Economic and Financial Bulletin Eco Strategist

iAG Savings and Retirement Plan My Education+

Volume 10 / Number 3 / Third Quarter September 30, 2020 EcoStrategist

Contents

Economic and Financial Environment ...... 3 Canadian Hybrid Funds Canadian Disciplined Equity (iAIM) Hybrid 75/25 ...... 56 Market Indicators ...... 10 Strategic Equity Income Hybrid 75/25 ...... 57 Our Investment Advisors ...... 12 Dividend Growth Hybrid 75/25 ...... 58 Focus Funds Dividend Growth (iAIM) Hybrid 75/25 ...... 59 Focus Prudent ...... 17 Canadian Equity Index Hybrid 75/25 ...... 60 ® Focus Moderate ...... 18 Fidelity True North Hybrid 75/25 ...... 61 Focus Balanced ...... 19 Canadian Equity Growth Hybrid 75/25 ...... 62 Focus Growth ...... 20 Fidelity Canadian Opportunities Hybrid 75/25 ...... 63 Focus Aggressive ...... 21 Canadian Equity Small Cap (QV) Hybrid 75/25 ...... 64 North American Equity Hybrid 75/25 ...... 65 Selection Funds Selection Prudent ...... 22 Global Hybrid Funds Selection Moderate ...... 23 Global Disciplined Equity (iAIM) Hybrid 75/25 ...... 66 Selection Balanced ...... 24 Global Dividend (Dynamic) Hybrid 75/25 ...... 67 Selection Growth ...... 25 Global Equity Hybrid 75/25 ...... 68 Selection Aggressive ...... 26 Global Equity (QV) Hybrid 75/25 ...... 69 Global Opportunities (Loomis Sayles) Hybrid 75/25 ...... 70 Disciplined Funds Global True Conviction Hybrid 75/25 ...... 71 Disciplined Prudent (iAIM) ...... 27 Fidelity NorthStar® Hybrid 75/25 ...... 72 Disciplined Moderate (iAIM) ...... 28 Thematic Innovation Hybrid 75/25 ...... 73 Disciplined BAlanced (iAIM) ...... 29 U .S . Disciplined Equity (iAIM) Hybrid 75/25 ...... 74 Disciplined Growth (iAIM) ...... 30 Canadian Equity Funds Income Funds Strategic Equity Income ...... 75 Money Market ...... 31 Dividend Growth ...... 76 Short Term Bond ...... 32 Dividend Growth (iAIM) ...... 77 Bond ...... 33 Canadian Equity Index ...... 78 Disciplined Bond (iAIM) ...... 34 Fidelity True North® ...... 79 Canadian Corporate Bond ...... 35 Canadian Equity Growth ...... 80 Core Plus Bond (Wellington Square) ...... 36 Fidelity Canadian Opportunities ...... 81 Global Fixed Income (PIMCO) ...... 37 Canadian Equity Small Cap (QV) ...... 82 Floating Rate Income (Wellington Square) ...... 38 North American Equity ...... 83 Strategic Corporate Bond ...... 39

SPECIALTY Fidelity American High Yield Currency Neutral ...... 40 U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) ...... 84 Diversified Funds Global Dividend (Dynamic) ...... 85 Diversified Security ...... 41 Global Equity (QV) ...... 86 Diversified ...... 42 Global Equity ...... 87 Diversified Opportunity ...... 43 Global Opportunities ...... 88 Canadian Balanced (QV) ...... 44 Global True Conviction ...... 89 SRI Balanced (Inhance) ...... 45 Fidelity Global Concentrated Equity ...... 90 Diversified Income ...... 46 Fidelity NorthStar® ...... 91 Strategic Income ...... 47 International Equity Index (BlackRock) ...... 92 Global Diversified (Loomis Sayles) ...... 48 International Equity ...... 93 Global Diversified Fixed Income (Forstrong) ...... 49 Fidelity European Equity ...... 94 Global Diversified (Forstrong) ...... 50 U .S . Equity Index (BlackRock) ...... 95 Global Diversified Equity (Forstrong) ...... 51 Fidelity Insights ...... 96 Fidelity Global Monthly Income ...... 52 Thematic Innovation ...... 97 Global Asset Allocation Security (iAIM) ...... 53 American (Dynamic) ...... 98 Global Asset Allocation (iAIM) ...... 54 U .S . Equity ...... 99 Global Asset Allocation Opportunity (iAIM) ...... 55 U .S . Dividend Growth ...... 100

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 1 - Industrial Alliance EcoStrategist

Contents (continued)

Specialty Funds Asian Pacific (Dynamic) ...... 101 Emerging Markets (Jarislowsky Fraser) ...... 102 Global Health Care (Renaissance) ...... 103 Global Infrastructure (Dynamic) ...... 104 Real Estate Income ...... 105 U .S . DAQ Index ...... 106

Indexia Funds Indexia Prudent ...... 107 Indexia Moderate ...... 108 Indexia Balanced ...... 109 Indexia Growth ...... 110 Indexia Aggressive ...... 111

FORLIFE Series Funds - Income Stage FORLIFE Guaranteed Maximum Income ...... 112 FORLIFE Guaranteed Income & Growth ...... 113

Table of Returns ...... 114

Serie F (Class-F) ...... 125

Legal Notices ...... 136

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Looking ahead to the U.S. presidential Graph 1 election in November World : Economic surprise index By Sébastien Mc Mahon, M.E.Sc., PRM, CFA Citigroup index 150 Senior Portfolio Manager, Diversified Funds and Economist Industrial Alliance Insurance and Financial Services Inc . 100 The third quarter of 2020 followed the prevailing mood as the world economy continues to rebound from the worst quarter in modern times . 50

Buoyed by massive liquidity injections from the central banks and a brighter 0 economic outlook for the year ahead, major stock exchanges have added to their accumulated gains since the slump in March . This optimism on the part of -50 investors is reflected in the discourse of governments around the world, which seem to have settled on a consensus whereby a return to lockdown conditions -100 would be unwelcome .

The notorious second wave, which we’ve all been expecting and dreading, is -150 2003 2005 2007 2009 2011 2013 2015 2017 2019 emerging forcefully, particularly in Europe and right here in Canada . For the time being, confinement measures and economic-sector shutdowns are limited to target regions and industries . In Spain, for instance, where the second wave is hitting very hard, the authorities were still reluctant to impose strict measures in If history repeats itself, the behaviour of the markets in the years ahead may and around Madrid as the third quarter came to a close . Consequently, we must mimic what we witnessed in the third quarter, that is to say, an uptrend with expect the spread of the virus to continue until the much talked-about vaccine is periods of sharp spikes driven by liquidity and followed by quick corrections, finally found – and hope that the global economic recovery continues . thereby creating new purchase points for disciplined and opportunistic investors .

On the financial markets, the months of August and September were hectic and The world: The global economy outpacing expectations are very likely reliable indicators for what awaits us in future quarters . The global recovery is proceeding much better than expected, and the economic To begin with, the price of gold soared to more than $2,000 an ounce, following surprise index has attained record levels across the world (Graph 1) . Two factors a sudden surge of interest from small and large investors all around the world . are at play: economic analysts’ expectations were probably too pessimistic; and Even though we expect several more favourable quarters for the price of this the compound effects of monetary and fiscal stimulus measures are much greater precious metal, we weren’t surprised to a healthy correction of nearly 10% occur than expected . at the end of August and beginning of September, since the history of gold prices However, we must remain cautious and not raise our expectations too quickly, is marked by volatility . since at the time of writing, a second wave of the spread of COVID-19 is The same applies to Wall Street, where the S&P 500 and Nasdaq indices had an emerging in Spain, France and, unfortunately, right here in Canada (Graph 2) . outstanding upsurge in August before plummeting back to earth in September . The good news, if there is any, is that governments around the world seem to believe that a return to a complete shutdown of the economy in the event of a marked resurgence of the virus in the coming quarters is unwelcome, making it highly unlikely . What is likely to occur is that certain sectors of activity such as Graph 2 local services, restaurants, bars, and arts and entertainment will be subject to COVID-19 : Daily number of new cases restrictions of varying intensity for a long time to come, but the rest of the and deaths in 2020 economy may continue to operate more freely . 7-day moving average 350,000 8,000 As a result, it’s reasonable to think that we are indeed past the worst of the crisis in economic terms, whether there is a second wave or not . 300,000 7,000

6,000 250,000 In fact, the Organisation for Economic Co-operation and Development (OECD) 5,000 has favourably revised its medium-term forecast scenario and now expects the 200,000 result of a second wave in autumn to be “mere” economic stagnation rather than 4,000 a collapse akin to what we experienced in the first two quarters of 2020 . 150,000 3,000 100,000 The OECD scenario (Graph 3) predicts slow recovery in the next few years and 2,000 places much less importance on the effect of the virus than it did in the previous 50,000 1,000 version released in the spring . You may recall that the previous scenario had predicted – in the event of a second wave – another recession of comparable 0 01-2020 03-2020 05-2020 07-2020 09-2020 magnitude to that of the first recession of 2020 . Confirmed cases (lhs) Deaths (rhs)

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As the third quarter draws to a close, now seems a good time to take stock . The first wave of closure of the world economy probably shrank global GDP by 10 to Chart 1 15% in the first half of the year, and the long-awaited rebound since the Returns of the Canadian Bond Market as at September 30, 2020 relaunch of the economy is going well . Index Returns (%) In the absence of a severe second wave, which would contradict the OECD’s 3 months YTD forecast and further shrink the world economy, we can expect global economic FTSE Canada Universe Bond Index 0.4 8.0 growth for 2020 to be about -5% .

As mentioned above, the concerted efforts of governments and central banks FTSE Canada Short Term Bond Index 0.7 4.8 largely account for the strength of the rebound . For the first time in modern FTSE Canada Mid Term Bond Index 1.1 9.4 times, we’ve had a recession in which household disposable income and the FTSE Canada Long Term Bond Index (0.3) 11.0 savings rate actually increased . Collectively, governments cushioned the fall for households and businesses, thereby fostering an economic recovery that was FTSE Canada Federal 0.0 7.5 initially V-shaped . In addition, as a result of the decline in confidence and FTSE Canada Provincial 0.1 9.2 distancing measures, a portion of government transfers still remain in the pockets FTSE Canada Municipal 1.1 9.3 of taxpayers, which will further promote an orderly recovery in the coming FTSE Canada Corporate 1.3 6.8 quarters .

Following the initial rebound, however, we are now entering the slower part of the recovery, where vulnerabilities persist . From this point onward, the occurrence of a second wave may offset government support and plunge the world economy The economic picture in China, a country that seems to have succeeded by drastic into stagnation or, worse, another recession . means in stifling the spread of the virus, is also very positive . As the third quarter ends, we note that industrial production has made a strong recovery since its In other words, we must expect one of the two scenarios outlined below . slump at the start of the year, and is even back in positive territory when compared to its level of December 2019 . As for household consumption, retail In the first scenario, we avoid a severe second wave, and the world economy sales posted net growth in August as compared with the same date last year . pursues growth at a slower rate, restoring GDP to its 2019 yearend level only in 2022 at the earliest . In short, nothing is won, but there is reason to be pleased with China’s strong economic performance in the third quarter, which reflects the strength of the In the second scenario, the world economy is shaken once again by a wave of rebound in the global economy . COVID-19 contamination, putting the brakes on the economy’s upward trend and intensifying the risk of a new economic contraction . In this scenario, it is difficult Europe: Confidence setting in despite an emerging second wave to foresee a return to 2019 levels before 2023 or 2024 . The European economy was hardest hit by the pandemic in the first half of the In the meantime, it is important to keep fiscal and monetary stimulus measures in year, with annualized declines of 12% in the first quarter and 40% in the second place and avoid any occurrences of economic vulnerability that may be quarter . Public discipline and fiscal measures paid off in the third quarter, exacerbated by a sudden increase in the number of new cases . however, as the eurozone economy is heading for a quarterly rebound of around 35%, also at an annualized rate . As in China, we note that the manufacturing As is often said, a healthy global economy must rely on its main pillars of China, sector (sizeable in Germany) and household consumption are performing well, Europe, and the United States . supporting the confidence of business leaders, which reached a 20-year peak in August (Graph 4) .

For instance, the automotive sector in Germany, which is key to the country’s Graph 3 economy, posted a strong rebound in production in July, even returning to close to pre-pandemic levels .

Here, too, a dose of caution remains in order, since the marked increase in the number of new cases, in Spain and France in particular, reminds us that the battle is not won . High-frequency data tracking, for example, people’s mobility and visits to restaurant and shopping centres, seemed to reach a new plateau in August . Apparently, banks have also started to tighten their credit conditions and are less inclined to make mortgage loans available to new homebuyers .

As noted above, steady support from tax authorities in Europe is vital, just as it is everywhere else . Establishing a form of fiscal union, covered in detail in last quarter’s publication, will ensure continuity and, above all, targeted support to the regions that need it most . Still, we welcome the initiative, announced by the German government, to maintain its payroll subsidy until December 2021 . As a result, everything is in place to support business confidence, stimulate hiring and

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these two economic powers will be disrupted . A great deal has happened since Chart 2 the infamous referendum of 2016, and the impact may not be as great as Market Returns as at September 30, 2020 previously foreseen, but we should expect tension and probably some slight volatility on European markets if the situation is not resolved quickly . Index Returns (%) 3 months YTD United States: Looking ahead to the election in November FTSE Canada 91 Day T-Bill Index 0.1 0.8 The U .S . economy is also struggling with the economic repercussions of the FTSE Canada Universe Bond Index 0.4 8.0 pandemic, and its efforts at containing the first wave leaves much to be desired . S&P/TSX Composite Index 4.7 (3.1) Massive tax efforts have so far succeeded in cushioning the blow and providing S&P 500 (Can. $) 6.8 8.7 the world’s largest economy with some impetus, but the discord in Washington is MSCI - EAFE (Can. $) 2.8 (4.3) clearly weighing on the economic data’s momentum . MSCI - World (Can. $) 5.8 4.8 The contraction of U .S . GDP in the second quarter does compare favourably with Exchange Rate (Can. $ / US $) (1.9) 3.0 other developed countries, at around -31% at an annualized rate . If we look back at quarterly performance figures of the past hundred years, the second quarter of 2020 would rank as the fifth-worst quarterly contraction in history, after the first quarter of 1946, the first and third quarters of 1932, and the first quarter of 1921 (Graph 5) . Chart 3 Market Returns as at September 30, 2020 But looking ahead rather than in the rear-view mirror, we can discern some more disturbing signs . As is the case elsewhere in the world, disposable household Index Returns (%) income in the United States has gone up during the pandemic as a result of 3 months YTD government transfers through increases to employment insurance, for instance . Unlike Europe and Canada, however, government support came to an end in S&P/TSX Sector returns large part in the summer due to the two political parties’ inability to agree on the Energy (8.1) (35.9) appropriate extent and nature of the next phase of stimulus measures . Materials 9.1 25.8 Industrials 13.6 9.3 Consequently, the U .S . finds itself with a huge number of people who are unemployed, who no longer receive government support, and who face an Consumer Discretionary 8.4 (3.2) employment market that creates fewer and fewer jobs every month . In addition, Consumer Staples 9.1 10.5 the spread of COVID-19 is still not under control, and the social climate is Health Care (14.3) (40.8) increasingly tense . Given this situation, it’s no wonder that household confidence Financials 4.0 (12.9) remains fragile . Information Technology 3.6 67.9 Communication Services 2.0 (7.1) This lack of confidence among U .S . households is worrisome because, as we’ve Utilities 11.0 9.2 stated repeatedly in this publication, consumption represents approximately 70% Real Estate 4.1 (16.7) of U .S . GDP . Service-related spending, for example in restaurants, is restricted due to social distancing requirements, and retail sales have clearly slowed down since S&P/TSX Composite Index 4.7 (3.1) July, with a slight monthly uptick of 0 .6% in August (Graph 6) . This lack of confidence, however, is not evident in the real estate sector, which is in full swing due to falling interest rates (see the Canada section below for investment, and promote a long and vigorous economic recovery in Europe in the greater detail), but there is reason to believe that the U .S . economy is more years ahead . fragile than the majority of developed economies since it has already reopened several sectors of economic activity . While we may have forgotten Brexit somewhat, the fact is that it still isn’t settled . Lately, it has come back in the spotlight . As Americans prepare to vote in November, there is reason to worry that partisanship will grow more intense between now and then . As you may recall, the United Kingdom and the European Union came to an agreement nearly a year ago, and their separation came into effect on January Clearly, the election will be the defining event of the final quarter, and the first 31, 2020 . However, the final agreement governing, among other things, trade debate at the end of September has set the tone! links and the mobility of citizens from both regions is still being negotiated, with a deadline of October 16 . The stakes are high, including managing the public health crisis, which will differ depending on which of the two candidates, Biden or Trump, is elected . In The odds of reaching an agreement prior to that date have recently plummeted . addition, the Democratic platform includes significant tax increases over the next The Parliament of the United Kingdom has voted an amendment to the previous few years . agreement, a procedure that constitutes a breach of international law, igniting a firestorm of controversy in the European Union . As a result, it is possible that a We won’t venture to predict the outcome of the election (at the moment, disorderly split will take place at the end of the year and that trade between Mr . Biden has a fragile lead in the polls), but we’re convinced that the worst

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Minister were worth it, but we agree with his observation that the cost of doing Chart 4 nothing would have been much worse . In a situation as extraordinary as the one we’re still experiencing, the role of government is to take the place of the private sector and prevent a crisis of a temporary nature from creating too many Tactical Allocation Strategic Allocation permanent negative effects . (0-6 Month Horizon) (6-18 Month Horizon) -- - N + ++ -- - N + ++ Money Market As we’ve stated in recent years, Canada was in a very enviable fiscal position Bonds Duration prior to the crisis, which allowed it to deploy ambitious policies against a Equities backdrop of recession . The country’s debt-to-GDP ratio, at around 50%, still Canadian Equities Foreign Equities remains one of the lowest among developed nations, and there is no urgency to U.S. Equities International Equities return to balanced budgets . Emerging markets Gold Foreign Currencies In the good news column, the Canadian real estate market has exploded since CAD vs USD the economy reopened, supported by low interest rates and latent demand that CAD vs EUR built up over the spring . result for the markets would be a very narrow victory for Mr . Biden . We would The strength of the market is astounding according to data published by the then be plunged into a situation where President Trump, known for its belligerent Canadian Real Estate Association (CREA) . For instance, although August is style, would contest the outcome of the election, possibly resulting in upheaval to typically not a busy month in the real estate market, we saw an increase of more American institutions and further divisiveness among the population . This than 20% in average transaction pricing as compared with August 2019 . The scenario might even lead us to inauguration day without Americans knowing who number of transactions reached 58,645, the sixth-best month in Canadian history won the election . (In such a situation, the Speaker of the House of and an all-time record for the month of August (33% more than in August 2019 Representatives, Nancy Pelosi, would become acting president of the United and 6% more than in July 2020, which was also a historic record for the month States .) of July) . In others words, we may be on the verge of a historic autumn to close out a year The same was true for average prices, which leapt to $586,000 in August, an that will be indelibly etched in our memory . increase of 18 .5% compared with August 2019 . Excluding the Toronto and Canada: Well-positioned for economic over-performance Vancouver markets, which obviously colour this result, average price would be in the order of $464,000 . Canada’s economy experienced considerable turmoil at the start of the year with a drop in the prices of natural resources, a pause in world trade, and a shutdown Keep in mind that the pandemic came at a bad time for the real estate market . In of its domestic economy . Canada also posted one of the worst economic normal times, this market follows a fairly predictable cycle: a slow start in winter, performances among developed countries in the second quarter, with a 38 .7% a peak in spring, and a gradual slowdown until the end of the year . Consequently, annualized contraction, worse than the U .S . result of -31 .4% . the current massive surge may be short-lived, even if low interest rates were to support the real estate market for several more years . However, just as in Europe, sound management of the public health crisis and massive tax-policy support have given the Canadian economy a strong boost An interesting observation hidden behind these figures is an acceleration of a since its reopening in May . In fact, GDP growth in the third quarter of 2020 longstanding emerging trend, namely, that homebuyers seem to want more promises to be very positive in Canada, and may even rank as one of the best in space, which entails higher average purchase prices in the city and, more developed countries: we’re now talking about an expected growth of 40 to 45% important, a flight to the suburbs . In fact, the suburbs of large Canadian cities is at an annualized rate . where the increase in average transaction prices has been the greatest, for example, a 25% price increase in 12 months in the suburbs of Toronto and It appears that while the federal government’s bet on a policy of fostering the Vancouver . Conversely, the condominium market has declined slightly in large employment relationship between employers and employees was certainly costly, cities . it has paid off . As of August 31, Canada had already recovered 63% of the jobs lost compared to only 48% in the U .S ., even though the Canadian unemployment This autumn, we’ll monitor the impact of mortgage deferral programs that are rate is higher than the U .S . rate (at 10 .2% as compared with 8 .4%) . What coming to an end . In fact, the Canada Mortgage and Housing Corporation accounts for this difference is the fact that Canadians are more likely to have (CMHC) issued a warning in September that a wave of defaults may be coming remained in the labour force (since they had an employment relationship with our way by the end of the year . According to the organization, 760,000 employers or were actively looking for work), while south of the border, a large Canadians have requested a mortgage deferral since the start of the pandemic, number of discouraged Americans simply stopped looking for a job . and these deferrals have left a total of $1 billion per month in the pockets of Canadian households . As a result, we can expect to see an increase in delinquent The topic of the federal government’s projected deficit in 2020 once again made loans over the next few months, a factor that will likely push banks to tighten headlines in the third quarter . In his July 8 fiscal update, former Finance Minister their purse strings . Bill Morneau reported a deficit that would possibly rise to $343 billion for the 2020-2021 fiscal year, a peak since World War II as a % of GDP and increasing Markets: Rising but with a touch of volatility the debt-to-GDP ratio to 49% from 31% last year . Once again, the markets made headlines in the third quarter for good and not so Time will tell whether the cost of the measures announced by the Finance good reasons .

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First of all, there have been generally good surprises with regard to corporate its 2% target . This statement has a profound effect on markets, since inflation profits . has mainly been below the Fed’s target over the course of the past decade; as a result, it will tolerate an increase in inflation above its target before considering S&P 500 Index companies exceeded expectations by maintaining or increasing raising its prime rate . In plain language: the Fed’s prime rate will remain very low their dividend by a greater proportion than expected in 2020 . According to for a few more years (its forecasts published in September indicate low rates until Bloomberg, only 13% of listed companies announced a cut in dividend . at least 2023), making equities more attractive than bonds .

