2 3 .3 1 75. 2 .01 iA Clarington Dividend Growth (iA) (1 .3) 4 .2 (10 .8) (9 .7) (1 .0) 3 .0 3 .1 1 75. 2 .47 Industrial Alliance Canadian Stocks (Fidelity) (1 .2) 3 .3 (0 .2) 0 .8 3 .1 3 .4 4 .6 1 75. 2 .45 Fidelity Focused Canadian Stocks (iA) (1 5). 3 .1 (23 .8) (18 7). (12 7). (2 .2) (2 .5) 1 75. 2 .38 QV Investors Canadian Stocks Small Capitalisation (Fidelity) 1 .8 10 .0 11 9. 15 .4 9 .9 9 .7 6 .4 1 75. 2 .47 Fidelity Canadian Stocks (iA) (1 .1) 4 .0 (18 .1) (15 4). (3 .2) 1 .1 0 .7 1 75. 2 .40 iA Clarington Global Dividend (Dynamic) (0 .6) 6 .9 7 1. 11 .3 11 .8 12 .0 10 .4 1 75. 2 .24 Dynamic Global Stocks (QV) (1 .3) (1 .6) (14 .2) (10 .6) (3 .7) 0 .7 - 1 75. 2 .42 QV Investors Global Stocks (iA) (1 .4) 4 .3 3 .7 10 .3 4 .4 4 .3 7 .2 1 75. 1 95. Industrial Alliance NorthStar (Fidelity) 0 .4 4 .8 5 .6 11 7. 1 .6 0 .6 6 .9 1 75. 2 .53 Fidelity International Stocks (iA) 0 .0 2 .6 (1 9). 3 .9 - - - 1 75. 2 .04 Industrial Alliance European Stocks (Fidelity) (1 5). (0 .1) (11 .8) (5 .0) (3 .7) (1 .4) 2 .9 1 75. 2 51. Fidelity U .S . Dividend Growth (iA) 0 .8 7 .0 1 9. 5 .8 4 .9 4 .5 8 .3 1 75. 2 .01 Industrial Alliance Global Health Care (Renaissance) 0 .9 2 .5 6 .8 19 7. 8 .1 5 .0 12 9. 1 75. 3 .02 CIBC

Returns after deduction of current annual fees . Past performance is not a guarantee of future returns .

1 The rates for the period are non-annualized . 2 These fees are as at September 2020 and are subject to change without notice from the external manager . Genesis Info Third quarter, ending September 30, 2020 - 35 - Industrial Alliance Legal Notices

This publication contains information provided by companies not affiliated with iA Financial Group (“Third Party Content Providers”), including, but not limited to, ratings, stock indexes and company-classification systems (“Third Party Content”). Third Party Content is the property of and trademarked by the relevant Third Party Content Provider and has been licensed for use by iA Financial Group. The information presented in this publication is provided for informational purposes only. iA Financial Group and Third Party Content Providers make no representations or warranties as to the information contained herein and do not guarantee its accuracy, timeliness, completeness or usefulness. iA Financial Group and Third Party Content Providers shall have no liability related to the use or misuse of the information provided herein. The investment funds offered by iA Financial Group (“Funds”) are not sponsored, endorsed, issued, sold or promoted by Third Party Content Providers. The latter shall bear no liability whatsoever with respect to any such Funds . Third Party Content Providers make no express or implied warranties with respect to the Funds, nor do they make any representation regarding the advisability of investing in the Funds. Financial and economic publications of iA Financial Group are not written, reviewed or approved by Third Party Content Providers. Any information contained herein may not be copied, used, or distributed without the express consent in writing of iA Financial Group and/or the relevant Third Party Content Provider.

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MSCI The International Equity Index Fund, the Global Equity Index ACWI Fund, the Global Stock Account, the European Stock Account and the International Stock Account are each indexed to an MSCI index. MSCI indexes are licenced for use by iA Financial Group. For more information about the MSCI indexes, visit https://www.msci.com/indexes.

Genesis Info Third quarter, ending September 30, 2020 - 36 - Industrial Alliance

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