It’s on the issue of share buybacks that boards of directors have decided to be While we are optimistic in the medium to long term regarding over-performance cautious and conserve capital . According to the J .P . Morgan Bank, the volume of in equities, we see several risk factors that may cause bouts of volatility in this share buybacks within the S&P 500 Index has dropped by 74% as compared with autumn . We can easily list seven, in order of importance . the same period last year . With the projected improvement in economic outlook in the quarters ahead, we expect buyback programs to make a gradual recovery, The first factor, as already discussed above, is the U .S . presidential election . Since thereby adding further drive to equity markets . markets dislike uncertainty, a contested election leading to a constitutional crisis and legal proceedings lasting for months would likely generate a great deal of Beyond the positive backdrop, there were two particularly noteworthy events this volatility as the year comes to a close . summer: the explosion of the Nasdaq and the U .S . Federal Reserve’s change of course . The second factor would be the resurgence of trade tensions between the United States and China, which would once more weigh on investors and create Let’s start with the Nasdaq, and high-tech stocks in general . The markets have distortions at the sectoral level, mainly in the tech sector where national security been generally positive in every month since the slump of March 23, driven by issues are mentioned with ever-greater frequency . The recent incident regarding attractive valuations, the injection of liquidity by central banks, and the the forced sale of TikTok’s North American operations is an example of an resurgence of investor appetite for risk . We’ve noted that small retail investors emerging form of protectionism that we have to get used to . have returned in force and that such cherished stocks as Apple, Tesla, and Facebook, to name a few, are in high demand . Third, any delay or other issues surrounding the development of a COVID-19 vaccine may undermine investor confidence and generate new market volatility . Even so, few would have expected to see such strong momentum emerge in Consequently, analysts would be compelled to downgrade their expectations for August as the Nasdaq index jumped nearly 10% during the month, especially corporate profit growth in the years ahead . since it was already up nearly 20% since the beginning of the year . At the end of August, the high-tech index even posted one of the best annual returns in its Fourth, a deterioration in market fundamentals this autumn, for example, by history, despite the bear market in February and March! concentrating stock market gains in the tech and healthcare sectors and pushing their valuations to dangerously high levels, may create a disorderly correction We have since learned that this explosion in technology stock prices was fuelled spreading to other sectors, such as currencies and natural resources . in large part by the massive use of options as well as leverage by retail investors and some investment banks . Since everything that goes up must come down, this Fifth, a sharper-than-expected slowdown in the growth rate of the U .S . economy mini-bubble burst in early September, with the Nasdaq falling 11% in just 3 days, this autumn, caused by a failure to act in Washington, may incite investors to one of the quickest corrections in its history . revise their earnings growth expectations and reduce their exposure to equities .

It may be tempting to say that high-tech stocks have become too expensive and Sixth, an increasing number of firms south of the border are struggling to repay it would be better to stay away from them . Instead, we prefer to draw a parallel debt, and there is every reason to believe that a wave of defaults will hit the between this recent occurrence and an event from the 1990s . In 1997, the credit market in the quarters ahead . Even though the Fed has implemented a Nasdaq soared to stratospheric levels, just as in August 2020, but then direct business loan program, thereby supporting investor interest in the credit underwent a first correction . Then the bullish trend returned and persisted until market since the slump in March, economic fragility remains real and some 2000, when the index exceeded its 200-day average by more than 3 standard holders of corporate debt will likely experience some losses in their portfolio . A deviations, leaving skeptics far behind . It took the start of a monetary policy larger-than-expected wave of defaults may undermine investors’ appetite for risk tightening cycle to end the Nasdaq’s dominance and see traditional cyclical and similarly “infect” other markets . sectors regain the lead . Finally, if Brexit talks go awry, European markets may lose their recent positive Are we about to see the same situation recur? In trying to answer that question, momentum . it’s important to keep in mind that today’s big technology companies are very profitable and enjoy a truly dominant position, which was far from the case 20 In the third quarter, the Canadian bond market, as measured by the FTSE TMX years ago . Still, there is reason to wonder whether the 2020 market is closer to Canada Universe Bond Index, posted a return of 0 .4% . As for the FTSE TMX that of 1997 or to that of 2000 . Canada Short Term Bond Index, it returned 0 .7% . Finally, the FTSE TMX Canada Long Term Bond Index fell 0 .3% . Based on what the central banks are telling us, we can reasonably assume that liquidity will remain abundant for several years to come and that stock markets The U .S . stock market, as measured by the S&P 500 Index, offered a total return will retain their appeal . of 8 .9% in the third quarter (6 .8% in Canadian dollars) . The Canadian stock market, as measured by the S&P / TSX index, rose 4 .7% . In August, the Fed was the first central bank to make an official change to its framework, announcing that it would aim to keep inflation on average at about The European market, represented by the MSCI Europe Index, posted a return of 0 .3% in the third quarter (2 .6% in Canadian dollars) . The MSCI EAFE Index rose

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Chart 5 Economic and financial scenarios Economic scenario Change since June 30, 2020 2018 2019 2020 2021 2022 2020 2021 U.S. Real GDP 3.0% 2.2% -5.0% 4.1% 2.9% +1.0% -- Inflation rate 2.5% 1.8% 1.1% 1.9% 2.0% +0.3% +0.2% Unemployment rate 3.9% 3.7% 9.7% 7.5% 7.0% -0.5% -0.6%

Canada Real GDP 2.0% 1.7% -5.8% 5.0% 2.8% -- +0.3% Inflation rate 2.3% 1.9% 0.7% 1.7% 2.0% +0.1% +0.1% Unemployment rate 5.8% 5.7% 9.5% 8.0% 6.8% -0.4% --

Financial scenario* Change since Targets June 30, 2020 Actual Dec. 2020 June 2021 Dec. 21 Dec. 2020 June 2021

Interest rate

U.S. 10-year rates 0.68% 0.95% 1.25% 1.50% -- -- Canada 10-year rates 0.56% 0.75% 1.00% 1.20% -- --

Exchange rates US $/Can. $ 0.75 0.76 0.78 0.80 -- -- US $/Eur 1.17 1.19 1.21 1.23 +0.04 +0.04 Oil price (WTI). US $ 40 42 43 44 -- -2 S&P 500 3,363 3,500 3,625 3,750 +350 +355 S&P/TSX 16,121 16,920 17,700 18,600 +470 +450

* end of period

1 .2% during the quarter (2 .8% in Canadian dollars) . The MSCI World Index Wall Street’s decline in September, especially Nasdaq, removed a layer of stock- returned 6 .7% for the quarter (5 .8% in Canadian dollars) . Emerging markets, as index over-valuation following strong performance that sparked inflated results in measured by the MSCI Emerging Markets Index, returned 8 .8% for the quarter August . This type of correction during a bull market is not only normal, but even (7 .6% in Canadian dollars) . welcome, as it helps bring valuations back to levels that are more consistent with fundamentals and, as a result, provides investors with a good entry point . A Strategy: Overweighting equities at the expense of bonds disciplined process whereby you take profits whenever signs of inflated performance emerge and then take advantage of the entry points offered by the The majority of markets once again posted gains in the third quarter, despite a markets is a winning formula . turbulent September on Wall Street . Once again, in the face of the many risks weighing on the markets in the fourth Due to historically low interest rates around the world and the commitment of quarter, we advise investors to stay the course, maintain their investments, and central banks to keep their prime rates very low for a few more years, we’ve not wait for the perfect entry point to place all of their marbles . maintained a strategy of underweighting bonds and overweighting equities . Clearly, this kind of strategy comes with greater volatility; however, investors must Many of the risks listed in the previous section stem from the U .S . economy, adopt it given the meagre prospects for government bond yields in the years to making Canadian and overseas markets relatively more attractive . Taking into come . account the dividend rates on offer, we consider an overweighting of equities targeting Canadian, European, and emerging markets to be a good recipe for the The long-awaited shift from “growth” sectors (technology) to “value” sectors next few quarters . (materials, banks, etc .) began to be apparent during the quarter, with slight over- performance of the emerging markets index ahead of the S&P 500 Index . As the quarter comes to a close, our strategy within the various tactical diversified Canadian and European markets also enjoyed some success, but once again funds has revolved around a return to risk-taking . finished behind Wall Street at the close of the quarter (Graph 7) .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 8 - Industrial Alliance Economic and Financial Environment (continued)

As at September 30, 2020

Following nearly five months of positive stock market returns, we reduced the We remain optimistic regarding the outlook for the price of gold in the quarters weight of equities in early September . This strategy was the right one to follow ahead, but we must not lost sight of its history of rather volatile returns . over the past month in light of four straight weeks of negative returns on Wall Forewarned is forearmed – so let’s not forget that the price of gold experienced Street . At the end of the month, as the downward movement showed signs of no fewer than six instances of a 10%-plus drop from 2008 to 2012, during which having run its course, we launched a program to increase our exposure to period it rose in price per ounce from $800 to more than $1,800 . equities gradually, focusing on the European market and the U .S . banking sector . In conclusion, investors must get ready for a return to volatility and headlines As we reported last quarter, exceptionally low interest rates make bonds less that will trigger concern even among the boldest investors . A healthy strategy attractive as a risk-management tool in a diversified portfolio . Clearly, there is based on healthy diversification will always be appropriate . History shows that, in little room for interest rates to dip during intervals of stock-market decline . In the long run, it always pays more to maintain your investments than to try to fact, we saw this occur in September, when Canadian and U .S . 10-year yields anticipate the perfect times to enter and exit the market . hardly flinched despite the volatility of stock markets .

As we’ve stated repeatedly in the past, gold has become our preferred risk- management tool . This time around, however, gold was also a favourite among investors, who pushed its price above $2,000 an ounce at one point in August . Since then, the precious metal has experienced a nearly 10% correction, thereby making it difficult to find an effective tool for mitigating volatility .

Graph 4 Graph 5

Germany: ZEW survey Current situation & expectations 100

80

60

40

20

0

-20

-40

-60

-80

-100 2006 2008 2010 2012 2014 2016 2018 2020 ZEW Current Situation ZEW expectations

Graph 6 Graph 7 U.S.: Retail sales Monthly (lhs) and yearly (rhs) growth rates, % Asset classes total returns so far in 2020 Total returns, in local currency, as at September 30, 2020 20 20 NASDAQ 15 15 S&P 500

10 10 MSCI EM

5 5 Gold S&P/TSX 0 0 High Yield US -5 -5 Emerging Bonds

-10 -10 CAD/USD

MSCI EAFE -15 -15 FTSE TMX Universe -20 -20 Q3 Q2 Q1 01/19 07/19 01/20 07/20 USD MoM (lhs) YoY (rhs) -30% -20% -10% 0% 10% 20% 30% 40%

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 9 - Industrial Alliance Market indicators

FTSE Canada Universe Bond Index Canadian and US Interest Rates 10 Year Period ending September 30, 2020 10 Year Period ending September 30, 2020 % $25,000

$20,000

$15,000 $15,314

$10,000

$5,000

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

Return % 1 month YTD 1 year 3 years 5 years 10 years Federal Reserve Key Rate Bank of Canada 0 .3 8 .0 7 .1 6 .1 4 .34.4

S&P/TSX Composite Total Return Index S&P/TSX Sector Performance 10 Year Period ending September 30, 2020 Year to Date to September 30, 2020

$25,000 Information Technology 67 .87%

$20,000 Materials 25 .85% Consumer Staples 10 .49% $15,000 $17,576 Industrials 9 .31% Utilities 9 .18% $10,000 Consumer Discretionary (3 .23)% $5,000 Communication Services (7 .13)% Financials (12 .89)% $0 10 11 12 13 14 15 16 17 18 19 20 Real Estate (16 .72)% Energy (35 .93)% Health Care (40 .78)% Return % 1 month YTD 1 year 3 years 5 years 10 years (2 .1) (3 .1) 0 .0 4 .3 7 .25.8

BMO Nesbitt Burns Small Cap Index Evolution of the Canadian dollar vs US dollar 10 Year Period ending September 30, 2020 10 Year Period ending September 30, 2020 Can. $ / 1 US $ % $20,000

$15,000

$13,029 $10,000

$5,000

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

Return % 1 month YTD 1 year 3 years 5 years 10 years (4 .0) (9 .8) (4 .1) (2 .5) 4.92.2

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 10 - Industrial Alliance Market indicators (continued)

Total Return Index S&P 500 (Can. $) Sector Performance S&P 500 (Can. $) S&P 500 (US $) Year to Date to September 30, 2020 10 Year Period ending September 30, 2020

$65,000 Information Technology 32 .56% $60,000 Consumer Discretionary 27 .09% $55,000 $50,000 Communication Services 11 .87% $45,000 $40,000 $47,012 Materials 8 .68% $35,000 $30,000 $36,244 Health Care 8 .17% $25,000 Consumer Staples 7 .26% $20,000 $15,000 Industrials (1 .11)% $10,000 $5,000 Utilities (2 .85)% $0 Real Estate (3 .97)% 10 11 12 13 14 15 16 17 18 19 20 Financials (17 .82)% Energy (46 .53)% Return % 1 month YTD 1 year 3 years 5 years 10 years (Can. $) (1 .4) 8 .7 16 .2 14 .8 14 .116.7 (US $) (3 .8) 5 .6 15 .1 12 .3 14 .113.7

Total Return Index MSCI - World (Can. $) Sector Performance MSCI - World Index (Can. $) MSCI - World (Local $) Year to Date to September 30, 2020 10 Year Period ending September 30, 2020

$45,000 Information Technology 31 .20% $40,000 Consumer Discretionary 21 .04% $35,000 Communication Services 9 .68% $30,000 $31,779 Health Care 9 .45% $25,000 $26,321 Materials 6 .70% $20,000 Consumer Staples 4 .34% $15,000 Industrials (0 .27)% $10,000 $5,000 Utilities (1 .24)% $0 Real Estate (9 .89)% 10 11 12 13 14 15 16 17 18 19 20 Financials (19 .28)% Energy (44 .29)% Return % 1 month YTD 1 year 3 years 5 years 10 years (Can. $) (1 .0) 4 .8 11 .4 10 .1 10 .412.3 (Local $) (2 .9) 1 .0 8 .5 7 .8 10 .3 10.2

Total Return Index Total Return Index MSCI - EAFE (Can. $) MSCI - Emerging Markets (Can. $) MSCI - EAFE (Local $) MSCI - Emerging Markets (Local $) 10 Year Period ending September 30, 2020 10 Year Period ending September 30, 2020

$35,000 $25,000

$30,000 $20,000 $25,000 $20,372 $17,893 $20,000 $15,000 $18,350 $17,205 $15,000 $10,000 $10,000 $5,000 $5,000

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

Return % 1 month YTD 1 year 3 years 5 years 10 years Return % 1 month YTD 1 year 3 years 5 years 10 years (Can. $) (0 .1) (4 .3) 1 .4 2 .8 5 .27.4 (Can. $) 0 .9 2 .1 11 .9 5 .1 9 .35.6 (Local $) (1 .0) (9 .4) (4 .7) 0 .6 4 .86.3 (Local $) (1 .6) 2 .9 12 .8 5 .2 10 .0 6

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 11 - Industrial Alliance Our Investment Advisors Our Investment Advisors

iA Investment Management, a subsidiary of Industrial Alliance Insurance portfolios managed by the team demonstrates efficient and prudent management, and Financial Services Inc . (Industrial Alliance), offers management services which adds value without taking undue risk . to affiliated companies as well as to institutional clients . iA Investment iA Investment Management also supervises all external fund managers to Management relies on a team of more than 120 individuals, including more whom it entrusts certain mandates . than 60 investment professionals, operating in its offices in Quebec City, Montreal and Toronto . This team of professionals sees to the management of several diversified, bond and stock mandates . The performance of the various

BlackRock, Inc. is a leader in investment management and advisory services for CIBC Asset Management is responsible for the CIBC family of mutual funds, institutional and retail clients worldwide . BlackRock offers a large variety of products to including CIBC Mutual Funds and Renaissance Mutual Funds . Wellington meet clients’ needs, including active and index strategies across markets and asset classes . Management, a renowned specialist in global health care securities, handles its health care fund . Wellington Management, whose roots go back to 1928, is among the oldest and largest independent investment management firms, and has proven over the years its reliability and flair for innovation .

Dynamic Funds is a fully integrated Canadian investment firm that originated in Fidelity Investments Canada ULC is part of Boston-based Fidelity Investments, 1957 as a 50-member investment club . Since then it has grown to become one of one of the world’s largest providers of financial services . In Canada, Fidelity the top mutual fund companies in Canada . manages substantial mutual fund and institutional assets for institutional clients including public and corporate pension plans, endowments and foundations, as well Dynamic Funds takes a very disciplined approach and follows long-term objectives as other corporate assets on behalf of clients across Canada . regarding equity fund management . Its strategy is to identify and invest in undervalued securities of companies that are well-positioned in their respective Committed to long-term performance, Fidelity Investments selects equities industries . This value-oriented strategy maximizes returns while minimizing risk . according to a “bottom-up” fundamental investment philosophy and a proven, disciplined approach .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 13 - Industrial Alliance Our Investment Advisors (continued)

Founded in 2001, Forstrong is the first Canadian manager to offer global asset With substantial assets under management, Loomis Sayles is one of the oldest, allocation strategies using ETF securities exclusively .Forstrong offers active global largest and most respected investment managers in the U .S ., and is increasingly seen management and has the longest track record in global ETF portfolios . as a global player . Every day, Forstrong’s goal is to provide every client with optimal exposure to the Founded in 1926 by two Boston investment managers, the firm has investment right assets, in the right allocation, at the right time . Its investment decision-making offices around the world, and is well-known for its impressive range of investment process is documented, disciplined and proven . products and expertise serving retail and institutional clients . Loomis Sayles is rooted in the principle “Think broadly, act decisively,” a key attitude for delivering superior performance in today’s complex, fast-moving markets . Loomis Sayles takes a collaborative, team-based approach to investment management . Its investment professionals, who make up over three-quarters of its staff, are divided into a number of sector and macroeconomic teams . Bringing everyone together—portfolio managers, strategists, research analysts and traders— creates synergy as different specialties, ideas and points of view combined, giving rise to endless possibilities . IA Clarington Investments Inc., a subsidiary of Industrial Alliance Insurance and Financial Services Inc ., markets a wide range of distinctive and outcome-based investments, including actively managed mutual funds, portfolio solutions, socially responsible investments and target date funds . iA Clarington distributes its investment solutions to retail investors through advice-based distribution channels . For more information, please visit www .iaclarington .com . PIMCO is an active fixed income manager dedicated to serving the specific goals and unique needs of Canadian bond investors . One of the largest asset management firms in the world, PIMCO has been managing Canadian fixed-income securities for Canadian clients since 1998 . PIMCO offers a unique combination of local expertise, global resources and fixed- income knowledge based on a conservative, value-oriented investment philosophy . Its goal is to outperform client benchmarks consistently over the long term through an Jarislowsky Fraser Limited is a Canadian investment management firm owned investment approach that combines top-down fundamental analysis of the Canadian by The Bank of Nova Scotia . The company was founded in 1955 and has offices and global economies, and proprietary bottom-up credit research of individual bonds . across Canada and in New York City . PIMCO offers Canadian clients the best investment ideas from around the world Jarislowsky Fraser Limited is a long-time leader in the management of pension through its global research capabilities, extensive experience and long history of funds and endowment funds . Most of its institutional clients are corporations, innovation in new financial products and market sectors . governments and Canadian endowments, but the firm also has a considerable individual clientele . Funds are managed according to a growth at a reasonable price (GARP) approach, and aim to protect capital and achieve long-term growth . The management of absolute risk is a characteristic of Jarislowsky Fraser’s investment approach . The reference index is not an important concern when constructing portfolios .

QV Investors Inc. (QV) is a Calgary-based portfolio management firm that manages balanced, Canadian equity and fixed-income portfolios for individuals, not- for-profit organizations and institutional investors .QV is an employee-owned independent investment management firm . Founded in 1996, QV has worked to provide consistent investment results . Its name reflects its philosophy of selecting quality investments that offer value and growth to build diversified, low-risk portfolios .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 14 - Industrial Alliance Our Investment Advisors (continued)

Investment industry veteran Brad Radin established Radin Capital Partners in Franklin Templeton Investments Corp. is a Canadian investment management 2011 based on the same investment philosophy he began practising in 1992 . company . It has offices worldwide and is a leader in the management of international investments . Franklin Templeton Investments Corp. believes the best way to Radin Capital Partners is an independent, employee-owned investment truly benefit from the long-term advantages offered by equity investments is to make management firm founded to provide sophisticated investors with a global equity the most of international geographic diversification . mandate for their long-term portfolios . Templeton manages its equity funds according to an investment methodology that The Radin Capital Partners team adheres to a focused, resolute investment focuses on value and patience . This involves rigorous fundamental analysis of a approach aimed at generating strong long-term absolute returns . company’s business to determine its economic worth based on projected future earnings or asset value potential .

Vancity one of Canada’s largest credit unions, is guided by a commitment to Founded in 2020 by Jeff Sujitno, Wellington Square is an investment management improving the quality of life in the communities it serves . Inhance Investment firm specializing in fixed income and credit . The team of portfolio managers have Management is a Canadian investment management company owned by Vancity extensive experience in fundamental credit analysis across the range of fixed income and dedicated to leading the way in developing socially responsible investing . securities . Inhance is built on a strong foundation of responsible investing . Where most managers invest solely based on what they see in a company’s financial and business analysis, Inhance takes its investment process one step further by considering current and emerging factors that affect a company’s value today and in the future . Inhance is dedicated to generating superior financial returns by identifying core corporate responsibilities and ensuring they are addressed appropriately by the companies it invests in . It believes that by balancing company responsibilities with the expectations of shareholders, communities, customers and employees, companies can deliver long-term value to all stakeholders . Inhance calls its approach Return on Responsibility™ .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 15 - Industrial Alliance IAG Savings and Retirement Plan My Education+

Individual Investment Funds

The returns of the funds presented in this document are net returns, i.e., after the deduction of management and administration fees. Focus Prudent Risk level Focus Funds Low to Moderate Net assets: 209.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a same fund • Diversification of the risk between the asset classes Fixed Income Funds Sébastien Mc Mahon, M .E .Sc ., PRM, CFA 69.73% • Conforms to a medium and long term Inception date of the Fund: October 2002 investment horizon IAG Savings and Retirement Plan first offering: January 2011 Global Equity Funds My Education+ first offering: June 2016 14.70% Investment style Guarantee Option MER2 Fund Fee Rate % Multi-management 4-6 Canadian Equity Funds Classic Series 75/75 2 .57% - 10.53% 5-6 U.S. Equity Funds Classic Series 75/75 Prestige 2 .34% - Short Term and others 5.06% 6 -0.02% Series 75/100 2 .74% 0 .10 Series 75/100 Prestige6 2 .49% 0 .10 6 Asset mix of target portfolio Ecoflex Series 100/100 2 .88% 0 .25 FORLIFE Series 2 .88% 0 .10 Fixed Income Securities Industrial Alliance Bond Fund 55 .00% PIMCO Monthly Income Fund (Canada) 7 .00% IA Clarington Strategic Corporate Bond Year By Year Returns Fund, Series I 4 .00% IA Clarington Floating Rate Income Fund, This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Series I 4 .00% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Canadian Equity had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrial Alliance Canadian Equity Growth % Fund 5 .25% 10 Industrial Alliance Dividend Fund 5 .25% 8.09 5.99 Global Equity 5.28 5 Dynamic Global Dividend Fund, Series O 6 .50% 3.40 3.35 Fidelity Global Concentrated Equity 2.45 Classic Series 75/75 1.82 1.62 2.04 Institutional Trust 3 .00% Simulation* Industrial Alliance International Equity Fund 5 .00% 0 Industrial Alliance Thematic Innovation

Fund 1 .25% -3.48 IA Clarington U .S . Dividend Growth Fund, -5 Series I 2 .50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Industrial Alliance U .S . Equity Multifactor (iAIM) 1 .25% Past Performance Investment limits This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Fixed Asset Mix (see Asset mix of target portfolio) $25,000 Commentary $20,000 The Fund seeks to generate regular, long term growth by favouring fixed income securities, maintaining diversity $17,279 $15,000 Classic Series 75/75 in its investments and utilizing several managers . It is $13,300 composed of fund units offered by Industrial Alliance, Simulation* $10,000 1 including four bond funds, two Canadian equity funds Composite Index and six global equity funds . The Fund has a fixed asset $5,000 allocation: it is invested 70% in bonds, 10 .50% in Canadian equities and 19 .50% in global equities . $0 10 11 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .9 2 .9* 2 .6 3 .3 4 .4 4 .1 9 .9 2 .0 (0 .2) 3 .3 Series 75/100 2 .7 2 .7* 2 .4 3 .1 4 .2 3 .9 9 .8 2 .0 (0 .2) 3 .1 Other Series3 2 .7 2 .7* 2 .3 3 .0 4 .0 3 .8 9 .7 2 .0 (0 .2) 3 .0 Composite Index1 5 .6 5 .7 6 .8 8 .4 7 .9 11 .2 2 .2 (0 .2) 6 .6

1 FTSE Canada Universe Bond Index (55%), MSCI - World Index (Can . $) (net ret .) (19 .5%), S&P/TSX Composite Index (10 .5%), Barclays U .S. Aggregate Index (CAD Hedged) (7%), Credit Suisse Leveraged Loan Index (US $) (4%), FTSE Canada Corporate Bond Index (2%), BoFA Merrill Lynch U .S . High Yield Master II Constrained (Can . $) (1%), S&P Canada High Yield Corporate Bond Index (1%) . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 816 Important: Past returns are not indicative of future returns . IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 17 - Industrial Alliance Focus Moderate Risk level Focus Funds Low to Moderate Net assets: 259.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a same fund • Diversification of the risk between the asset

Global Equity Funds classes 22.69% Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Conforms to a medium and long term Inception date of the Fund: October 2002 investment horizon Fixed Income Funds IAG Savings and Retirement Plan first offering: January 2011 54.52% My Education+ first offering: June 2016 Investment style Guarantee Option MER2 Fund Fee Rate % Canadian Equity Funds Multi-management 15.21% Classic Series 75/754-6 2 .62% - 5-6 U.S. Equity Funds Classic Series 75/75 Prestige 2 .36% - Short Term and others 7.31% 6 0.27% Series 75/100 2 .81% 0 .10 Series 75/100 Prestige6 2 .60% 0 .10 Ecoflex Series 100/1006 2 .99% 0 .40 Asset mix of target portfolio FORLIFE Series 2 .99% 0 .10 Fixed Income Securities Industrial Alliance Bond Fund 41 .50% PIMCO Monthly Income Fund (Canada) 5 .50% Year By Year Returns IA Clarington Strategic Corporate Bond This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Fund, Series I 4 .00% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Floating Rate Income Fund, Series I 4 .00% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Canadian Equity % Industrial Alliance Canadian Equity Growth 10 9.71 Fund 7 .75% 7.41 Industrial Alliance Dividend Fund 7 .75% 6.10 5.82 Global Equity 5 4.30 3.32 3.39 Dynamic Global Dividend Fund, Series O 10 .50% Classic Series 75/75 1.64 Fidelity Global Concentrated Equity Simulation* Institutional Trust 4 .50% 0 Industrial Alliance International Equity Fund 7 .25% -1.38 Industrial Alliance Thematic Innovation -5 Fund 1 .75% -4.79 IA Clarington U .S . Dividend Growth Fund, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Series I 3 .75% Industrial Alliance U .S . Equity Multifactor (iAIM) 1 .75% Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Investment limits the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

Fixed Asset Mix (see Asset mix of target portfolio) $25,000

Commentary $20,000 The Fund seeks to generate a high return over the long $15,000 $18,372 term by favouring fixed income securities, maintaining Classic Series 75/75 $13,860 diversity in its investments and integrating several Simulation* $10,000 1 managers . It is composed of fund units offered by Composite Index Industrial Alliance, including four bond funds, two $5,000 Canadian equity funds and six global equity funds . The Fund has a fixed asset allocation of 55% in bonds, $0 15 .50% in Canadian equities and 29 .50% in global 10 11 12 13 14 15 16 17 18 19 20 equities . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .2 3 .3* 3 .0 3 .2 3 .7 4 .1 11 .7 2 .8 (0 .3) 2 .5 Series 75/100 3 .0 3 .1* 2 .8 3 .0 3 .5 3 .9 11 .6 2 .8 (0 .3) 2 .3 Other Series3 2 .9 3 .0* 2 .6 2 .8 3 .3 3 .7 11 .5 2 .7 (0 .3) 2 .2 Composite Index1 6 .3 6 .5 7 .1 8 .3 8 .1 13 .5 3 .0 (0 .4) 5 .9

1 FTSE Canada Universe Bond Index (41 .5%), MSCI - World Index (Can . $) (net ret .) (29 .5%), S&P/TSX Composite Index (15 .5%), Barclays U .S. Aggregate Index (CAD Hedged) (5 .5%), Credit Suisse Leveraged Loan Index (US $) (4%), FTSE Canada Corporate Bond Index (2%), BoFA Merrill Lynch U .S . High Yield Master II Constrained (Can . $) (1%), S&P Canada High Yield Corporate Bond Index (1%) . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 817 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 18 - Industrial Alliance Focus Balanced Risk level Focus Funds Low to Moderate Net assets: 385.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a same fund Global Equity Funds 29.58% • Diversification of the risk between the asset Sébastien Mc Mahon, M .E .Sc ., PRM, CFA classes • Conforms to a medium and long term investment Inception date of the Fund: October 2002 horizon IAG Savings and Retirement Plan first offering: January 2011

Canadian Equity Funds My Education+ first offering: June 2016 21.00% 2 Investment style Fixed Income Funds Guarantee Option MER Fund Fee Rate % 39.79% Multi-management Classic Series 75/754-6 2 .66% - 5-6 U.S. Equity Funds Classic Series 75/75 Prestige 2 .42% - 9.85% Short Term and others 6 -0.22% Series 75/100 2 .85% 0 .10 Series 75/100 Prestige6 2 .65% 0 .10 Ecoflex Series 100/1006 3 .07% 0 .40 Asset mix of target portfolio FORLIFE Series 3 .07% 0 .25 Fixed Income Securities Industrial Alliance Bond Fund 28 .00% PIMCO Monthly Income Fund (Canada) 4 .00% Year By Year Returns IA Clarington Strategic Corporate Bond This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Fund, Series I 4 .00% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Floating Rate Income Fund, had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Series I 4 .00% % Canadian Equity 15 Industrial Alliance Canadian Equity Growth 11.61 11.30 Fund 10 .50% 10 Industrial Alliance Dividend Fund 10 .50% 6.90 5.24 5.54 Global Equity 5 4.53 4.33 Classic Series 75/75 Dynamic Global Dividend Fund, Series O 13 .75% 1.64 Simulation* Fidelity Global Concentrated Equity 0 Institutional Trust 5 .75% -5 -4.47 Industrial Alliance International Equity Fund 9 .75% -6.18 Industrial Alliance Thematic Innovation -10 Fund 2 .50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 IA Clarington U .S . Dividend Growth Fund, Series I 4 .75% Industrial Alliance U .S . Equity Multifactor Past Performance (iAIM) 2 .50% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Investment limits Fixed Asset Mix (see Asset mix of target portfolio) $25,000

$20,000 Commentary $19,436 The Fund seeks to generate superior long term growth $15,000 Classic Series 75/75 by favouring a balance between equity securities and $14,378 Simulation* fixed income securities, by diversifying its investments $10,000 Composite Index1 and by integrating several managers . It is composed of fund units offered by Industrial Alliance, including four $5,000 bond funds, two Canadian equity funds and six global $0 equity funds . The Fund has a fixed asset allocation of 10 11 12 13 14 15 16 17 18 19 20 40% in bonds, 21% in Canadian equities and 39% in global equities . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .4 3 .7* 3 .3 3 .0 3 .0 4 .0 13 .6 3 .7 (0 .4) 1 .6 Series 75/100 3 .2 3 .5* 3 .0 2 .8 2 .8 3 .8 13 .5 3 .6 (0 .4) 1 .4 Other Series3 3 .1 3 .4* 2 .9 2 .5 2 .5 3 .5 13 .3 3 .5 (0 .5) 1 .3 Composite Index1 6 .9 7 .2 7 .3 8 .0 8 .1 15 .8 3 .7 (0 .7) 5 .0

1 MSCI - World Index (Can . $) (net ret .) (39%), FTSE Canada Universe Bond Index (28%), S&P/TSX Composite Index (21%), Barclays U .S . Aggregate Index (CAD Hedged) (4%), Credit Suisse Leveraged Loan Index (US $) (4%), FTSE Canada Corporate Bond Index (2%), BoFA Merrill Lynch U .S . High Yield Master II Constrained (Can . $) (1%), S&P Canada High Yield Corporate Bond Index (1%) . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 818 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 19 - Industrial Alliance Focus Growth Risk level Focus Funds Low to Moderate Net assets: 133.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a same fund Canadian Equity Funds 25.90% • Diversification of the risk between the asset Sébastien Mc Mahon, M .E .Sc ., PRM, CFA classes • Conforms to a medium and long term Inception date of the Fund: October 2002 investment horizon Fixed Income Funds 24.75% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 2 Investment style Global Equity Funds Guarantee Option MER Fund Fee Rate % 37.01% Multi-management Classic Series 75/754-6 2 .70% - U.S. Equity Funds 5-6 12.33% Classic Series 75/75 Prestige 2 .50% - Short Term and others 6 0.01% Series 75/100 2 .89% 0 .10 Series 75/100 Prestige6 2 .66% 0 .10 Ecoflex Series 100/1006 3 .17% 0 .50 Asset mix of target portfolio FORLIFE Series 3 .17% 0 .40 Fixed Income Securities Industrial Alliance Bond Fund 17 .50% PIMCO Monthly Income Fund (Canada) 2 .50% Year By Year Returns IA Clarington Strategic Corporate Bond This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Fund, Series I 2 .50% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Floating Rate Income Fund, had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Series I 2 .50% Canadian Equity % Industrial Alliance Canadian Equity Growth 20 Fund 13 .00% 15.89 Industrial Alliance Dividend Fund 13 .00% 12.83 10 Global Equity 7.70 6.13 Dynamic Global Dividend Fund, Series O 17 .25% 5.25 5.74 5.27 Classic Series 75/75 Fidelity Global Concentrated Equity 1.64 Simulation* Institutional Trust 7 .25% 0 Industrial Alliance International Equity Fund 12 .25% Industrial Alliance Thematic Innovation Fund 3 .00% -10 -7.54 -7.59 IA Clarington U .S . Dividend Growth Fund, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Series I 6 .25% Industrial Alliance U .S . Equity Multifactor (iAIM) 3 .00% Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Investment limits the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

Fixed Asset Mix (see Asset mix of target portfolio) $35,000

$30,000 Commentary $25,000 The Fund seeks to generate superior long term growth $20,507 $20,000 Classic Series 75/75 by favouring equity securities, while diversifying the $14,905 investments in the portfolio and integrating several $15,000 Simulation* Composite Index1 managers . It is composed of fund units offered by $10,000 Industrial Alliance, including four bond funds, two Canadian equity funds and six global equity funds . The $5,000 Fund has a fixed asset allocation of 25% in bonds, 26% $0 in Canadian equities and 49% in global equities . 10 11 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .7 4 .1* 3 .7 2 .8 2 .3 4 .2 15 .4 4 .4 (0 .6) 1 .0 Series 75/100 3 .4 3 .8* 3 .4 2 .6 2 .2 4 .0 15 .3 4 .3 (0 .6) 0 .8 Other Series3 3 .3 3 .7* 3 .2 2 .3 1 .9 3 .7 15 .1 4 .3 (0 .6) 0 .6 Composite Index1 7 .4 7 .9 7 .4 7 .7 8 .1 18 .0 4 .4 (0 .9) 4 .1

1 MSCI - World Index (Can . $) (net ret .) (49%), S&P/TSX Composite Index (26%), FTSE Canada Universe Bond Index (17 .5%), Barclays U .S . Aggregate Index (CAD Hedged) (2 .5%), Credit Suisse Leveraged Loan Index (US $) (2 .5%), FTSE Canada Corporate Bond Index (1 .25%), BoFA Merrill Lynch U .S . High Yield Master II Constrained (Can . $) (0 .625%), S&P Canada High Yield Corporate Bond Index (0 .625%) . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 819 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 20 - Industrial Alliance Focus Aggressive Risk level Focus Funds Low to Moderate Net assets: 43.4 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a same fund Canadian Equity Funds 31.10% • Diversification of the risk between the asset Sébastien Mc Mahon, M .E .Sc ., PRM, CFA classes • Conforms to a medium and long term Inception date of the Fund: October 2002 investment horizon IAG Savings and Retirement Plan first offering: January 2011

Global Equity Funds My Education+ first offering: June 2016 44.01% U.S. Equity Funds 2 Investment style 14.64% Guarantee Option MER Fund Fee Rate % Multi-management Classic Series 75/754-6 2 .75% - Fixed Income Funds 5-6 Short Term and others 10.27% Classic Series 75/75 Prestige 2 .54% - -0.02% Series 75/1006 3 .03% 0 .20 Series 75/100 Prestige6 2 .78% 0 .20 Ecoflex Series 100/1006 3 .21% 0 .65 Asset mix of target portfolio FORLIFE Series 3 .21% 0 .50 Fixed Income Securities Industrial Alliance Bond Fund 7 .00% PIMCO Monthly Income Fund (Canada) 1 .00% Year By Year Returns IA Clarington Strategic Corporate Bond This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Fund, Series I 1 .00% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Floating Rate Income Fund, had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Series I 1 .00% Canadian Equity % Industrial Alliance Canadian Equity Growth 30 Fund 15 .75% 20 20.44 Industrial Alliance Dividend Fund 15 .75% 14.40

Global Equity 8.49 10 7.05 7.04 4.96 6.23 Classic Series 75/75 Dynamic Global Dividend Fund, Series O 20 .25% 1.66 Fidelity Global Concentrated Equity 0 Simulation* Institutional Trust 8 .75% Industrial Alliance International Equity Fund 14 .75% -10 -8.96 -10.52 Industrial Alliance Thematic Innovation Fund 3 .75% -20 IA Clarington U .S . Dividend Growth Fund, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Series I 7 .25% Industrial Alliance U .S . Equity Multifactor (iAIM) 3 .75% Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Investment limits the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Fixed Asset Mix (see Asset mix of target portfolio) $35,000

$30,000 Commentary $25,000 The objective of the Fund is to maximize return on $21,531 $20,000 Classic Series 75/75 capital over the long term by investing primarily in $15,464 equity securities while also maintaining diversity in $15,000 Simulation* Composite Index1 its investments and integrating several managers . It is $10,000 composed of fund units offered by Industrial Alliance, including four bond funds, two Canadian equity funds $5,000 and six global equity funds . The Fund has a fixed asset $0 allocation of 10% in bonds, 31 .50% in Canadian 10 11 12 13 14 15 16 17 18 19 20 equities and 58 .50% in global equities including four bond funds, two Canadian equity funds and six global Annual Compound Returns equity funds . The Fund has a fixed asset allocation This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for of 10% in bonds, 31 .50% in Canadian equities and the fund as described above compared to the corresponding returns for the reference index . 58 .50% in global equities . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .9 4 .5* 4 .0 2 .6 1 .6 4 .2 17 .2 5 .1 (0 .7) 0 .2 Series 75/100 3 .6 4 .2* 3 .6 2 .4 1 .3 3 .9 17 .0 5 .0 (0 .7) 0 .0 Other Series3 3 .6 4 .1* 3 .5 2 .2 1 .1 3 .7 16 .9 4 .9 (0 .7) (0 .1) Composite Index1 8 .0 8 .5 7 .5 7 .2 7 .8 20 .1 5 .0 (1 .2) 3 .0

1 MSCI - World Index (Can . $) (net ret .) (58 .5%), S&P/TSX Composite Index (31 .5%), FTSE Canada Universe Bond Index (7%), Barclays U .S. Aggregate Index (CAD Hedged) (1%), Credit Suisse Leveraged Loan Index (US $) (1%), FTSE Canada Corporate Bond Index (0 .5%), BoFA Merrill Lynch U .S . High Yield Master II Constrained (Can . $) (0 .25%), S&P Canada High Yield Corporate Bond Index (0 .25%) . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 820 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 21 - Industrial Alliance Selection Prudent Risk level Selection Funds Low to Moderate Net assets: 106.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a single fund • Diversification of risk across asset classes Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Conforms to a medium and long term Fixed Income Funds investment horizon 66.14% Inception date of the Fund: December 2013 Canadian Equity Funds • Periodic rebalancing to remain relatively close 16.48% IAG Savings and Retirement Plan first offering: December 2013 My Education+ first offering: June 2016 to the target mix Guarantee Option MER2 Fund Fee Rate % Investment style Global Equity Funds Classic Series 75/754-6 2 .55% - 11.38% 5-6 Multi-management U.S. Equity Funds Classic Series 75/75 Prestige 2 .39% - Short Term and others 5.20% 6 0.80% Series 75/100 2 .71% 0 .10 Series 75/100 Prestige6 2 .38% 0 .10 Ecoflex Series 100/1006 2 .79% 0 .25 Asset mix of the Fund FORLIFE Series 2 .79% 0 .10 Fixed Income Industrial Alliance Bond Fund 66 .14% Canadian Equity Year By Year Returns Industrial Alliance Canadian Equity This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Growth Fund 6 .94% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Canadian Conservative had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Equity Fund, Series I 6 .47% Industrial Alliance Canadian Equity Small % 8 7.36 Cap Fund 3 .07% 6.53 U.S. Equity 6 4.81 Industrial Alliance Thematic Innovation 4 Fund 5 .06% 2.44 Industrial Alliance U .S . Equity Fund 0 .14% 2 Classic Series 75/75 0.40 Foreign Equity 0 Industrial Alliance International Equity Fund 11 .38% -2

Short Term and Others -4 -3.33 Industrial Alliance Money Market Fund 0 .79% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Assets 0 .01% 100 .00% Past Performance Investment limits This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Asset mix between bonds and equities may deviate from the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . the target, but must be rebalanced at least once a year unless the weight of asset classes remains relatively close $20,000 to the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior $15,000 manager . $14,841 $10,000 $12,080 Classic Series 75/75 Commentary Composite Index1

The Fund seeks to generate regular long term growth by $5,000 favouring fixed income securities, maintaining diversity in its investments and utilizing several managers . $0 It is composed of fund units, including bond funds, 13 14 15 16 17 18 19 20 Canadian equity funds and global equity funds . The Fund’s asset allocation may vary without changing the investor profile . Nonetheless, the Fund has a Annual Compound Returns neutral positioning of 75% in Canadian bonds, 15% in This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for Canadian equities and 10% in foreign equities . the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .8 - 2 .6 2 .3 2 .6 1 .4 8 .1 1 .4 (0 .3) 1 .0 Series 75/100 2 .6 - 2 .4 2 .1 2 .5 1 .2 8 .0 1 .4 (0 .3) 0 .9 Other Series3 2 .5 - 2 .3 2 .0 2 .4 1 .1 8 .0 1 .4 (0 .3) 0 .8 Composite Index1 - 5 .9 6 .7 8 .1 7 .6 11 .7 2 .0 (0 .3) 6 .8

1 FTSE Canada Universe Bond Index (50%), FTSE Canada Corporate Bond Index (25%), S&P/TSX Composite Index (12 .5%), S&P/TSX SmallCap Index (2 .5%), MSCI - World (Can . $) (net ret .) (5%), S&P 500 (Can . $) (5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns . Fund Code: 811

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 22 - Industrial Alliance Selection Moderate Risk level Selection Funds Low to Moderate Net assets: 184.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a single fund • Diversification of risk across asset classes Canadian Equity Funds 24.85% Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Conforms to a medium and long term investment horizon Inception date of the Fund: December 2013 Fixed Income Funds • Periodic rebalancing to remain relatively close 53.00% IAG Savings and Retirement Plan first offering: December 2013 My Education+ first offering: June 2016 to the target mix U.S. Equity Funds Guarantee Option MER2 Fund Fee Rate % 11.29% Investment style Classic Series 75/754-6 2 .61% - Global Equity Funds 5-6 Multi-management Short Term and others 10.73% Classic Series 75/75 Prestige 2 .46% - 0.13% Series 75/1006 2 .78% 0 .10 Series 75/100 Prestige6 2 .53% 0 .10 Ecoflex Series 100/1006 2 .89% 0 .40 Asset mix of the Fund FORLIFE Series 2 .89% 0 .10 Fixed Income Industrial Alliance Bond Fund 53 .00% Canadian Equity Year By Year Returns Industrial Alliance Canadian Equity This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Growth Fund 12 .21% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Canadian Conservative had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Equity Fund, Series I 8 .32% % 10 Industrial Alliance Canadian Equity Small 8.98 Cap Fund 4 .32% 6.73 U.S. Equity 6.23 Industrial Alliance Thematic Innovation 5 Fund 10 .91% 2.59 Industrial Alliance U .S . Equity Fund 0 .38% Classic Series 75/75 0.35 Foreign Equity 0 Industrial Alliance International Equity Fund 10 .73% Short Term and Others -5 -4.41 Industrial Alliance Money Market Fund 0 .34% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Assets 0 .02% 100 .00% Past Performance Investment limits This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Asset mix between bonds and equities may deviate from the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

the target, but must be rebalanced at least once a year $25,000 unless the weight of asset classes remains relatively close to the target . Selecting and weighting funds is done on a $20,000 discretionary basis and is the responsibility of the senior manager . $15,000 $15,598 $12,174 Classic Series 75/75 Composite Index1 Commentary $10,000

The Fund seeks to generate a high return over the long $5,000 term by favouring fixed income securities, maintaining diversity in its investments and integrating several $0 managers . It is composed of fund units, including bond 13 14 15 16 17 18 19 20 funds, Canadian equity funds and global equity funds . The Fund’s asset allocation may vary without changing Annual Compound Returns the investor profile . Nonetheless, the Fund has a This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for neutral positioning of 60% in Canadian bonds, 22 .5% the fund as described above compared to the corresponding returns for the reference index . in Canadian equities and 17 .5% in foreign equities . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .9 - 2 .8 2 .0 1 .7 0 .7 9 .9 2 .2 (0 .5) (0 .5) Series 75/100 2 .7 - 2 .5 1 .8 1 .5 0 .6 9 .8 2 .2 (0 .5) (0 .7) Other Series3 2 .6 - 2 .5 1 .7 1 .4 0 .4 9 .8 2 .2 (0 .5) (0 .7) Composite Index1 - 6 .8 7 .0 7 .9 7 .9 14 .6 2 .8 (0 .6) 6 .2

1 FTSE Canada Universe Bond Index (40%), FTSE Canada Corporate Bond Index (20%), S&P/TSX Composite Index (17 .5%), S&P/TSX SmallCap Index (5%), MSCI - World (Can . $) (net ret .) (7 .5%), S&P 500 (Can . $) (10%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns . Fund Code: 812

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 23 - Industrial Alliance Selection Balanced Risk level Selection Funds Low to Moderate Net assets: 239.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a single fund Fixed Income Funds 35.97% • Diversification of risk across asset classes Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Conforms to a medium and long term investment horizon Inception date of the Fund: December 2013 IAG Savings and Retirement Plan first offering: December 2013 • Periodic rebalancing to remain relatively close My Education+ first offering: June 2016 to the target mix U.S. Equity Funds 2 16.11% Guarantee Option MER Fund Fee Rate % Canadian Equity Funds Investment style 37.05% Classic Series 75/754-6 2 .68% - 5-6 Multi-management Global Equity Funds Classic Series 75/75 Prestige 2 .52% - 10.44% Short Term and others 6 0.43% Series 75/100 2 .88% 0 .10 Series 75/100 Prestige6 2 .63% 0 .10 Ecoflex Series 100/1006 3 .00% 0 .40 Asset mix of the Fund FORLIFE Series 3 .00% 0 .25 Fixed Income Industrial Alliance Bond Fund 35 .97% Canadian Equity Year By Year Returns Industrial Alliance Canadian Equity This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Growth Fund 20 .95% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Canadian Conservative had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Equity Fund, Series I 10 .78% % Industrial Alliance Canadian Equity Small 15 Cap Fund 5 .32% 10.70 U.S. Equity 10 7.64 Industrial Alliance Thematic Innovation 7.00 Fund 11 .36% 5 4.00 Industrial Alliance U .S . Equity Fund 4 .75% 0.25 Classic Series 75/75 Foreign Equity 0 Industrial Alliance International Equity -5 Fund 10 .44% -5.52 Short Term and Others -10 Industrial Alliance Money Market Fund 0 .50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Assets (0 .07)% 100 .00% Past Performance Investment limits This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Asset mix between bonds and equities may deviate from the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . the target, but must be rebalanced at least once a year $25,000 unless the weight of asset classes remains relatively close

to the target . Selecting and weighting funds is done on a $20,000 discretionary basis and is the responsibility of the senior

manager . $15,000 $16,328 $12,419 Classic Series 75/75 Commentary $10,000 Composite Index1

The Fund seeks to generate superior long term growth $5,000 by favouring a balance between equity securities and fixed income securities, by diversifying its investments $0 and by integrating several managers . It is composed 13 14 15 16 17 18 19 20 of fund units, including bond funds, Canadian equity funds and global equity funds . The Fund’s asset allocation may vary without changing the investor Annual Compound Returns profile . Nonetheless, the Fund has a neutral positioning This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for of 45% in Canadian bonds, 30% in Canadian equities the fund as described above compared to the corresponding returns for the reference index . and 25% in foreign equities . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .2 - 3 .1 1 .6 0 .6 (0 .2) 11 .6 2 .9 (0 .9) (2 .3) Series 75/100 3 .0 - 2 .9 1 .4 0 .4 (0 .4) 11 .5 2 .8 (0 .9) (2 .5) Other Series3 2 .9 - 2 .8 1 .3 0 .3 (0 .5) 11 .4 2 .8 (0 .9) (2 .5) Composite Index1 - 7 .6 7 .3 7 .5 8 .0 17 .5 3 .6 (1 .0) 5 .3

1 FTSE Canada Universe Bond Index (30%), FTSE Canada Corporate Bond Index (15%), S&P/TSX Composite Index (22 .5%), S&P/TSX SmallCap Index (7 .5%), MSCI - World (Can . $) (net ret .) (10%), S&P 500 (Can . $) (15%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns . Fund Code: 813

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 24 - Industrial Alliance Selection Growth Risk level Selection Funds Low to Moderate Net assets: 97.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a single fund Fixed Income Funds 24.45% • Diversification of risk across asset classes Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Conforms to a medium and long term investment horizon Inception date of the Fund: December 2013 U.S. Equity Funds • Periodic rebalancing to remain relatively close 21.05% IAG Savings and Retirement Plan first offering: December 2013 My Education+ first offering: June 2016 to the target mix Guarantee Option MER2 Fund Fee Rate % Canadian Equity Funds Investment style 38.23% Classic Series 75/754-6 2 .78% - 5-6 Multi-management Global Equity Funds Classic Series 75/75 Prestige 2 .63% - 16.04% 6 Short Term and others Series 75/100 2 .96% 0 .10 0.23% Series 75/100 Prestige6 2 .75% 0 .10 Ecoflex Series 100/1006 3 .12% 0 .50 Asset mix of the Fund FORLIFE Series 3 .12% 0 .40 Fixed Income Industrial Alliance Bond Fund 24 .45% Canadian Equity Year By Year Returns Industrial Alliance Canadian Equity This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Growth Fund 19 .95% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Canadian Conservative had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Equity Fund, Series I 12 .88% Industrial Alliance Canadian Equity Small % Cap Fund 5 .40% 15 U.S. Equity 12.30 10 8.39 Industrial Alliance Thematic Innovation 7.41 Fund 14 .47% 5 5.17 Industrial Alliance U .S . Equity Fund 6 .58% Classic Series 75/75 Foreign Equity 0 0.22 Industrial Alliance International Equity Fund 16 .04% -5 Short Term and Others -6.54 Industrial Alliance Money Market Fund 0 .49% -10 Other Assets (0 .26)% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 100 .00% Past Performance

Investment limits This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Asset mix between bonds and equities may deviate from the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . the target, but must be rebalanced at least once a year unless the weight of asset classes remains relatively close $25,000 to the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior $20,000 manager . $15,000 $17,023 $12,688 Classic Series 75/75 Commentary 1 $10,000 Composite Index The Fund seeks to generate superior long term growth by favouring equity securities, while diversifying its $5,000 investments and integrating several managers . It is composed of fund units, including bond funds, $0 Canadian equity funds and global equity funds . The 13 14 15 16 17 18 19 20 Fund’s asset allocation may vary without changing the investor profile . Nonetheless, the Fund has a neutral Annual Compound Returns positioning of 30% in Canadian bonds, 37 .5% in This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for Canadian equities and 32 .5% in foreign equities . the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .5 - 3 .6 1 .6 0 .0 (0 .1) 13 .5 3 .6 (0 .9) (2 .9) Series 75/100 3 .3 - 3 .3 1 .4 (0 .2) (0 .3) 13 .4 3 .6 (1 .0) (3 .0) Other Series3 3 .2 - 3 .2 1 .3 (0 .3) (0 .5) 13 .3 3 .5 (1 .0) (3 .1) Composite Index1 - 8 .4 7 .5 7 .0 7 .8 20 .4 4 .3 (1 .3) 4 .2

1 FTSE Canada Universe Bond Index (20%), FTSE Canada Corporate Bond Index (10%), S&P/TSX Composite Index (27 .5%), S&P/TSX SmallCap Index (10%), MSCI - World (Can . $) (net ret .) (12 .5%), S&P 500 (Can . $) (20%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Fund Code: 814 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 25 - Industrial Alliance Selection Aggressive Risk level Selection Funds Low to Moderate Net assets: 24.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a single fund U.S. Equity Funds • Diversification of risk across asset classes 24.65% Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Conforms to a medium and long term investment horizon Inception date of the Fund: December 2013 IAG Savings and Retirement Plan first offering: December 2013 • Periodic rebalancing to remain relatively close My Education+ first offering: June 2016 to the target mix Canadian Equity Funds Global Equity Funds 2 45.46% 21.33% Guarantee Option MER Fund Fee Rate % Investment style Classic Series 75/754-6 2 .84% - 5-6 Multi-management Fixed Income Funds Classic Series 75/75 Prestige 2 .67% - Short Term and others 8.57% 6 -0.01% Series 75/100 3 .11% 0 .20 Series 75/100 Prestige6 2 .84% 0 .20 Ecoflex Series 100/1006 3 .16% 0 .65 Asset mix of the Fund FORLIFE Series 3 .16% 0 .50 Fixed Income Industrial Alliance Bond Fund 8 .57% Canadian Equity Year By Year Returns Industrial Alliance Canadian Equity This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Growth Fund 22 .11% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Canadian Conservative had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Equity Fund, Series I 14 .48% Industrial Alliance Canadian Equity Small % Cap Fund 8 .87% 15 13.71 U.S. Equity 10 9.17 Industrial Alliance Thematic Innovation 7.76 5.46 Fund 15 .25% 5 Industrial Alliance U .S . Equity Fund 9 .40% Classic Series 75/75 0.49 Foreign Equity 0 Industrial Alliance International Equity Fund 21 .33% -5

Short Term and Others -7.81 Industrial Alliance Money Market Fund 0 .50% -10 Other Assets (0 .23)% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 100 .00% Past Performance

Investment limits This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Asset mix between bonds and equities may deviate from the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . the target, but must be rebalanced at least once a year unless the weight of asset classes remains relatively close $25,000 to the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior $20,000 manager . $15,000 $17,294 $12,798 Classic Series 75/75 Commentary 1 $10,000 Composite Index The objective of the Fund is to maximize return on capital over the long term by investing primarily $5,000 in equity securities while maintaining diversity in its investments and integrating several managers . $0 It is composed of fund units, including bond funds, 13 14 15 16 17 18 19 20 Canadian equity funds and global equity funds . The Fund’s asset allocation may vary without changing Annual Compound Returns the investor profile . Nonetheless, the Fund has a This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for neutral positioning of 15% in Canadian bonds, 45% in the fund as described above compared to the corresponding returns for the reference index . Canadian equities and 40% in foreign equities . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .7 - 3 .7 1 .4 (0 .6) (0 .1) 15 .7 4 .4 (1 .1) (3 .7) Series 75/100 3 .3 - 3 .4 1 .1 (0 .9) (0 .4) 15 .5 4 .3 (1 .1) (3 .9) Other Series3 3 .3 - 3 .3 1 .1 (0 .9) (0 .4) 15 .5 4 .3 (1 .1) (3 .9) Composite Index1 - 8 .9 6 .9 5 .8 7 .2 25 .0 5 .3 (1 .9) 2 .5

1 FTSE Canada Universe Bond Index (10%), FTSE Canada Corporate Bond Index (5%), S&P/TSX Composite Index (25%), S&P/TSX SmallCap Index (20%), MSCI - World (Can . $) (net ret .) (15%), S&P 500 (Can . $) (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Fund Code: 815 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 26 - Industrial Alliance Disciplined Prudent (iAIM) Risk level Disciplined Funds Low to Moderate Net assets: 100.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combine different managers with different management styles in a single fund • Diversify risk across asset classes • Invest in underlying funds which incorporate a Fixed Income Funds Sébastien Mc Mahon, M .E .Sc ., PRM, CFA 69.79% rigorous risk management process in line with Inception date of the Fund: September 2020 their respective benchmarks U.S. Equity Funds IAG Savings and Retirement Plan first offering: September 2020 12.05% 2 • Conform to a medium- and long-term Guarantee Option MER Fund Fee Rate % investment horizon Ecoflextra Series 2 .77% 0 .60 Global Equity Funds 9.12% Investment style Canadian Equity Funds Short Term and others 8.98% 0.06% • Multi-management • Disciplined risk-taking against the index Asset mix of the Fund Fixed Income Disciplined Bond (iAIM) 69 .79% Canadian Equity Year By Year Returns Canadian Disciplined Equity (iAIM) 8 .98% Performance data cannot be published for funds that have been in existence for less than 1 year . U.S. Equity U .S . Disciplined Equity (IAIM) 12 .05% Foreign Equity International Disciplined Equity (iAIM) 9 .12% Short Term and Others Other Assets 0 .06% 100 .00%

Investment limits Asset mix between bonds and equities may deviate from the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior manager .

Commentary The Fund seeks to generate regular long-term growth by Past Performance favouring fixed-income securities, maintaining diversity Performance data cannot be published for funds that have been in existence for less than 1 year . in its investments and utilizing several managers . It is composed of fund units, including bonds, and Canadian equity, U .S . equity and international equity funds . These underlying funds incorporate a rigorous risk management process in line with their respective benchmarks . The Fund’s asset allocation may vary without changing the investor profile . Nonetheless, the Fund has a neutral positioning of 70% bonds, 7 .5% Canadian equities, 10% U .S . equities and 7 .5% international equities .

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Ecoflextra Series 0 .1 ------Composite Index1 ------

1 FTSE Canada Universe Bond Index (75%), Indice S&P/TSX 60 (7 .5%), S&P 500 Index (Can . $) (10%), MSCI - EAFE Index (Can . $) (net ret .) (7 .5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 732

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 27 - Industrial Alliance Disciplined Moderate (iAIM) Risk level Disciplined Funds Low to Moderate Net assets: 212.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines different managers with different management styles in a single fund

U.S. Equity Funds • Diversification of risk across asset classes 18.09% Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Invest in underlying funds which incorporate a rigorous risk management process in line with Inception date of the Fund: September 2020 Fixed Income Funds their respective benchmarks 54.78% IAG Savings and Retirement Plan first offering: September 2020 Global Equity Funds 2 • Conform to a medium- and long-term 13.69% Guarantee Option MER Fund Fee Rate % investment horizon Ecoflextra Series 2 .88% 0 .80

Canadian Equity Funds Investment style 13.47% Short Term and others -0.03% • Multi-management • Disciplined risk-taking against the index Asset mix of the Fund Fixed Income Disciplined Bond (iAIM) 54 .78% Canadian Equity Year By Year Returns Canadian Disciplined Equity (iAIM) 13 .47% Performance data cannot be published for funds that have been in existence for less than 1 year . U.S. Equity U .S . Disciplined Equity (iAIM) 18 .09% Foreign Equity International Disciplined Equity (iAIM) 13 .69% Short Term and Others Other Assets (0 .03)% 100 .00%

Investment limits Asset mix between bonds and equities may deviate from the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior manager .

Commentary Past Performance The Fund seeks to generate a high return over the long Performance data cannot be published for funds that have been in existence for less than 1 year . term by favouring fixed-income securities, maintaining diversity in its investments and integrating several managers . It is composed of fund units, including bonds, and Canadian equity, U .S . equity and international equity funds . The Fund’s asset allocation may vary without changing the investor profile . Nonetheless, the Fund has a neutral positioning of 60% bonds, 12% Canadian equities, 16% U .S . equities and 12% international equities .

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Ecoflextra Series 0 .3 ------Composite Index1 ------

1 FTSE Canada Universe Bond Index (60%), Indice S&P/TSX 60 (12%), S&P 500 Index (Can . $) (16%), MSCI - EAFE Index (Can . $) (net ret .) (12%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 733

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 28 - Industrial Alliance Disciplined Balanced (iAIM) Risk level Disciplined Funds Low to Moderate Net assets: 377.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combine different managers with different management styles in a single fund U.S. Equity Funds 24.11% • Diversify risk across asset classes Sébastien Mc Mahon, M .E .Sc ., PRM, CFA • Invest in underlying funds which incorporate a rigorous risk management process in line with Inception date of the Fund: September 2020 Global Equity Funds their respective benchmarks 18.26% IAG Savings and Retirement Plan first offering: September 2020 2 • Conform to a medium- and long-term Guarantee Option MER Fund Fee Rate % investment horizon Fixed Income Funds 39.67% Ecoflextra Series 2 .88% 0 .80

Canadian Equity Funds Investment style 17.97% Short Term and others • Multi-management -0.01% • Disciplined risk-taking against the index Asset mix of the Fund Fixed Income Disciplined Bond (iAIM) 39 .67% Canadian Equity Year By Year Returns Canadian Disciplined Equity (iAIM) 17 .97% Performance data cannot be published for funds that have been in existence for less than 1 year . U.S. Equity U .S . Disciplined Equity (iAIM) 24 .11% Foreign Equity International Disciplined Equity (iAIM) 18 .26% Short Term and Others Other Assets (0 .01)% 100 .00%

Investment limits Asset mix between bonds and equities may deviate from the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior manager .

Commentary Past Performance The Fund seeks to generate superior long-term growth Performance data cannot be published for funds that have been in existence for less than 1 year . by favouring a balance between equity securities and fixed-income securities, by diversifying its investments and by integrating several managers . It is composed of fund units, including bonds, and Canadian equity, U .S . equity and international equity funds . The Fund’s asset allocation may vary without changing the investor profile . Nonetheless, the Fund has a neutral positioning of 45% bonds, 16 .5% Canadian equities, 22% U .S . equities and 16 .5% international equities .

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Ecoflextra Series 0 .5 ------Composite Index1 ------

1 FTSE Canada Universe Bond Index (45%), Indice S&P/TSX 60 (16 .5%), S&P 500 Index (Can . $) (22%), MSCI - EAFE Index (Can . $) (net ret .) (16 .5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 734

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 29 - Industrial Alliance Disciplined Growth (iAIM) Risk level Disciplined Funds Low to Moderate Net assets: 204.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combine different managers with different management styles in a single fund • Diversify risk across asset classes Fixed Income Funds 24.69% • Invest in underlying funds which incorporate a Global Equity Funds Sébastien Mc Mahon, M .E .Sc ., PRM, CFA 22.83% rigorous risk management process in line with Inception date of the Fund: September 2020 their respective benchmarks IAG Savings and Retirement Plan first offering: September 2020 2 • Conform to a medium- and long-term Guarantee Option MER Fund Fee Rate % investment horizon Ecoflextra Series 2 .88% 1 .05

U.S. Equity Funds Canadian Equity Funds Investment style 30.14% 22.46%

Short Term and others • Multi-management -0.12% • Disciplined risk-taking against the index Asset mix of the Fund Fixed Income Disciplined Bond (iAIM) 24 .69% Canadian Equity Year By Year Returns Canadian Disciplined Equity (iAIM) 22 .46% Performance data cannot be published for funds that have been in existence for less than 1 year . U.S. Equity U .S . Disciplined Equity (iAIM) 30 .14% Foreign Equity International Disciplined Equity (iAIM) 22 .83% Short Term and Others Other Assets (0 .12)% 100 .00%

Investment limits Asset mix between bonds and equities may deviate from the target . Selecting and weighting funds is done on a discretionary basis and is the responsibility of the senior manager .

Commentary The Fund seeks to generate superior long-term growth Past Performance by favouring equity securities, while diversifying its Performance data cannot be published for funds that have been in existence for less than 1 year . investments and integrating several managers . It is composed of fund units, including bonds, and Canadian equity, U .S . equity and international equity funds . The Fund’s asset allocation may vary without changing the investor profile . Nonetheless, the Fund has a neutral positioning of 30% bonds, 21% Canadian equities, 28% U .S . equities and 21% international equities .

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Ecoflextra Series 0 .8 ------Composite Index1 ------

1 FTSE Canada Universe Bond Index (30%), Indice S&P/TSX 60 (21%), S&P 500 Index (Can . $) (28%), MSCI - EAFE Index (Can . $) (net ret .) (21%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 735

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 30 - Industrial Alliance Money Market Risk level Income Funds Low to Moderate Net assets: 551.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Oriented on short term revenues • Priority placed on capital protection Treasury bills 99.81% • Conforms to a short term investment horizon Team - IAGP Investment style Inception date of the Fund: September 1991 Interest rate forecasts IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754-6 1 .39% - Cash and Cash Equivalents 5-6 0.19% Classic Series 75/75 Prestige 1 .34% - Series 75/1006 1 .59% 0 .10 Series 75/100 Prestige 1 .54% 0 .10 Characteristics of the Fund Ecoflex Series 100/1006 1 .67% 0 .25 Average rating FORLIFE Series 1 .67% 0 .10 Ecoflextra Series 1 .67% 0 .60 • Money Market securities R1-High Average term to maturity 77 days Yield at market value 0 .2% Year By Year Returns Investment limits This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Short term 100% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown .

% Commentary 0.6 0.59 0.54 The Fund seeks to maintain excellent protection of capital and a high level of liquidity, while maximizing the total return . It is composed essentially of quality 0.4 securities, with a maximum term of one year, Classic Series 75/75 0.24 Simulation* guaranteed by the provinces, governments and some 0.22 0.19 0.19 0.2 0.16 companies . The management style focuses on interest 0.13 0.15 rate forecasts which are based on careful analysis of 0.11 the economic outlook . 0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 0 .3 0 .3* 0 .4 0 .6 0 .7 0 .8 0 .1 0 .0 0 .0 0 .6 Series 75/100 0 .3 0 .3* 0 .4 0 .6 0 .6 0 .7 0 .1 0 .0 0 .0 0 .6 Other Series3 0 .3 0 .3* 0 .4 0 .5 0 .6 0 .7 0 .1 0 .0 0 .0 0 .6 Reference Index1 1 .0 1 .0 1 .4 1 .5 1 .3 0 .2 0 .1 0 .0 0 .8

1 FTSE Canada 91 Day T-Bill Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 070

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 31 - Industrial Alliance Short Term Bond Risk level Income Funds Low to Moderate Net assets: 242.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Oriented toward current income • Moderate long term capital growth • Conforms to a medium to long term investment

Provinces horizon 28.23% Lead Manager Manager Alexandre Morin, CFA Louis Gagnon, CFA Investment style Corporates 52.87% Inception date of the Fund: January 1998 Interest rate forecasts IAG Savings and Retirement Plan first offering: January 2011 Municipalities and Subsidized My Education+ first offering: June 2016 6.33% Canada 2 5.02% Guarantee Option MER Fund Fee Rate % Short Term and others 4-6 Foreign Bonds 4.95% Classic Series 75/75 2 .15% - 2.60% Classic Series 75/75 Prestige5-6 1 .97% - Series 75/1006 2 .40% 0 .10 Characteristics of the Fund Series 75/100 Prestige6 2 .15% 0 .10 Ecoflex Series 100/1006 2 .38% 0 .25 Bond and short term Portfolios FORLIFE Series 2 .38% 0 .10 Average rating - Bonds A+ Ecoflextra Series 2 .38% 0 .60 Average term 3 .0 years Modified duration 2 .8 years Average coupon 2 .6% Year By Year Returns Yield at market value 0 .9% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Top 10 holdings of the Fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Province of Ontario, 2 .600%, 2025-06-02 4 .53% % Province of Ontario, 3 .500%, 2024-06-02 4 .51% 3 2.78 Province of Ontario, 2 .850%, 2023-06-02 4 .33% 2.28 2 Province of Ontario, 2 .400%, 2026-06-02 3 .56% 1.43 Province of Ontario, 2 .600%, 2023-09-08 2 .79% 1.36 1 0.79 Canada Housing Trust, 1 .800%, 2024-12-15 2 .26% 0.53 Classic Series 75/75 Province of Newfoundland, 1 .950%, 0 0.01 Simulation* 2022-06-02 1 .83% Province of Manitoba, 2 .450%, 2025-06-02 1 .66% -1 -0.51 -0.52 Ville de Saguenay, 2 .150%, 2020-10-25 1 .53% -1.22 Government of Canada, 0 .143%, 2020-12-23 1 .51% -2 28 .51% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Investment limits Min. Max. Past Performance Short term 0% 20% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Bonds 80% 100% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

The average duration of the portfolio must be situated $20,000 between 50% and 200% of the duration of the FTSE Canada Short term Bond Index . $15,000 $12,753 Commentary Classic Series 75/75 $10,000 $10,773 The fund is managed according to a management style Simulation* primarily based on securities selection and issuers . The Reference Index1 manager also integrates interest rate anticipation in his $5,000 management process . The fund is characterized by a short and medium term maturity, which minimizes the $0 impact of interest rate fluctuations while generating a 10 11 12 13 14 15 16 17 18 19 20 good income . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 0 .9 0 .7* 0 .7 1 .7 2 .9 3 .5 3 .1 0 .5 0 .0 3 .7 Series 75/100 0 .7 0 .6* 0 .4 1 .5 2 .7 3 .3 3 .0 0 .4 0 .0 3 .5 Other Series3 0 .7 0 .6* 0 .5 1 .5 2 .7 3 .3 3 .0 0 .4 0 .0 3 .5 Reference Index1 2 .5 2 .3 3 .4 4 .6 4 .9 2 .9 0 .7 0 .2 4 .8

1 FTSE Canada Short Term Bond Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 170 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 32 - Industrial Alliance Bond Risk level Income Funds Low to Moderate Net assets: 3,256.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Oriented toward current income

Corporates 34.44% • Moderate long term capital growth • Conforms to a medium to long term investment horizon Lead Manager Manager Alexandre Morin, CFA Louis Gagnon, CFA Investment style Canada 10.93% Inception date of the Fund: May 1977 Interest rate forecasts IAG Savings and Retirement Plan first offering: January 2011 Provinces 37.22% Short Term and others My Education+ first offering: June 2016 7.15% Municipalities and Subsidized 2 5.95% Guarantee Option MER Fund Fee Rate % Foreign bonds Investment Fund Units 2.12% 2.19% Classic Series 75/754-6 2 .18% - Classic Series 75/75 Prestige5-6 2 .01% - Series 75/1006 2 .38% 0 .10 Characteristics of the Fund Series 75/100 Prestige6 2 .16% 0 .10 Ecoflex Series 100/1006 2 .38% 0 .25 Bond and short term Portfolios FORLIFE Series 2 .38% 0 .10 Average rating - Bonds A+ Ecoflextra Series 2 .38% 0 .60 Average term 10 .5 years Modified duration 8 .1 years Average coupon 2 .9% Yield at market value 1 .4% Year By Year Returns This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Top 10 holdings of the Fund who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrial Alliance Canadian Corporate Bond Fund 31 .76% % 8 7.73 Government of Canada, 1 .250%, 2030-06-01 3 .83% 6.64 Government of Canada, 0 .143%, 2020-12-23 2 .10% 6 5.19 Government of Canada, 2 .000%, 2051-12-01 2 .05% 4.25 Province of Ontario, 1 .050%, 2027-09-08 2 .01% 4 2.01 Classic Series 75/75 Province of Ontario, 2 .600%, 2027-06-02 1 .86% 2 1.49 1.12 Province of Ontario, 1 .750%, 2025-09-08 1 .84% 0.45 Simulation* Province of Alberta, 2 .900%, 2028-12-01 1 .80% 0 Province of British Columbia, 5 .700%, -2 -0.84 2029-06-18 1 .67% Government of Canada, 0 .500%, 2025-09-01 1 .64% -4 -3.13 50 .56% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Investment limits Min. Max. Past Performance Short term 0% 20% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Bonds 80% 100% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

The average duration of the portfolio must be situated $25,000 between 50% and 150% of the duration of the FTSE Canada Bond Index . $20,000 $15,314 $15,000 Classic Series 75/75 Commentary $12,820 Simulation* $10,000 Reference Index1 The fund’s approach in bond management is based on interest rate movement forecasts, derived $5,000 from analyses of macroeconomic trends . The management of the duration and the yield curve $0 10 11 12 13 14 15 16 17 18 19 20 positioning are the main sources of added value compared to the benchmark . Sector and security selection also contribute to add value . On occasion, Annual Compound Returns the manager may add securities denominated in This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for foreign currencies, real return bonds or other special the fund as described above compared to the corresponding returns for the reference index . situations likely to improve the portfolio’s return or to reduce volatility . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .7 2 .5* 2 .5 4 .2 6 .3 5 .3 6 .1 0 .1 0 .1 6 .5 Series 75/100 2 .6 2 .4* 2 .3 3 .9 6 .1 5 .0 6 .0 0 .0 0 .1 6 .3 Other Series3 2 .6 2 .4* 2 .3 3 .9 6 .1 5 .0 6 .0 0 .0 0 .1 6 .3 Reference Index1 4 .4 4 .3 6 .1 8 .4 7 .1 6 .3 0 .4 0 .3 8 .0

1 FTSE Canada Universe Bond Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 020 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 33 - Industrial Alliance Disciplined Bond (iAIM) Risk level Income Funds Low to Moderate Net assets: 635.4 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Oriented towards current income

Corporates • Aim for moderate long-term capital growth 31.09% while offering risk controls relative to its benchmark Lead Manager Managers • Comply with a medium- to long-term investment Alexandre Morin, CFA Louis Gagnon, CFA Jean-Pierre D’Agnillo, CFA horizon Canada 15.19% Provinces Inception date of the Fund: September 2020 Investment style 41.07% IAG Savings and Retirement Plan first offering: September 2020 Short Term and others • Multi-strategy approach 6.83% Guarantee Option MER2 Fund Fee Rate % Municipalities and Subsidized • Disciplined risk-taking against the index Foreign Bonds 4.21% 1.61% Ecoflextra Series 2 .38% 0 .60

Characteristics of the Fund Bond and short term Portfolios Average rating - Bonds A+ Average term 10 .5 years Modified duration 8 .2 years Average coupon 2 .9% Yield at market value 1 .3% Year By Year Returns Performance data cannot be published for funds that have been in existence for less than 1 year . Top 10 holdings of the Fund Government of Canada, 1 .250%, 2030-06-01 3 .90% Government of Canada, 0 .500%, 2025-09-01 3 .28% Government of Canada, 0 .143%, 2020-12-23 2 .34% Government of Canada, 2 .000%, 2051-12-01 2 .32% Province of Alberta, 2 .900%, 2028-12-01 2 .14% Province of Ontario, 1 .750%, 2025-09-08 2 .01% Canada Housing Trust, 2 .900%, 2024-06-15 1 .99% Government of Canada, 1 .500%, 2023-06-01 1 .90% Province of British Columbia, 5 .700%, 2029-06-18 1 .82% Province of Ontario, 2 .600%, 2027-06-02 1 .72% 23 .42%

Investment limits Min. Max. Short term 0% 10% Past Performance Bonds 90% 100% Performance data cannot be published for funds that have been in existence for less than 1 year . Commentary Management of the Fund is mainly based on anticipation of interest rate movements arising from the manager’s analysis of macroeconomic trends . The managers advocate a rigorous approach which emphasizes risk management and promotes healthy diversification of sectors and issuers . To reduce variations in relation to its benchmark index, the managers typically maintain a duration of +/- 1 year relative to this index .

Duration management and positioning on the curve are the main sources of added value, while the choice of sectors and the selection of issuers are also sources of added value . From time to time, the managers Annual Compound Returns may add securities denominated in foreign currencies This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for or real return bonds, or take advantage of other the fund as described above compared to the corresponding returns for the reference index . special situations that may help enhance the portfolio’s performance or reduce its volatility . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Ecoflextra Series (0 .4) ------Reference Index1 ------

1 FTSE Canada Universe Bond Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 731

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 34 - Industrial Alliance Canadian Corporate Bond Risk level Income Funds Low to Moderate Net assets: 1,558.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • The Fund seeks to yield a greater income than

Corporates traditional bond funds with a long term capital 90.83% growth potential through investments primarily in high quality Canadian fixed income securities Lead Manager Jean-Pierre D’agnillo, CFA Investment style Inception date of the Fund: March 2016 Credit analysis IAG Savings and Retirement Plan first offering: May 2016 My Education+ first offering: June 2016 Foreign Bonds 2 6.35% Guarantee Option MER Fund Fee Rate % Canada Short Term and others 0.60% 2.22% Classic Series 75/753-5 2 .15% - Classic Series 75/75 Prestige4-5 1 .96% - Series 75/1005 2 .33% 0 .10 Characteristics of the Fund Series 75/100 Prestige5 2 .15% 0 .10 Bond and short term Portfolios Average rating - Bonds A Average term 9 .2 years Modified duration 7 .0 years Year By Year Returns Average coupon 3 .3% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Yield at market value 1 .9% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown .

Top 10 holdings of the Fund % Royal Bank of Canada, 2 .360%, 2022-12-05 1 .59% 7.5 6.03 Canadian Imperial Bank of Commerce, 5.61 5.62 2 .470%, 2022-12-05 1 .48% 5.0 Bank of Nova Scotia, 2 .620%, 2026-12-02 1 .38% 4.19 CARDS II Trust, 2 .427%, 2024-11-15 1 .26% 2.5 Dollarama Inc ., 2 .203%, 2022-11-10 1 .07% 1.59 Classic Series 75/75 National Bank of Canada, Fixed - Floating 0.72 0.79 Simulation* Rate, 1 .573%, 2026-08-18 1 .07% 0.0 Royal Bank of Canada, 2 .609%, 2024-11-01 0 .99% -1.08 -0.99 The Toronto-Dominion Bank, 3 .005%, -2.5 2023-05-30 0 .96% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Toronto-Dominion Bank, 2 .850%, 2024-03-08 0 .91% Canadian Imperial Bank of Commerce, Past Performance 3 .300%, 2025-05-26 0 .87% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 11 .58% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

Investment limits Min. Max. $25,000

Short term 0% 10% $20,000 Bonds 90% 100%

$15,000 $16,032 Commentary Classic Series 75/75 $13,090 Simulation* The manager’s strategy is based on the detailed $10,000 Reference Index1 analysis of corporate securities . The security selection approach focuses on companies that post strong $5,000 fundamentals and that offer a higher level of liquidity . The fund manager seeks to add value primarily using $0 11 12 13 14 15 16 17 18 19 20 bottom-up security selection strategies and top-down sector allocations . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .4 - 2 .5* 3 .8 5 .8 4 .8 8 .6 0 .8 (0 .2) 5 .2 Series 75/100 2 .2 - 2 .3* 3 .6 5 .6 4 .6 8 .5 0 .7 (0 .2) 5 .0 Reference Index1 - 4 .7 5 .9 7 .9 6 .9 9 .5 1 .3 0 .0 6 .8

1 FTSE Canada Corporate Bond Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 021

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 35 - Industrial Alliance Core Plus Bond (Wellington Square) Risk level Income Funds Low to Moderate Net assets: 38.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to provide income and the potential for Canadian Investment Grade Corporate Bonds 25 .70% long term growth by investing in investment Canadian High Yield Corporate Bonds 16 .40% grade bond fund; this Fund is comprised primarily of government and corporate bonds U .S . Investment Grade Corporate Bonds 15 .30% Jeff Sujitno, CPA, CIM Senior Loans 13 .60% Amar Dhanoya, MBA, CFA Asset-Backed Securities 12 .50% Investment style Foreign Investment Grade Corporate Bonds 5 .50% Inception date of the Fund: January 2011 Credit analysis U .S . High Yield Corporate Bonds 4 .60% IAG Savings and Retirement Plan first offering: January 2011 Short Term and others 3 .40% My Education+ first offering: June 2016 Preferred Equity 3 .00% Guarantee Option MER2 Fund Fee Rate % 100 .00% Classic Series 75/754-6 2 .22% - Classic Series 75/75 Prestige5-6 2 .09% - Characteristics of the underlying fund Series 75/1006 2 .48% 0 .10 Series 75/100 Prestige6 2 .26% 0 .10 Bond and short term Portfolios Ecoflex Series 100/1006 2 .48% 0 .25 Average rating - Bonds BBB FORLIFE Series 2 .48% 0 .10 Average term 10 .4 years Ecoflextra Series 2 .48% 0 .60 Modified duration 3 .4 years Average coupon 3 .6% Year By Year Returns Yield at market value 3 .5% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Top 10 holdings of the underlying fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . China Construction Bank (Toronto Branch), % 2 .183%, 2022-09-19 2 .30% 4 3.77 3.66 Harvest Health & Recreation Inc . 2 .00% 3.19 Metropolitan Life Global Funding I, 3 .394%, 2030-04-09 1 .70% 2 1.77

Ge Capital Canad Funding co, 0 .869%, 1.10 0.94 2022-02-15 1 .70% 0.52 Classic Series 75/75 National Australia Bank Limited, Fixed - 0 Simulation* Floating Rate, 3 .515%, 2030-06-12 1 .60% -0.33 Manulife Financial Corp ., Fixed - Floating Rate, 2 .818%, 2035-05-13 1 .60% -2 -1.72 Air Canada, 4 .750%, 2023-10-06 1 .50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Royal Bank of Canada, 4 .500%, 2080-11-24 1 .40% Brookfield Porperty Finance, 3 .926%, 2025-08-24 1 .30% Past Performance Nissan Canada Financial Services Inc ., This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 3 .150%, 2021-09-14 1 .30% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . 16 .40% $20,000 Investment limits Min. Max. Real Industrial Alliance Fund $15,000 Short term 0% 20% 0 .11% $14,967 Units of an underlying fund 80% 100% 99 .89% Classic Series 75/75 $10,000 $11,421 Simulation* Commentary Composite1 $5,000 The Portfolio Manager invests in a broad mix of fixed income securities focused on federal and provincial $0 government bonds and investment grade corporate 10 11 12 13 14 15 16 17 18 19 20 bonds . The fund will also have some exposure to non-investment grade securities including senior loans and high yield bonds . The Portfolio Manager will focus Annual Compound Returns on interest rate positioning, credit selection and relative This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for value to manage the portfolio . Derivatives may be used the fund as described above compared to the corresponding returns for the reference index . to reduce interest rate sensitivity or help protect against credit risk . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 1 .4 1 .3* 1 .1 1 .0 1 .5 1 .2 7 .3 2 .4 0 .2 0 .8 Series 75/100 1 .2 1 .1* 0 .8 0 .8 1 .2 0 .9 7 .2 2 .3 0 .2 0 .6 Other Series3 1 .2 1 .1* 0 .8 0 .8 1 .2 0 .9 7 .2 2 .3 0 .2 0 .6 Composite Index1 4 .1 3 .8 5 .3 7 .1 4 .6 7 .9 2 .2 0 .1 3 .7

1 Since March 25, 2019 : FTSE Canada Short Term Corporate Bond Index (75%), Credit Suisse Leveraged Loan Index (US $) (15%), Bank of America/Merrill Lynch U .S . High Yield Master II Constrained Index - Hedged CAD (10%) . Before March 25, 2019 : FTSE Canada Universe Bond Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 556 Important: Past returns are not indicative of future returns . IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 36 - Industrial Alliance Global Fixed Income (PIMCO) Risk level Income Funds Low to Moderate Net assets: 524.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Oriented on current income by investing Invest. Grade Credit primarily in a diversified portfolio of fixed 24.80% income securities that are not denominated in Canadian dollars High Yield Credit Management team composed of several managers 15.10% • Targets moderate long term capital appreciation Inception date of the Fund: January 2011 • Conforms to a medium to long term investment IAG Savings and Retirement Plan first offering: October 2014 My Education+ first offering: June 2016 horizon Mortgages Emerging Markets 48.40% 12.30% Guarantee Option MER2 Fund Fee Rate % Government Related Investment style 5.60% 3-5 Municipalities Classic Series 75/75 2 .59% - 1.90% 4-5 Multi-strategies Short Term and others Classic Series 75/75 Prestige 2 .32% - -8.10% Series 75/1005 2 .75% 0 .10 Series 75/100 Prestige5 2 .55% 0 .10 Characteristics of the underlying fund Bond and short term Portfolios Average term 5 .0 years Modified duration 2 .8 years Year By Year Returns This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Sector diversification (%) - duration who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund weighted of the underlying fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown .

As at September 30, 2020 % 25 Government-Related 5.60% 22.63 20 United Kingdom (1 .70)% Australia 2 .30% 15 EMU 0 .70% 10 Classic Series 75/75 5.70 Simulation* Japan 0 .00% 5 4.93 5.17 4.96 5.09 1.08 United States 2 .00% 0 -1.24 Other 2 .30% -5 Mortgage 48.40% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 United Kingdom 0 .70% Past Performance Australia 0 .00% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose EMU 2 .00% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

Japan 0 .00% $25,000

United States 45 .60% $20,000

Other 0 .10% $18,135 $15,000 Classic Series 75/75 Investment Grade Credit 24.80% $14,691 Simulation* $10,000 Reference Index1 High Yield Credit 15.10% $5,000 Emerging Markets 12.30% Municipal/Other 1.90% $0 11 12 13 14 15 16 17 18 19 20 Net Cash Equivalents (8.10)% 100.00% Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for Investment limits Min. Max. Real the fund as described above compared to the corresponding returns for the reference index . Industrial Alliance Fund Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Short term 0% 20% (0 .16)% Units of an underlying fund 80% 100% 100 .16% Classic Series 75/75 2 .3 - 2 .6 0 .8 2 .0 0 .0 7 .4 2 .0 (0 .2) (1 .4) Series 75/100 2 .1 - 2 .4 0 .6 1 .8 (0 .2) 7 .3 1 .9 (0 .2) (1 .5) Commentary Reference Index1 - 3 .7 4 .7 8 .1 6 .8 3 .4 0 .6 (0 .1) 6 .7 The Fund aims to optimize current income while 1 Barclays U .S . Aggregate Index (CAD Hedged) . Please refer to the Legal Notices at the end of this publication for more information about the respecting the principle of capital conservation and Index . prudent investment management . Long term capital 2 Management expense ratio (GST and HST included) . appreciation is a secondary objective . The Fund invests 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . primarily in a diversified portfolio of fixed income 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige securities that are not denominated in Canadian dollars Preferential Pricing . and with a variety of maturities . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 893

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 37 - Industrial Alliance Floating Rate Income (Wellington Square) Risk level Specialty Income Funds Low to Moderate Net assets: 17.4 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Invests in units of an underlying fund that Senior Loans 62 .60% aims to provide a stream of current monthly Canadian High Yield Corporate Bonds 13 .80% income by investing primarily in senior floating rate loans . U .S . High Yield Corporate Bonds 10 .60% Jeff Sujitno, CPA, CIM Cash and Other Net Assets 9 .10% Amar Dhanoya, MBA, CFA Investment Funds Fixed Income 3 .90% Investment style 100 .00% Inception date of the Fund: October 2019 Credit-driven/relative value IAG Savings and Retirement Plan first offering: October 2019 My Education+ first offering: October 2019 Characteristics of the underlying fund Guarantee Option MER2 Fund Fee Rate % Bond and short term Portfolios Classic Series 75/753-5 2 .22% 0 .00 Average rating - Bonds CCC Classic Series 75/75 Prestige4-5 2 .10% 0 .00 Average term 4 .7 years Series 75/1005 2 .41% 0 .10 Modified duration 0 .8 years Series 75/100 Prestige5 2 .24% 0 .10 Average coupon 4 .5% Yield at market value 4 .3%

Top 10 holdings of the underlying fund Year By Year Returns Telesat LLC, Term Loan, 2026-11-22 2 .30% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder T-Mobile, Term Loan, 2027-04-01 1 .90% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Kruger Products Lp, 6 .000%, 2025-04-24 1 .90% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . US Foods, Term Loan, 2023-06-27 1 .80% Canada Goose Inc ., Term Loan, 2024-12-02 1 .70% % American Airlines Inc . Term Loan, 2027-01-29 1 .70% 8

Transdigm Inc ., Term Loan, 2025-05-30 1 .70% 6.51 Diamond Sports Group, Term Loan, 6 6.09 2026-08-24 1 .60% Superior Plus Lp, 5 .125%, 2025-08-27 1 .60% 4 4.12 Aramark Services Inc . Term Loan, 2026-12-10 1 .50% Simulation* 17 .70% 2 2.03 1.09 Investment limits Min. Max. Real 0.11 Industrial Alliance Fund 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Short term 0% 20% 0 .48% Units of an underlying fund 80% 100% 99 .52% Past Performance Commentary This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose The fund invests primarily in senior floating rate loans, the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . other floating rate securities and debt obligations of North American and global corporate issuers $20,000 through rigorous, bottom-up credit selection . Senior secured loans and high yielding debt securities offer $15,000 diversification as they are typically less interest-rate $12,703 Classic Series 75/75 sensitive . $10,000 $11,680 Simulation* Reference Index1 $5,000

$0 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 (3 .3) - 1 .6* 1 .0* 0 .4* (3 .3)* 6 .3 2 .7 0 .6 (4 .0) Series 75/100 (3 .5) - 1 .4* 0 .8* 0 .3* (3 .5)* 6 .2 2 .7 0 .6 (4 .1) Reference Index1 - 4 .0 3 .2 2 .0 0 .8 14 .2 4 .1 0 .7 (0 .8)

1 Credit Suisse Leveraged Loan Index (US $) Index 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 081

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 38 - Industrial Alliance Strategic Corporate Bond Risk level Specialty Income Funds Low to Moderate Net assets: 78.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to provide income and the potential for long term capital growth by investing primarily in fixed income securities with an emphasis on corporate and other higher yielding fixed Dan Bastasic, MBA, CFA income securities Corporates 65.10% Inception date of the Fund: January 2012

Foreign Bonds IAG Savings and Retirement Plan first offering: January 2012 21.38% Investment style 2 Guarantee Option MER Fund Fee Rate % Credit analysis and interest rate forecasts Classic Series 75/75 2 .17% - Classic Series 75/75 Prestige 2 .03% - Short term and other Series 75/100 2 .42% 0 .10 13.52% Series 75/100 Prestige 2 .21% 0 .10 Ecoflex Series 100/100** 2 .47% 0 .25 FORLIFE Series** 2 .47% 0 .10 Characteristics of the underlying fund Bond and short term Portfolios Average rating - Bonds B+ Average term 2 .3 years Modified duration 2 .5 years Year By Year Returns Average coupon 6 .2% Yield at market value 7 .5% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Top 10 holdings of the underlying fund % Superior Plus LP, 5 .125%, 2025-08-27 3 .67% 20 Russel Metals Inc ., 6 .000%, 2022-04-19 3 .56% 15.94 Quebecor Media Inc ., 6 .625%, 2023-01-15 2 .83% 15 Garda World Security Corp ., Issued on October 2019, 9 .500%, 2027-11-01 2 .71% 10 9.42 Intertape Polymer Group Inc ., 7 .000%, 5.27 Classic Series 75/75 2026-10-15 2 .67% 5 4.94 2.84 2.56 Simulation* Trulieve Cannabis Corp ., 9 .750%, 2024-06-18 2 .63% Parkland Fuel Corp ., 6 .000%, 2028-06-23 2 .49% 0 TerraForm Power Operating LLC, 4 .250%, -1.73 -5 2023-01-31 2 .44% -4.92 Air Canada, 4 .750%, 2023-10-06 2 .42% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mattamy Group Corp ., 4 .625%, 2028-03-01 2 .38% 27 .80% Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Investment limits Min. Max. Real the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Industrial Alliance Fund Short term 0% 20% (0 .33)% $25,000 Units of an underlying fund 80% 100% 100 .33% $20,000

Commentary $15,049 $15,000 Classic Series 75/75 The fund manager employs a rigorous bottom-up $13,553 Simulation* strategy with a 12 to 18 month strategic outlook on $10,000 Reference Index1 the markets with a view to invest in a stable mix of higher-yielding fixed income securities of Canadian $5,000 and foreign issuers demonstrating strong fundamentals while aiming to minimize volatility through all market $0 conditions . 11 12 13 14 15 16 17 18 19 20

** Fund closed to new investments as of June 30th, 2015 . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .4 - 3 .0 0 .4 (0 .3) (1 .6) 8 .3 3 .2 (0 .1) (2 .3) Series 75/100 3 .1 - 2 .7 0 .1 (0 .6) (1 .8) 8 .2 3 .1 (0 .1) (2 .5) Other Series3 3 .1 - 2 .7 0 .0 (0 .6) (1 .9) 8 .2 3 .1 (0 .1) (2 .5) Reference Index1 - 4 .7 5 .9 7 .9 6 .9 9 .5 1 .3 0 .0 6 .8

1 FTSE Canada Corporate Bond Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 762

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 39 - Industrial Alliance Fidelity American High Yield Currency Neutral Risk level Specialty Income Funds Low to Moderate Net assets: 43.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to provide income and the potential for long term capital growth by investing primarily Foreign bonds in fixed income securities with an emphasis 90.78% on corporate and other higher yielding fixed Harley Lank income securities Inception date of the Fund: June 2015 IAG Savings and Retirement Plan first offering: June 2015 Investment style My Education+ first offering: June 2016 Credit analysis and interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Classic Series 75/753-5 2 .62% - Canadian bonds 3.81% Classic Series 75/75 Prestige4-5 2 .45% - Foreign Equity Short Term and others 5 2.23% 3.18% Series 75/100 2 .77% 0 .10 Series 75/100 Prestige5 2 .65% 0 .10 Characteristics of the underlying fund Bond and short term Portfolios Average term 12 .8 years Modified duration 3 .5 years Yield at market value 6 .0% Year By Year Returns This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Top 10 holdings of the underlying fund who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Sprint Cap Corp ., 8 .750%, 2032-03-15 Ally Financial Inc ., 8 .000%, 2031-11-01 % 15 CCO Holdings Cap 13.07 11.17 11.36 Citigroup Inc . 10.19 Refinitiv Term B 2025-10-01 10 InterGen NV, 7 .000%, 2023-06-30 5 4.59 5.14 C&W Services, 6 .875%, 2027-09-15 2.12 2.14 Classic Series 75/75 PG&E 4 .55%, 2030-07-01 0 Simulation* PG&E 4 .95%, 2050-07-01 CCO Holdings LLC -5 -4.29 -5.40 Top 10 holdings represents 10 .97% of the principal underlying -10 fund’s net assets . 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Investment limits Min. Max. Real Industrial Alliance Fund Past Performance Short term 0% 20% (0 .17)% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Units of an underlying fund 80% 100% 100 .17% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$25,000 Commentary The Fund invests in Fidelity American High Yield $20,000 Fund (the underlying fund), which invests primarily in $18,058 higher yielding, lower quality fixed income securities, $15,000 Classic Series 75/75 preferred stocks and convertible securities issued by $14,071 Simulation* U .S . companies . The Fund also uses derivatives to $10,000 Reference Index1 try to minimize the exposure to currency fluctuations between the U .S . and Canadian dollars . Fidelity $5,000 American High Yield Currency Neutral Fund aims to $0 hedge foreign currency exposure back to Canadian 10 11 12 13 14 15 16 17 18 19 20 dollars, thus providing the benefit of the U .S market while reducing currency . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 1 .5 3 .5* 2 .6 0 .0 (0 .6) (3 .3) 12 .1 3 .6 (1 .2) (5 .3) Series 75/100 1 .2 3 .2* 2 .3 (0 .1) (0 .8) (3 .5) 12 .0 3 .5 (1 .2) (5 .4) Reference Index1 6 .1 5 .7 2 .7 3 .0 0 .9 14 .3 4 .5 (1 .1) (1 .5)

1 Bank of America/Merrill Lynch U .S . High Yield Master II Constrained Index - Hedged CAD . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns . Fund Code: 222

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 40 - Industrial Alliance Diversified Security Risk level Diversified Funds Low to Moderate Net assets: 657.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines capital growth with current income • Diversification of the risk between the asset Short Term and others 18.53% classes and investment style Lead Manager • Active allocation of investments by asset classes Clément Gignac, M .E .Sc . and by investment style Foreign Equity • Conforms to a medium and long term 16.53% Inception date of the Fund: January 1999 investment horizon Canadian Bonds IAG Savings and Retirement Plan first offering: January 2011 46.67% My Education+ first offering: June 2016 Guarantee Option MER2 Fund Fee Rate % Investment style Canadian Equity 14.86% Classic Series 75/754-6 2 .61% - Asset mix favouring fixed income securities Foreign Bonds 5-6 3.41% Classic Series 75/75 Prestige 2 .44% - Series 75/1006 2 .81% 0 .10 Series 75/100 Prestige6 2 .62% 0 .10 Characteristics of the Fund Ecoflex Series 100/1006 3 .00% 0 .25 Bond and short term Portfolios FORLIFE Series 3 .00% 0 .10 Average rating - Bonds A+ Average term 8 .4 years Modified duration 6 .5 years Year By Year Returns Average coupon 2 .2% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Yield at market value 1 .5% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Top 10 holdings of the Fund % 10 Industrial Alliance Canadian Corporate Bond 8.62 Fund 14 .11% 7.84 Industrial Alliance Canadian Equity (IAIM) 8 .75% 5 5.17 5.18 Province of Ontario, 2 .050%, 2030-06-02 6 .86% 3.54 Industrial Alliance International Equity Fund 6 .04% 2.66 2.64 Classic Series 75/75 1.54 Government of Canada, 0 .144%, 2020-12-17 4 .81% 0.96 Simulation* Government of Canada, 0 .143%, 2020-12-23 4 .53% 0 Industrial Alliance Dividend Fund 3 .70% Industrial Alliance Thematic Innovation Fund 3 .16% Government of Canada, 1 .250%, 2030-06-01 2 .55% -5 -3.82 Vanguard Intermediate-Term Corp . Bond ETF 2 .36% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 56 .87% Past Performance Investment limits Min. Max. This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Short term 0% 25% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Bonds 45% 90% Mortgage loans/ $25,000 mortgage-backed securities 0% 10% Canadian equity securities 0% 35% $20,000 Foreign equity securities 0% 35% $17,161 $15,000 Classic Series 75/75 The maximum invested in an economic sector of the $13,735 Simulation* $10,000 stock market is limited to the higher of 20% of the Composite Index1 “Canadian equity sector” of the Fund and twice this sector’s weighting on the S&P/TSX Composite Index . $5,000 The average duration of the bond portion of the Fund $0 must be situated between 50% and 150% of the 10 11 12 13 14 15 16 17 18 19 20 duration of the FTSE Canada Universe Bond Index .

Commentary Annual Compound Returns This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose The investment strategy of the Fund focuses primarily the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . on a judicious allocation between Canadian and foreign equities and fixed income securities . Given Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD the importance of this allocation, a Committee is first offering responsible for making these decisions in accordance Classic Series 75/75 3 .2 3 .2* 2 .1 2 .7 3 .3 3 .0 8 .1 1 .3 (0 .4) 2 .1 with their views on the economy and the markets . Series 75/100 2 .9 3 .0* 1 .9 2 .5 3 .1 2 .8 8 .0 1 .2 (0 .4) 1 .9 In addition, to further diversify the portfolio, stock Other Series3 2 .9 2 .9* 1 .7 2 .3 2 .9 2 .6 7 .8 1 .2 (0 .4) 1 .8 selection is entrusted to multiple managers with Composite Index1 5 .5 5 .8 6 .6 7 .9 7 .5 10 .7 1 .9 (0 .2) 6 .5 different management styles . As such, the Committee also allocates assets across the different management styles, based on market conditions . 1 FTSE Canada Universe Bond Index (65%), S&P/TSX Composite Index (15%), FTSE Canada 91 Day T-Bill Index (5%), MSCI - World (Can . $) (net ret .) (15%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 240 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 41 - Industrial Alliance Diversified Risk level Diversified Funds Low to Moderate Net assets: 2,013.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines capital growth with current income • Diversification of the risk between the asset Canadian Bonds 28.85% classes and investment style Lead Manager • Active allocation of investments by asset classes Clément Gignac, M .E .Sc and by investment style Inception date of the Fund: January 1987 • Conforms to a medium and long term Foreign Equity investment horizon 24.70% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Canadian Equity 2 Investment style 35.87% Guarantee Option MER Fund Fee Rate % 4-6 Asset mix favouring a fair balance between asset Short Term and others Classic Series 75/75 2 .64% - 9.84% Foreign Bonds 5-6 classes 0.74% Classic Series 75/75 Prestige 2 .26% - Series 75/1006 2 .84% 0 .10 Series 75/100 Prestige6 2 .46% 0 .10 Characteristics of the Fund Ecoflex Series 100/1006 3 .02% 0 .40 Bond and short term Portfolios FORLIFE Series 3 .02% 0 .25 Average rating - Bonds AA- Average term 9 .1 years Modified duration 7 .0 years Year By Year Returns Average coupon 2 .5% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Yield at market value 1 .2% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown .

Top 10 holdings of the Fund % 15 Industrial Alliance Canadian Equity (IAIM) 25 .49% 11.89 Industrial Alliance Canadian Corporate Bond 11.53 10 8.46 Fund 10 .04% 6.83 Industrial Alliance International Equity Fund 6 .81% 5 4.33 4.14 4.43 Industrial Alliance Thematic Innovation Fund 5 .94% 3.25 Classic Series 75/75 Industrial Alliance Dividend Fund 5 .86% 0 Simulation* Industrial Alliance Canadian Equity Small Cap Fund 4 .52% -5 -3.20 Industrial Alliance Global True Conviction -6.20 Fund 3 .72% -10 Government of Canada, 0 .143%, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020-12-23 3 .51% Industrial Alliance US Equity (Currency Past Performance Unhedged) Fund 2 .84% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose IA Clarington U .S . Dividend Growth Fund, the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Series I 2 .41% 71 .14% $25,000

Investment limits Min. Max. $20,000 Short term 0% 25% $18,714 Bonds 20% 70% $15,000 Classic Series 75/75 Mortgage loans/ $15,110 Simulation* mortgage-backed securities 0% 10% $10,000 Composite Index1 Canadian equity securities 5% 45% Foreign equity securities 5% 45% $5,000

$0 The maximum invested in an economic sector of the 10 11 12 13 14 15 16 17 18 19 20 stock market is limited to the higher of 20% of the Fund’s assets and twice this sector’s weighting on the S&P/TSX Composite Index . Annual Compound Returns The average duration of the bond portion of the Fund This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for must be situated between 50% and 150% of the the fund as described above compared to the corresponding returns for the reference index . duration of the FTSE Canada Universe Bond Index Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Commentary Classic Series 75/75 3 .9 4 .2* 3 .1 2 .9 2 .7 3 .2 12 .8 2 .6 (0 .7) 1 .0 The investment strategy of the Fund focuses primarily Series 75/100 3 .7 4 .0* 2 .8 2 .7 2 .5 3 .0 12 .7 2 .5 (0 .7) 0 .8 on a judicious allocation between Canadian and Other Series3 3 .6 3 .9* 2 .7 2 .5 2 .3 2 .8 12 .6 2 .5 (0 .7) 0 .7 foreign equities and fixed income securities . Given Composite Index1 6 .5 6 .8 7 .0 7 .4 7 .4 13 .8 2 .9 (0 .6) 5 .3 the importance of this allocation, a Committee is responsible for making these decisions in accordance with their views on the economy and the markets . 1 FTSE Canada Universe Bond Index (45%), S&P/TSX Composite Index (25%), MSCI - World (Can . $) (net ret .) (25%), In addition, to further diversify the portfolio, stock FTSE Canada 91 Day T-Bill Index (5%) . Please refer to the Legal Notices at the end of this publication for more information about these selection is entrusted to multiple managers with Indexes . 2 different management styles . As such, the Committee Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series also allocates assets across the different management 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . styles, based on market conditions . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 040 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 42 - Industrial Alliance Diversified Opportunity Risk level Diversified Funds Low to Moderate Net assets: 439.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Combines capital growth with current income • Diversification of the risk between the asset classes and investment style Foreign Equity 24.51% Lead Manager • Active allocation of investments by asset classes Clément Gignac, M .E .Sc and by investment style Inception date of the Fund: January 1999 • Conforms to a medium and long term Canadian Equity investment horizon 51.94% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Canadian Bonds 2 15.45% Guarantee Option MER Fund Fee Rate % Investment style 4-6 Asset mix favouring equities Short Term and others Classic Series 75/75 2 .65% - Foreign Bonds 7.70% 5-6 0.40% Classic Series 75/75 Prestige 2 .21% - Series 75/1006 2 .82% 0 .10 Series 75/100 Prestige6 2 .40% 0 .10 Characteristics of the Fund Ecoflex Series 100/1006 3 .01% 0 .50 Bond and short term Portfolios FORLIFE Series 3 .01% 0 .40 Average rating - Bonds AA- Average term 8 .5 years Modified duration 6 .5 years Year By Year Returns Average coupon 2 .3% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Yield at market value 1 .1% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Top 10 holdings of the Fund % Industrial Alliance Canadian Equity (IAIM) 37 .44% 15 14.33 14.19 Industrial Alliance Canadian Equity Small Cap 10 9.97 Fund 7 .54% 7.83 Industrial Alliance Dividend Fund 6 .96% 5 4.72 4.67 5.21 Industrial Alliance International Equity Fund 6 .68% 1.92 Classic Series 75/75 Industrial Alliance Thematic Innovation Fund 6 .63% 0 Simulation* Industrial Alliance US Equity (Currency Unhedged) Fund 5 .78% -5 Industrial Alliance Canadian Corporate Bond -6.54 Fund 5 .43% -10 -8.11 Industrial Alliance Global True Conviction 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fund 3 .81% Government of Canada, 0 .143%, 2020-12-23 2 .32% Past Performance SPDR® S&P Regional Banking ETF 1 .54% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 84 .13% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

Investment limits Min. Max. $25,000 Short term 0% 25% Bonds 0% 50% $20,000 Mortgage loans/ $19,784 mortgage-backed securities 0% 10% $15,000 Classic Series 75/75 Canadian equity securities 20% 60% $15,224 Simulation* $10,000 Foreign equity securities 10% 50% Composite Index1 No restriction concerning the weighting in each $5,000 economic sector of the Canadian stock market . $0 No restriction concerning the duration and the term of 10 11 12 13 14 15 16 17 18 19 20 the bond portfolio .

Commentary Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for The investment strategy of the Fund focuses primarily the fund as described above compared to the corresponding returns for the reference index . on a judicious allocation between Canadian and foreign equities and fixed income securities . Given Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering the importance of this allocation, a Committee is responsible for making these decisions in accordance Classic Series 75/75 3 .8 4 .3* 3 .1 2 .5 1 .8 2 .1 14 .7 3 .2 (1 .0) (0 .7) with their views on the economy and the markets . Series 75/100 3 .6 4 .1* 2 .8 2 .3 1 .6 2 .0 14 .6 3 .2 (1 .0) (0 .8) In addition, to further diversify the portfolio, stock Other Series3 3 .5 4 .0* 2 .7 2 .2 1 .5 1 .8 14 .5 3 .1 (1 .0) (0 .9) selection is entrusted to multiple managers with Composite Index1 7 .1 7 .5 6 .8 6 .6 6 .4 16 .9 3 .8 (1 .0) 3 .3 different management styles . As such, the Committee also allocates assets across the different management 1 S&P/TSX Composite Index (40%), FTSE Canada Universe Bond Index (25%), MSCI - World (Can . $) (net ret .) (30%), styles, based on market conditions . FTSE Canada 91 Day T-Bill Index (5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 250 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 43 - Industrial Alliance Canadian Balanced (QV) Risk level Diversified Funds Low to Moderate Net assets: 78.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to achieve long term capital growth while minimizing risks via a judicious allocation amongst Canadian equities, fixed income securities, preferred equities and income trusts Darren Dansereau, CFA, CIM Canadian Equity 60.58% Clement Chiang, BEng, MBA, CFA Canadian Bonds Investment style 31.69% Inception date of the Fund: December 2009 Growth at a reasonable price IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 2 Foreign Equity 4.92% Guarantee Option MER Fund Fee Rate % Income Trust Short term and other 4-6 0.65% 2.16% Classic Series 75/75 2 .51% - Classic Series 75/75 Prestige5-6 2 .27% - Series 75/1006 2 .79% 0 .10 6 Sector Allocation of the underlying fund Series 75/100 Prestige 2 .51% 0 .10 Ecoflex Series 100/1006 3 .15% 0 .50 Canadian Equity Portfolio FORLIFE Series 3 .15% 0 .40 Financials 17 .81% Energy 8 .12% Industrials 7 .29% Year By Year Returns Consumer Staples 6 .27% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Utilities 5 .95% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Information Technology 4 .87% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Materials 4 .23% % Communication Services 3 .72% 15 Consumer Discretionary 2 .32% 13.53 Real Estate 0 .65% 10.35 10 8.70 61 .23% 8.26 6.03 6.02 5 Classic Series 75/75 Top 10 holdings of the underlying fund 1.34 0 Simulation* Industrial Alliance Insurance and Financial -0.12 Services Inc . - iA Financial Group 2 .95% -5 Royal Bank of Canada 2 .68% -4.54

Canadian Pacific Railway Co . 2 .56% -10 -9.10 Canadian National Railway Co . 2 .50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CGI Inc . 2 .45% AltaGas Ltd . 2 .45% Alimentation Couche-Tard Inc ., Class B, SV 2 .44% Past Performance Open Text Corp . 2 .42% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose The Toronto-Dominion Bank 2 .32% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Enbridge Inc . 2 .19% 24 .96% $25,000

$20,000 Investment limits Min. Max. Real $17,136 Industrial Alliance Fund $15,000 Classic Series 75/75 Short term 0% 20% (0 .20)% $13,026 Simulation* Units of an underlying fund 80% 100% 100 .20% $10,000 Composite Index1

Commentary $5,000

The Manager believes in investing in quality companies $0 with attractive valuations . Simply stated, the 10 11 12 13 14 15 16 17 18 19 20 management team seeks better returns and lower valuations than the market . They do so by purchasing companies with above average returns on equity Annual Compound Returns capital, but whose shares trade below their intrinsic This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for value . This approach has consistently yielded superior the fund as described above compared to the corresponding returns for the reference index . risk-adjusted equity returns over the long term . The Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD management team complements equity investing by first offering selecting high quality fixed income securities with Classic Series 75/75 2 .5 2 .7* 0 .8 (1 .1) (1 .2) (4 .0) 9 .9 3 .1 (0 .8) (5 .6) typically shorter average term bonds versus the index Series 75/100 2 .1 2 .3* 0 .4 (1 .4) (1 .5) (4 .3) 9 .7 3 .0 (0 .8) (5 .8) to create a stable income portfolio . Other Series3 2 .0 2 .2* 0 .2 (1 .7) (1 .8) (4 .6) 9 .5 2 .9 (0 .8) (6 .0) Composite Index1 5 .5 6 .4 5 .6 6 .2 4 .2 16 .1 3 .0 (1 .1) 2 .6

1 S&P/TSX Composite (60%), FTSE Canada Universe Bond Index (40%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 553 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 44 - Industrial Alliance SRI Balanced (Inhance) Risk level Diversified Funds Low to Moderate Net assets: 69.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to obtain long term capital growth with moderate risk mainly through investments Canadian Equity 35.62% in Canadian and foreign equity securities as well as Canadian bonds, responding to social Dermot Foley, GPC, CFA investment criteria established by the Advisor Andrew Simpson, CFA Inception date of the Fund: December 2009 Investment style IAG Savings and Retirement Plan first offering: January 2011 Growth at a reasonable price Income My Education+ first offering: June 2016 39.13% Global Equity 2 24.17% Guarantee Option MER Fund Fee Rate % 4-6 Others Classic Series 75/75 2 .79% - 1.08% Classic Series 75/75 Prestige5-6 2 .63% - Series 75/1006 3 .06% 0 .10 Series 75/100 Prestige6 2 .70% 0 .10 Holdings of the underlying fund Ecoflex Series 100/1006 3 .17% 0 .50 IA Clarington Inhance Bond SRI Fund, FORLIFE Series 3 .17% 0 .25 Series I 39 .13% IA Clarington Inhance Global Equity SRI Class, Series I 24 .17% Year By Year Returns IA Clarington Inhance Canadian Equity SRI This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Class, Series I 17 .90% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Inhance Monthly Income SRI had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Fund, Series I 17 .72% Other Assets 1 .08% % 15 100 .00% 12.92 11.03 Investment limits Min. Max. Real 10 7.18 6.46 Industrial Alliance Fund 5.78 6.35 5 Classic Series 75/75 Short term 0% 20% 0 .10% 3.60 Simulation* Units of an underlying fund 80% 100% 99 .90% 0.95 0 Commentary -1.82 -5 -4.15 The fundamental investment objective of this Fund is 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 to provide maximum total return consisting of income and capital gains . The Fund invests in equity and fixed income securities of issuers that are listed or traded on Past Performance a recognized stock exchange or trading or quotation This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose system and which meets the social, environmental the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . and governance criteria established by the Manager . The Fund may also invest in government bonds . The $35,000

Fund may invest in those securities directly or indirectly $30,000 through investment in other mutual funds managed by $25,000 the Manager . $19,911 $20,000 Classic Series 75/75 $16,208 $15,000 Simulation* Composite Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .8 4 .9* 5 .1 5 .8 6 .5 8 .4 17 .0 5 .5 0 .0 6 .5 Series 75/100 5 .4 4 .7* 4 .8 5 .5 6 .2 8 .1 16 .8 5 .4 0 .0 6 .3 Other Series3 4 .5 4 .7* 4 .8 5 .4 6 .1 8 .0 16 .7 5 .4 0 .0 6 .2 Composite Index1 7 .1 7 .2 7 .0 7 .3 7 .0 15 .7 3 .3 (0 .8) 4 .5

1 S&P/TSX Composite Index (35%), FTSE Canada Universe Bond Index (40%), MSCI - World (Can . $) (net ret .) (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 555 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 45 - Industrial Alliance Diversified Income Risk level Diversified Funds Low to Moderate Net assets: 280.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Preservation of capital • Diversification of the risk between the asset Canadian Bonds 17.69% classes and investment style Lead Manager • Active allocation of investments by asset classes Clément Gignac, M .E .Sc . and by investment style U.S. Equity • Oriented toward current income 16.35% Inception date of the Fund: October 2003 Canadian Equity 49.30% IAG Savings and Retirement Plan first offering: January 2011 • Moderate long term capital growth My Education+ first offering: June 2016 • Conforms to a medium to long term investment 2 Foreign Equity Guarantee Option MER Fund Fee Rate % horizon 10.25% Short Term and others 4-6 Foreign Bonds 5.97% Classic Series 75/75 2 .66% - 0.44% Classic Series 75/75 Prestige5-6 2 .21% - Investment style Series 75/1006 2 .87% 0 .10 Asset mix favouring current income Series 75/100 Prestige6 2 .49% 0 .10 Characteristics of the Fund Ecoflex Series 100/1006 3 .07% 0 .50 Bond and short term Portfolios FORLIFE Series 3 .07% 0 .40 Average rating - Bonds A+ Average term 8 .6 years Modified duration 6 .6 years Year By Year Returns Average coupon 2 .3% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Yield at market value 1 .2% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Top 10 holdings of the Fund % 15 Industrial Alliance Canadian Equity (IAIM) 18 .10% 13.76 13.41 13.51 Industrial Alliance Dividend Fund 13 .75% 10 9.96 Industrial Alliance Canadian Equity All Cap 6.41 6.61 Value 10 .64% 5 5.38 Industrial Alliance International Equity Fund 6 .61% 1.69 Classic Series 75/75 Industrial Alliance Thematic Innovation Fund 6 .52% 0 Simulation* Industrial Alliance Canadian Corporate Bond Fund 6 .09% -5

Industrial Alliance Canadian Equity Small Cap -6.96 Fund 5 .25% -10 -7.94 IA Clarington U .S . Dividend Growth Fund, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Series I 4 .17% Industrial Alliance Global True Conviction Fund 3 .64% Government of Canada, 0 .144%, 2020-12-17 3 .27% Past Performance 78 .04% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Investment limits Min. Max. $25,000 Short term 0% 25% Bonds 5% 55% $20,000 Canadian equity securities 20% 60% Foreign equity securities 5% 45% $19,370 $15,000 Classic Series 75/75 $15,604 Simulation* Commentary $10,000 Composite Index1 The investment strategy of the Fund focuses primarily on a judicious allocation between Canadian and foreign $5,000 equities and fixed income securities, while focusing $0 on the income generated by these investments . Given 10 11 12 13 14 15 16 17 18 19 20 the importance of this allocation, a Committee is responsible for making these decisions in accordance with their views on the economy and the markets . Annual Compound Returns In addition, to further diversify the portfolio, stock This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for selection is entrusted to multiple managers with the fund as described above compared to the corresponding returns for the reference index . different management styles . As such, the Committee Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD also allocates assets across the different management first offering styles, based on market conditions . Classic Series 75/75 3 .9 4 .6* 3 .2 2 .1 1 .3 1 .0 13 .9 3 .2 (0 .9) (1 .5) Series 75/100 3 .6 4 .3* 2 .9 1 .9 1 .1 0 .8 13 .8 3 .2 (1 .0) (1 .6) Other Series3 3 .6 4 .2* 2 .8 1 .7 0 .9 0 .6 13 .7 3 .1 (1 .0) (1 .8) Composite Index1 6 .8 7 .2 6 .7 6 .7 6 .3 16 .2 3 .5 (1 .0) 3 .6

1 FTSE Canada Universe Bond Index (30%), FTSE Canada 91 Day T-Bill Index (5%), S&P/TSX Composite Index (40%), MSCI - World (Can . $) (net ret .) (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 501 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 46 - Industrial Alliance Strategic Income Risk level Diversified Funds Low to Moderate Net assets: 200.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to provide a consistent stream of income and capital appreciation by investing primarily in Canadian equity and fixed income investments

Dan Bastasic, MBA, CFA Investment style Equity 64.20% Inception date of the Fund: January 2012 Asset mix favouring current income IAG Savings and Retirement Plan first offering: January 2012 Fixed Income My Education+ first offering: June 2016 27.20% Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754-6 2 .53% - Classic Series 75/75 Prestige5-6 2 .09% - Short Term and others 6 8.60% Series 75/100 2 .75% 0 .10 Series 75/100 Prestige6 2 .25% 0 .10 Ecoflex Series 100/1006 3 .17% 0 .50 Sector Allocation of the underlying fund FORLIFE Series 3 .17% 0 .25 Canadian Equity Portfolio Financials 14 .60% Utilities 8 .00% Year By Year Returns Industrials 7 .90% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Consumer Staples 7 .50% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Communication Services 7 .20% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Health Care 7 .10% Information Technology 5 .70% % 15 Materials 2 .50% 13.61 12.88 Energy 2 .30% 11.66 10 8.26 Consumer Discretionary 1 .40% 7.29 64 .20% 5 5.22 Classic Series 75/75 Top 10 holdings of the underlying fund 0 Simulation* Royal Bank of Canada 3 .30% Brookfield Asset Management Inc . 2 .70% -5 -3.54 Loblaw Companies Ltd . 2 .50% -6.16 -10 Apple Inc . 2 .50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fortis Inc . 2 .30% Johnson & Johnson 2 .00% Microsoft Corp . 2 .00% Canadian Pacific Railway Co . 2 .00% Past Performance Superior Plus LP 1 .90% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 21 .20% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$25,000 Characteristics of the underlying fund Bond and short term Portfolios $20,000 Average rating - Bonds BBB $15,780 Average term 6 .8 years $15,000 Classic Series 75/75 Modified duration 2 .2 years $14,371 Simulation* $10,000 Average coupon 5 .2% Composite Index1 Yield at market value 3 .5% $5,000 Min. Max. Real Investment limits $0 Industrial Alliance Fund 11 12 13 14 15 16 17 18 19 20 Short term 0% 20% (0 .20)% Units of an underlying fund 80% 100% 100 .20% Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for Commentary the fund as described above compared to the corresponding returns for the reference index . The fund manager employs a rigorous bottom-up strategy with a 12 to 18 month strategic outlook on Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering the markets with a view to invest in a stable mix of Classic Series 75/75 4 .5 - 4 .1 1 .3 0 .1 (3 .9) 10 .7 5 .0 (0 .1) (6 .3) income producing equity and fixed income securities demonstrating strong fundamentals while aiming to Series 75/100 4 .1 - 3 .7 1 .0 (0 .2) (4 .1) 10 .6 4 .9 (0 .2) (6 .4) minimize volatility through all market conditions . Other Series3 3 .9 - 3 .4 0 .6 (0 .6) (4 .5) 10 .4 4 .8 (0 .2) (6 .7) Composite Index1 - 6 .4 5 .6 6 .2 4 .2 16 .1 3 .0 (1 .1) 2 .6

1 FTSE Canada Universe Bond Index (40%), S&P/TSX Composite Index (60%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 761 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 47 - Industrial Alliance Global Diversified (Loomis Sayles) Risk level Diversified Funds Low to Moderate Net assets: 514.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund 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 . Rowlley, CFA Eileen N . Riley, CFA Investment style Lee Rosenbaum Assets that favour a good balance between the

U.S. Equity Foreign Equity Inception date of the Fund: November 2006 various classes 42.70% 20.40% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Short Term and others 5.60% 2 Canadian Equity Guarantee Option MER Fund Fee Rate % 2.60% Classic Series 75/754-5 2 .66% - Classic Series 75/75 Prestige5-6 2 .44% - Series 75/1006 2 .89% 0 .10 Top 10 holdings of the underlying fund Series 75/100 Prestige6 2 .62% 0 .10 Danaher Corp . 3 .00% Ecoflex Series 100/100** 3 .18% 0 .50 Amazon .com Inc . 2 .90% FORLIFE Series** 3 .18% 0 .25 Alibaba Group Holding Ltd ., Sponsored ADR 2 .80% MasterCard Inc . 2 .50% IQVIA 2 .30% Year By Year Returns Roper Technologies Inc . 2 .30% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Facebook Inc . 2 .30% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Linde PLC 2 .20% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . S&P Global Inc . 2 .20% % UnitedHealth Group Inc . 2 .10% 20 19.79 24 .60%

15 13.49 12.58 12.97 Investment limits Min. Max. Real 10 Industrial Alliance Fund 7.02 Classic Series 75/75 Short term 0% 20% 0 .26% 5 Simulation* 3.04 1.86 Units of an underlying fund 80% 100% 99 .74% 0.55 0 -1.06 Commentary -2.25 -5 Combines a concentrated global equity portfolio with a 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 high conviction U .S . and global fixed income allocation . Security selection is driven by bottom-up fundamental Past Performance research . Managers look for valuation disparity in This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the market place to position the portfolio where the the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . greatest risk/reward opportunities lie which typically runs counter to macro trends . $35,000 $30,000

** Fund closed to new investments in the Ecoflex Series 100/100, $25,000 FORLIFE Series and Ecoflextra Series as of September 9, 2016 . $24,623 $20,000 Classic Series 75/75 $19,079 Simulation* $15,000 Composite Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 6 .2 6 .7* 8 .7 9 .8 9 .8 12 .0 17 .4 4 .9 (0 .5) 7 .2 Series 75/100 5 .9 6 .3* 8 .3 9 .5 9 .6 11 .7 17 .3 4 .8 (0 .5) 7 .1 Other Series3 5 .8 6 .3* 8 .1 9 .2 9 .2 11 .4 17 .1 4 .8 (0 .6) 6 .8 Composite Index1 9 .4 8 .2 9 .3 9 .1 11 .1 11 .8 3 .9 0 .3 8 .1

1 MSCI - World (Can . $) (net ret .) (60%), SB - World Government Bonds (Can . $) (40%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods . Fund Code: 530 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 48 - Industrial Alliance Global Diversified Fixed Income (Forstrong) Risk level Diversified Funds Low to Moderate Net assets: 31.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Seizes opportunities from around the globe • Focuses on delivering income and modest International Equity 33.51% capital appreciation over the long term by Tyler Mordy, CFA investing in a diversified mix of assets through exchange traded funds (ETFs), with a fully Inception date of the Fund: December 2017 global emphasis IAG Savings and Retirement Plan first offering: December 2017 • Tactically adjusts asset allocation to capitalize Foreign Fixed Income 43.21% 2 on opportunities U.S. Equity Guarantee Option MER Fund Fee Rate % 18.19% • Suits a medium- to long-term investment Short Term and others 3 2.49% Classic Series 75/75 2 .80% - horizon Canadian Equity Canadian Fixed Income 3 0.90% 1.70% Classic Series 75/75 Prestige 2 .63% - Series 75/100 3 .00% 0 .10 Investment style Series 75/100 Prestige 2 .86% 0 .10 Asset mix favouring fixed-income securities Top 10 holdings of the Fund iShares JP Morgan EM Local Currency Bond ETF 12 .41% Vanguard High Dividend Yield ETF 11 .15% Vanguard U .S . Aggregate Bond Index ETF Year By Year Returns (CAD-hedged) 8 .75% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder iShares J .P . Morgan USD Emerging Markets who chose the Ecoflextra Series guarantee option and the annual performance that would have resulted if the fund had Bond ETF 7 .33% existed before that date and the assets held at its inception date had been held throughout the earlier period shown . ® SPDR Bloomberg Barclays International % Treasury Bond ETF 7 .33% 6 5.49 SPDR® Barclays Short Term International Treasury Bond ETF 7 .15% 4 SPDR® S&P® Emerging Asia Pacific ETF 6 .75% Vanguard FTSE Developed Markets ETF 6 .59% Classic Series 75/75 Financial Select Sector SPDR Fund 4 .97% 2 Invesco Fundamental High Yield Corp . Bond ETF 4 .44% 76 .87% 0

Investment limits Min. Max. -2 -1.75 Short term 0% 25% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fixed Income 45% 85% Equity securities 15% 55% Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Commentary Ecoflextra Series guarantee option compared with the reference index using the year by year returns shown above . The Fund focuses on delivering income and modest long-term capital appreciation by investing in a $20,000 diversified mix of assets through exchange traded funds

(ETFs), with a fully global emphasis and a fixed-income $15,000 bias . It invests in a portfolio to gain exposure to various $12,169 asset classes including, but not limited to: global Classic Series 75/75 equities, investment-grade fixed-income securities and $10,000 $10,152 Composite Index1 higher-yielding income-oriented securities . The Fund may also invest in ETFs to gain exposure to real $5,000 estate, commodities, foreign currencies and other investment opportunities . The portfolio manager $0 actively manages the Fund’s asset mix based on its 17 18 19 20 long-term macroeconomic outlook and shorter-term tactical strategies . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 0 .5 - - - 2 .1 0 .4 7 .1 1 .5 0 .4 (1 .5) Series 75/100 0 .4 - - - 1 .9 0 .3 7 .0 1 .5 0 .4 (1 .7) Composite Index1 - - - 8 .9 10 .0 7 .4 2 .6 1 .1 8 .6

1 Since January 1, 2019 : Bloomberg Barclays Global Aggregate Bond Index (Can . $) (62 .5%), MSCI - ACWI Index (Can . $) (net ret .) (35%), FTSE Canada 91 Day T-Bill Index (2 .5%) . Before January 1, 2019 : Citigroup World Broad Investment-Grade Bond Index (Can . $) (62 .5%), MSCI - ACWI Index (Can . $) (net ret .) (35%), FTSE Canada 91 Day T-Bill Index (2 .5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns .

Fund Code: 918

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 49 - Industrial Alliance Global Diversified (Forstrong) Risk level Diversified Funds Low to Moderate Net assets: 99.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Access growth opportunities from around the globe

U.S. Equity • Focus on delivering capital growth over the long 37.93% Tyler Mordy, CFA term by investing in a diversified mix of assets through exchange traded funds (ETFs), with a Inception date of the Fund: May 2016 fully global emphasis IAG Savings and Retirement Plan first offering: May 2016 My Education+ first offering: June 2016 • Tactically adjust asset allocation to capitalize on 2 opportunities International Equity Guarantee Option MER Fund Fee Rate % 41.37% • Suits a medium to long term investment horizon Foreign Fixed Income 3-5 14.42% Classic Series 75/75 2 .80% - 4-5 Short Term and others Classic Series 75/75 Prestige 2 .58% - Canadian Equity 4.56% 5 Investment style 1.72% Series 75/100 3 .12% 0 .10 Series 75/100 Prestige5 2 .79% 0 .10 Assets that favour a good balance between the various classes Top 10 holdings of the Fund iShares Core S&P 500 ETF (CAD-hedged) 15 .87% Vanguard FTSE Pacific ETF 7 .21% Financial Select Sector SPDR Fund 6 .45% Year By Year Returns iShares MSCI Europe Imi Index 5 .29% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Vanguard FTSE Europe ETF 5 .25% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund iShares JP Morgan EM Local Currency Bond ETF 4 .98% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . iShares Core S&P 500 ETF 4 .74% % SPDR® Barclays Short Term International 15 Treasury Bond ETF 4 .70% 11.50 SPDR® Bloomberg Barclays International 10 9.48 Treasury Bond ETF 4 .68% The Industrial Select Sector SPDR Fund 4 .59% 63 .76% 5 Classic Series 75/75

Investment limits Min. Max. 0 Short term 0% 25% Fixed Income 10% 60% -5 -3.32 Equity securities 40% 90% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Commentary Past Performance The Fund focuses on delivering capital growth over the This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose long term by investing in a diversified mix of assets the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . through exchange traded funds (ETFs), with a fully global emphasis . It invests in an portfolio (exposure $20,000 to a maximum of 35 ETFs) to gain exposure to various asset classes including, but not limited to: global $15,000 equities, investment-grade fixed-income securities and $14,660 higher yielding income-oriented securities . The Fund $10,000 $12,363 Classic Series 75/75 may also invest in ETFs to gain exposure to real Composite Index1 estate, commodities, foreign currencies and other investment opportunities . The portfolio manager $5,000 actively manages the Fund’s asset mix based on its long-term macroeconomic outlook and shorter-term $0 tactical strategies . 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 5 .0 - - 3 .6 3 .3 5 .2 15 .4 4 .3 (0 .3) 0 .4 Series 75/100 4 .6 - - 3 .3 3 .0 4 .9 15 .2 4 .3 (0 .3) 0 .1 Composite Index1 - - 8 .8 8 .6 11 .0 13 .6 4 .2 0 .2 6 .9

1 Since January 1, 2019 : FTSE Canada 91 Day T-Bill Index (2 .5%), Bloomberg Barclays Global Aggregate Bond Index (Can . $) (32 .5%), MSCI - ACWI Index (Can . $) (net ret .) (65%) . Before January 1, 2019 : FTSE Canada 91 Day T-Bill Index (2 .5%), Citigroup World Broad Investment-Grade Bond Index (Can . $) (32 .5%), MSCI - ACWI Index (Can . $) (net ret .) (65%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns .

Fund Code: 702

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 50 - Industrial Alliance Global Diversified Equity (Forstrong) Risk level Diversified Funds Low to Moderate Net assets: 19.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Seizes opportunities from around the globe • Focuses on delivering income and capital appreciation over the long term by investing in a diversified mix of assets through exchange U.S. Equity Tyler Mordy, CFA 40.26% traded funds (ETFs), with a fully global emphasis Inception date of the Fund: December 2017 • Tactically adjusts asset allocation to capitalize IAG Savings and Retirement Plan first offering: December 2017 on opportunities International Equity 47.00% Guarantee Option MER2 Fund Fee Rate % • Suits a medium- to long-term investment horizon 3 Short Term and others Classic Series 75/75 2 .82% - 6.31% 3 Foreign Fixed Income Classic Series 75/75 Prestige 2 .66% - Canadian Equity 4.47% Investment style 1.96% Series 75/100 3 .09% 0 .20 Series 75/100 Prestige 2 .78% 0 .20 Asset mix favouring equities Top 10 holdings of the Fund iShares Core S&P 500 ETF (CAD-hedged) 17 .86% Vanguard FTSE Pacific ETF 8 .60% Financial Select Sector SPDR Fund 7 .60% Year By Year Returns Vanguard FTSE Europe ETF 5 .96% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder iShares MSCI Europe Imi Index 5 .93% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund iShares Core S&P 500 ETF 5 .70% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . The Industrial Select Sector SPDR Fund 5 .31% % Vanguard FTSE Emerging Markets ETF 4 .88% 15 13.97 iShares U .S . Home Construction ETF 3 .79% Deutsche X-trackers CSI 300 China A-Shares 10 Hedged Equity ETF 3 .68% 69 .31% 5 Classic Series 75/75 0 Investment limits Min. Max. -5 Short term 0% 25% -5.04 Fixed Income 0% 40% Equity securities 60% 100% -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Commentary The Fund focuses on delivering income and long-term Past Performance capital appreciation by investing in a diversified mix This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose of assets through exchange traded funds (ETFs), with the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . a fully global emphasis and an equity security bias . $20,000 It invests in a portfolio to gain exposure to various asset classes including, but not limited to: global equities, investment-grade fixed-income securities and $15,000 higher-yielding income-oriented securities . The Fund $12,401 may also invest in ETFs to gain exposure to real $10,000 $10,694 Classic Series 75/75 estate, commodities, foreign currencies and other Composite Index1 investment opportunities . The portfolio manager actively manages the Fund’s asset mix based on its $5,000 long-term macroeconomic outlook and shorter-term tactical strategies . $0 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .4 - - - 2 .6 4 .5 17 .6 5 .0 (0 .6) (1 .1) Series 75/100 2 .1 - - - 2 .3 4 .2 17 .4 4 .9 (0 .6) (1 .3) Composite Index1 - - - 7 .9 11 .3 17 .8 5 .2 (0 .4) 5 .5

1 Since January 1, 2019 : MSCI - ACWI Index (Can . $) (net ret .) (85%), Bloomberg Barclays Global Aggregate Bond Index (Can . $) (12 .5%), FTSE Canada 91 Day T-Bill Index (2 .5%) . Before January 1, 2019 : MSCI - ACWI Index (Can . $) (net ret .) (85%), Citigroup World Broad Investment-Grade Bond Index (Can . $) (12 .5%), FTSE Canada 91 Day T-Bill Index (2 .5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns .

Fund Code: 919

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 51 - Industrial Alliance Fidelity Global Monthly Income Risk level Diversified Funds Low to Moderate Net assets: 172.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to provide access to a diversified portfolio of global asset classes that aims to deliver a

Foreign bonds combination of capital growth and income 41.55% Geoff Stein, MBA, CFA David Wolf, BA Econ . Investment style Assets that favour a good balance between the Foreign Equity Inception date of the Fund: December 2017 46.64% various classes IAG Savings and Retirement Plan first offering: December 2017

Short Term and others 2 9.28% Guarantee Option MER Fund Fee Rate % Canadian bonds Canadian Equity 1.16% 1.37% Classic Series 75/753 2 .89% - Classic Series 75/75 Prestige3 2 .66% - Series 75/100 3 .09% 0 .10 Series 75/100 Prestige 2 .82% 0 .10 Top 10 holdings of the underlying fund Apple Inc . Microsoft Corp . iShares Comex Gold Trust ETF IShares MSCI Acwi ETF AstraZeneca Group PLC Year By Year Returns Taiwan Semiconductor Manufacturing Co . Ltd . This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder HOYA Corporation . who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Lowe's Companies Inc . had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Amgen Inc . Roche Holdings AG % 20 Top 10 holdings represents 10 .64% of the principal underlying 16.30 fund’s net assets . 15 13.74 11.61 11.04 10 8.99 Min. Max. Real Investment limits Classic Series 75/75 Industrial Alliance Fund 5 4.85 4.25 Simulation* Short term 0% 20% 0 .08% 1.66 0 Units of an underlying fund 80% 100% 99 .92% -0.01 -0.45 -5 Commentary 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Fund invests in units of the Fidelity Global Monthly Income Fund . The Fund is invested in a well-diversified Past Performance portfolio of asset classes that tend to exhibit low or This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose negative correlation to each other . the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$35,000

$30,000

$25,000 $24,741 $20,000 $19,581 Classic Series 75/75 $15,000 Simulation* 1 $10,000 Composite Index

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .4 7 .0* 4 .5* 5 .2* 5 .8 5 .2 10 .9 3 .1 0 .1 2 .5 Series 75/100 4 .2 6 .7* 4 .3* 5 .0* 5 .6 5 .0 10 .8 3 .0 0 .0 2 .3 Composite Index1 9 .5 7 .4 8 .0 8 .0 7 .8 12 .2 3 .6 0 .2 5 .1

1 Composite index asset allocation will change over time . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 920

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 52 - Industrial Alliance Global Asset Allocation Security (iAIM) Risk level Diversified Funds Low to Moderate Net assets: 63.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to generate a regular long-term return by favouring fixed-income securities .

Global Equity Funds • Provides diversification in its investments by 14.25% Clément Gignac, M .E .Sc . using different asset classes from around the world and by having several managers . Inception date of the Fund: October 2018 Alternative Investment Funds • Offers direct exposure to alternative asset Fixed Income Funds 11.21% IAG Savings and Retirement Plan first offering: October 2018 54.02% My Education+ first offering: October 2018 classes through various investment funds . 2 U.S. Equity Funds Guarantee Option MER Fund Fee Rate % 9.47% Investment style Classic Series 75/754-6 2 .79% - Canadian Equity Funds Multi-management 8.19% Classic Series 75/75 Prestige5-6 2 .61% - Short Term and others Specialised Funds 6 0.63% 2.23% Series 75/100 2 .99% 0 .10 Series 75/100 Prestige6 2 .81% 0 .10 Top 10 holdings of the Fund Industrial Alliance Bond Fund 18 .03% IA Clarington Global Bond Fund, Series I 14 .48% Industrial Alliance International Equity Fund 8 .55% Year By Year Returns Industrial Alliance US Equity (Currency 5 .54% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Unhedged) Fund who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund IA Clarington Emerging Markets Bond Fund, 5 .26% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Series I % Industrial Alliance Real Estate Debt (iAIM) 4 .94% 8 Fund 7.07 Industrial Alliance Canadian Equity (IAIM) 4 .45% Industrial Alliance Real Estate (iAIM) Fund 4 .28% 6 Industrial Alliance Private Equity (iAIM) Fund 4 .15% Industrial Alliance U .S . Treasury Bond - Mid 4 .01% 4 Classic Series 75/75 Term Fund 73 .69% 2

Investment limits Min. Max. Short term 0% 20% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fixed Income 60% 95% Equity securities 5% 40% Past Performance Commentary This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . The Fund’s investment strategy focuses on an active allocation in a mix of underlying funds to gain exposure $20,000 to a wide variety of global fixed-income securities and equities . The Fund may also invest in certain alternative $15,000 asset classes, such as mortgages, real estate, private $11,772 debt, private equity and infrastructure . Moreover, Classic Series 75/75 the Fund will typically maintain a bias towards fixed- $10,000 $10,895 Composite Index1 income securities . $5,000

$0 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .6 - - - - 2 .8 8 .5 2 .3 (0 .4) 1 .7 Series 75/100 4 .4 - - - - 2 .6 8 .4 2 .3 (0 .4) 1 .6 Composite Index1 - - - - 7 .2 9 .7 2 .5 0 .0 5 .6

1 FTSE Canada Universe Bond Index (20%), Bloomberg Barclays Global Aggregate Bond Index (CAD Hedged) (30%), Bank of America/Merrill Lynch U .S . High Yield Master II Constrained Index - Hedged CAD (7 .5%), Credit Suisse Leveraged Loan Index (US $) (5%), MSCI - ACWI Index (Can . $) (net ret .) (22 .5%), FTSE Canada All Corporate Bond Index + 50 bps (3 .5%), FTSE Canada Short Term Corporate Bond Index + 50 bps (4%), Absolute Return 10% Index (2 .5%), FTSE Canada Long Term Government Bond Index + 500 bps (2%), Consumer Price Index + 4% (3%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Fund Code: 401 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 53 - Industrial Alliance Global Asset Allocation (iAIM) Risk level Diversified Funds Low to Moderate Net assets: 69.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to combine capital growth and current income with a slight emphasis on equities . Global Equity Funds 21.52% • Provides diversification in its investments by U.S. Equity Funds 18.84% Clément Gignac, M .E .Sc . using different asset classes from around the world and by having several managers . Inception date of the Fund: October 2018 • Offers direct exposure to alternative asset IAG Savings and Retirement Plan first offering: October 2018 classes through various investment funds . Canadian Equity Funds My Education+ first offering: October 2018 12.15% Guarantee Option MER2 Fund Fee Rate % Fixed Income Funds Investment style 33.16% 4-6 Alternative Investment Funds Classic Series 75/75 2 .83% - 11.18% 5-6 Multi-management Short Term and others Classic Series 75/75 Prestige 2 .45% - Specialised Funds 6 0.66% 2.49% Series 75/100 3 .03% 0 .10 Series 75/100 Prestige6 2 .69% 0 .10 Top 10 holdings of the Fund Industrial Alliance International Equity Fund 13 .00% Industrial Alliance US Equity (Currency 11 .65% Unhedged) Fund Year By Year Returns Industrial Alliance Bond Fund 10 .88% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder IA Clarington Global Bond Fund, Series I 9 .81% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Industrial Alliance Thematic Innovation Fund 7 .19% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrial Alliance Canadian Equity (IAIM) 5 .89% % Industrial Alliance Private Equity (iAIM) Fund 5 .59% 12.5 Industrial Alliance Real Estate Debt (iAIM) 5 .31% 10.41 Fund 10.0 Industrial Alliance Dividend Fund 4 .29% Industrial Alliance Real Estate (iAIM) Fund 3 .78% 7.5 77 .39% Classic Series 75/75 5.0 Min. Max. Investment limits 2.5 Short term 0% 20% Fixed Income 40% 60% 0.0 Equity securities 40% 60% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Commentary Past Performance The Fund focuses on an active allocation to a mix of This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose underlying funds to gain exposure to a wide variety of the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . global fixed-income securities and equities . The Fund may also invest in certain alternative asset classes, such $20,000 as mortgages, real estate, private debt, private equity and infrastructure . $15,000 $12,048 $10,000 $11,119 Classic Series 75/75 Composite Index1

$5,000

$0 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 5 .7 - - - - 4 .0 12 .0 3 .4 (0 .4) 1 .6 Series 75/100 5 .5 - - - - 3 .8 11 .9 3 .4 (0 .4) 1 .5 Composite Index1 - - - - 8 .8 12 .8 3 .5 (0 .2) 5 .7

1 FTSE Canada Universe Bond Index (13%), Bloomberg Barclays Global Aggregate Bond Index (CAD Hedged) (19 .5%), Bank of America/Merrill Lynch U .S . High Yield Master II Constrained Index - Hedged CAD (6%), Credit Suisse Leveraged Loan Index (US $) (45%), MSCI - ACWI Index (Can . $) (net ret .) (42 .5%), FTSE Canada All Corporate Bond Index + 50 bps (3 .5%), FTSE Canada Short Term Corporate Bond Index + 50 bps (4%), Absolute Return 10% Index (3 .5%), FTSE Canada Long Term Government Bond Index + 500 bps (2%), Consumer Price Index + 4% (2%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Fund Code: 402 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 54 - Industrial Alliance Global Asset Allocation Opportunity (iAIM) Risk level Diversified Funds Low to Moderate Net assets: 22.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to combine capital growth and current income with a strong focus on equities . U.S. Equity Funds 25.72% • Provides diversification in its investments by using different asset classes from around the Canadian Equity Funds Clément Gignac, M .E .Sc . 17.81% world and by having several managers . Inception date of the Fund: October 2018 • Offers direct exposure to alternative asset IAG Savings and Retirement Plan first offering: October 2018 My Education+ first offering: October 2018 classes through various investment funds . Fixed Income Funds Guarantee Option MER2 Fund Fee Rate % 13.19% Investment style Global Equity Funds 4-6 32.39% Classic Series 75/75 2 .89% - Alternative Investment Funds Multi-management 7.35% Classic Series 75/75 Prestige5-6 2 .48% - Short Term and others Specialised Funds 6 0.64% 2.90% Series 75/100 3 .17% 0 .20 Series 75/100 Prestige6 2 .66% 0 .20 Top 10 holdings of the Fund Industrial Alliance International Equity Fund 19 .67% Industrial Alliance US Equity (Currency 14 .69% Unhedged) Fund Year By Year Returns Industrial Alliance Thematic Innovation Fund 9 .09% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrial Alliance Canadian Equity (IAIM) 8 .91% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Industrial Alliance Private Equity (iAIM) Fund 7 .14% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrial Alliance Dividend Fund 6 .73% % Vanguard FTSE Emerging Markets ETF 5 .58% 12.5 12.50 IA Clarington Global Bond Fund, Series I 4 .38% Industrial Alliance Real Estate Debt (iAIM) 3 .84% 10.0 Fund Industrial Alliance Bond Fund 3 .51% 7.5 83 .54% Classic Series 75/75 5.0 Min. Max. Investment limits 2.5 Short term 0% 20% Fixed Income 10% 40% 0.0 Equity securities 60% 90% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Commentary Past Performance The Fund focuses on an active allocation to a mix of This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose underlying funds to gain exposure to a wide variety of the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . global fixed-income securities and equities . The Fund may also invest in certain alternative asset classes, $20,000 such as mortgages, real estate, private debt, private equity and infrastructure . In addition, the Fund favours $15,000 equities . $12,317 $10,000 $11,271 Classic Series 75/75 Composite Index1

$5,000

$0 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 6 .4 - - - - 4 .5 14 .7 4 .4 (0 .4) 1 .2 Series 75/100 6 .1 - - - - 4 .2 14 .5 4 .3 (0 .4) 1 .0 Composite Index1 - - - - 10 .3 16 .2 4 .6 (0 .4) 5 .5

1 FTSE Canada Universe Bond Index (5%), Bloomberg Barclays Global Aggregate Bond Index (CAD Hedged) (7 .5%), Bank of America/Merrill Lynch U .S . High Yield Master II Constrained Index - Hedged CAD (5%), Credit Suisse Leveraged Loan Index (US $) (2 .5%), MSCI - ACWI Index (Can . $) (net ret .) (65%), FTSE Canada All Corporate Bond Index + 50 bps (2%), FTSE Canada Short Term Corporate Bond Index + 50 bps (3%), Absolute Return 10% Index (6%), FTSE Canada Long Term Government Bond Index + 500 bps (2%), Consumer Price Index + 4% (2%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Fund Code: 403 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 55 - Industrial Alliance Canadian Disciplined Equity (iAIM) Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 146.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Canadian Equity Disciplined (iAIM) Fund 75% interest income by investing in a combination Disciplined Bond (iAIM) Fund 25% of equity and bond funds Marc Gagnon, MBA, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: September 2020 Canadian Equity Fund: Growth Canadian Equity IAG Savings and Retirement Plan first offering: September 2020 95.46% Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Ecoflextra Series 2 .65% 1 .35

Foreign Equity Short Term and others U.S. Equity 2.13% 0.68% 1.73%

Sector allocation of the principal Year By Year Returns underlying fund Performance data cannot be published for funds that have been in existence for less than 1 year . Canadian Equity Portfolio Financials 29 .04% Information Technology 12 .34% Industrials 11 .04% Energy 10 .88% Materials 10 .60% Consumer Staples 5 .57% Communication Services 5 .52% Consumer Discretionary 3 .84% Utilities 3 .83% Real Estate 2 .60% Health Care 0 .20% 95 .46%

Top 10 holdings of the principal underlying fund Past Performance Performance data cannot be published for funds that have been in existence for less than 1 year . SHOPIFY INC . 7 .52% Royal Bank of Canada 6 .55% The Toronto-Dominion Bank 5 .32% Canadian National Railway Co . 3 .75% Enbridge Inc . 3 .74% Bank of Nova Scotia 3 .19% Barrick Gold Corp . 3 .02% Canadian Pacific Railway Co . 3 .01% Brookfield Asset Management Inc . 3 .01% TC Energy Corp . 2 .54% 41 .65%

Investment limits Fixed Asset Mix (see Asset mix of target portfolio)

Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Disciplined Bond (iAGP) Fund the fund as described above compared to the corresponding returns for the reference index . offered by Industrial Alliance Insurance and Financial Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD Services Inc . A periodic rebalancing process will allow first offering the Fund’s assets to remain in proximity of the 75% - Ecoflextra Series 0 .0 ------25% target weighting . Composite Index1 ------

1 S&P/TSX Composite Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 737

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 56 - Industrial Alliance Strategic Equity Income Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 19.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Strategic Equity Income Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Dan Bastasic, MBA, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Value IAG Savings and Retirement Plan first offering: January 2011 Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % U.S. Equity 4 33.75% Classic Series 75/75 2 .47% - Classic Series 75/75 Prestige4 2 .04% - Canadian Equity 4 52.61% Series 75/100 2 .61% 0 .10 Series 75/100 Prestige4 2 .04% 0 .10 Ecoflex Series 100/1004 2 .64% 0 .50 Short term and other FORLIFE Series 2 .64% 0 .40 6.83% Income Trust Foreign Equity 4.19% 2.62%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 12 .93% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Utilities 11 .66% % Consumer Staples 7 .67% 15 Communication Services 7 .39% 12.14 12.42 Industrials 4 .94% 10 9.65 Real Estate 4 .19% 8.05 7.15 7.65 Materials 3 .52% Classic Series 75/75 5 5.00 Energy 2 .67% Simulation* Information Technology 1 .83% 56 .80% 0

-2.07 -2.10 Top 10 holdings of the principal -5 -4.05 underlying fund 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Royal Bank of Canada 4 .12% Brookfield Asset Management Inc . 3 .37% Waste Connections Inc . 3 .18% Past Performance Apple Inc . 3 .11% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose The Toronto-Dominion Bank 3 .00% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Loblaw Companies Ltd . 2 .97% Fortis Inc . 2 .84% $25,000 Microsoft Corp . 2 .81% Algonquin Power & Utilities Corp . 2 .80% $20,000 Carrier Global Corp . 2 .75% $17,381 30 .95% $15,000 Classic Series 75/75 $14,895 Simulation* Investment limits $10,000 Composite Index1

Fixed Asset Mix (see Asset mix of target portfolio) $5,000

Commentary $0 10 11 12 13 14 15 16 17 18 19 20 The investment strategy is to invest approximately 75% of the Fund in a corresponding equity fund and the remaining 25% in the Bond Fund offered by Industrial Annual Compound Returns Alliance Insurance and Financial Services Inc . A periodic This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for rebalancing process will allow the Fund’s assets to the fund as described above compared to the corresponding returns for the reference index . remain in proximity of the 75% - 25% target weighting . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering The principal underlying fund is managed by Dan Classic Series 75/75 4 .0 4 .1* 3 .3 1 .4 0 .8 (2 .9) 9 .4 3 .8 (0 .4) (5 .0) Bastasic since July 2011 . Series 75/100 3 .8 3 .9* 3 .1 1 .3 0 .6 (3 .0) 9 .3 3 .7 (0 .4) (5 .1) 3 The name of the Dividend Income Hybrid 75/25 was Other Series 3 .8 3 .9* 3 .1 1 .3 0 .6 (3 .0) 9 .3 3 .7 (0 .4) (5 .1) 1 changed to Strategic Equity Income Hybrid 75/25 on Composite Index 5 .7 6 .8 5 .2 5 .3 2 .8 18 .5 3 .7 (1 .5) 0 .6 January 16, 2012 . 1 S&P/TSX Composite Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 558

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 57 - Industrial Alliance Dividend Growth Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 49.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Dividend Growth Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Donny Moss, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Value IAG Savings and Retirement Plan first offering: January 2011 Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Canadian Equity 73.96% Classic Series 75/754 2 .46% - Classic Series 75/75 Prestige4 1 .99% - Series 75/1004 2 .66% 0 .10 Series 75/100 Prestige4 2 .16% 0 .10 Ecoflex Series 100/1004 2 .75% 0 .50 U.S. Equity 19.89% FORLIFE Series 2 .75% 0 .40

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

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 31 .27% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Energy 9 .86% % Utilities 7 .80% 15 14.77 Industrials 7 .69% 13.38 9.48 9.89 Communication Services 6 .30% 10 8.58 Materials 5 .95% 5.62 Real Estate 2 .28% 5 5.29 Classic Series 75/75 Information Technology 1 .91% Consumer Discretionary 1 .68% 0 Simulation* Consumer Staples 1 .50% -0.85 76 .24% -5 -3.15 -6.12 -10 Top 10 holdings of the principal 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 underlying fund Royal Bank of Canada 5 .15% The Toronto-Dominion Bank 5 .04% Past Performance Brookfield Asset Management Inc . 4 .78% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Sun Life Financial Services of Canada Inc . 3 .84% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Enbridge Inc . 3 .78% Bank of Montreal 2 .84% $25,000 Waste Connections Inc . 2 .74% BCE Inc . 2 .59% $20,000 Canadian National Railway Co . 2 .59% $17,952 Bank of Nova Scotia 2 .51% $15,000 Classic Series 75/75 35 .86% $15,309 Simulation* $10,000 Composite Index1 Investment limits $5,000 Fixed Asset Mix (see Asset mix of target portfolio) $0 Commentary 10 11 12 13 14 15 16 17 18 19 20 The investment strategy is to invest approximately 75% of the Fund in a corresponding equity fund and the Annual Compound Returns remaining 25% in the Bond Fund offered by Industrial This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for Alliance Insurance and Financial Services Inc . A periodic the fund as described above compared to the corresponding returns for the reference index . rebalancing process will allow the Fund’s assets to Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD remain in proximity of the 75% - 25% target weighting . first offering Classic Series 75/75 4 .1 4 .4* 4 .4 1 .8 0 .8 (4 .4) 12 .3 3 .5 (0 .9) (5 .3) Series 75/100 3 .9 4 .2* 4 .1 1 .6 0 .6 (4 .6) 12 .2 3 .4 (0 .9) (5 .4) Other Series3 3 .9 4 .2* 4 .1 1 .5 0 .5 (4 .7) 12 .2 3 .4 (0 .9) (5 .5) Composite Index1 6 .0 7 .1 5 .7 5 .9 3 .1 16 .7 3 .4 (1 .4) 1 .4

1 S&P/TSX 60 (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

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

Important: Past returns are not indicative of future returns . Fund Code: 559

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 58 - Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 6.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Canadian Conservative Equity Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Donny Moss, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Value IAG Savings and Retirement Plan first offering: January 2011 Bond Fund: Multi-strategy approach Guarantee Option MER2 Fund Fee Rate %

Canadian Equity 4 69.68% Classic Series 75/75 2 .47% - Classic Series 75/75 Prestige4 2 .03% - Series 75/1004 2 .65% 0 .10 4 U.S. Equity Series 75/100 Prestige 2 .16% 0 .10 18.94% Ecoflex Series 100/1004 2 .74% 0 .50 FORLIFE Series 2 .74% 0 .40 Canadian Bonds 5.13% Short term and other 2.58% Foreign Equity Income Trust 1.81% 1.86%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 29 .33% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Energy 9 .42% % Utilities 7 .44% 20 17.19 Industrials 7 .13% 15.20 Communication Services 5 .95% 10.83 10 Materials 5 .57% 5.88 5.53 4.15 Real Estate 1 .86% 3.02 1.97 0 Classic Series 75/75 Information Technology 1 .83% Simulation* Consumer Discretionary 1 .58% -4.36 Consumer Staples 1 .43% -10 71 .54% -12.79 -20 Top 10 holdings of the principal 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 underlying fund The Toronto-Dominion Bank 4 .91% Royal Bank of Canada 4 .87% Past Performance Brookfield Asset Management Inc . 4 .54% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Enbridge Inc . 3 .90% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Sun Life Financial Services of Canada Inc . 3 .73% TFS Canada Bond Series III Inc ., Floating $25,000 Rate, 5 .234%, 2022-06-30 2 .77% Waste Connections Inc . 2 .67% $20,000 Bank of Nova Scotia 2 .53% $17,381 Canadian National Railway Co . 2 .50% $15,000 Classic Series 75/75 Government of Canada, 0 .143%, $12,617 Simulation* 2020-12-23 2 .41% $10,000 Composite Index1 34 .83% $5,000 Investment limits $0 Fixed Asset Mix (see Asset mix of target portfolio) 10 11 12 13 14 15 16 17 18 19 20

Commentary Annual Compound Returns The investment strategy is to invest approximately 75% This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for of the Fund in a corresponding equity fund and the the fund as described above compared to the corresponding returns for the reference index . remaining 25% in the Bond Fund offered by Industrial Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD Alliance Insurance and Financial Services Inc . A periodic first offering rebalancing process will allow the Fund’s assets to Classic Series 75/75 2 .1 2 .4* 2 .9 0 .1 (1 .5) (8 .8) 10 .3 3 .3 (0 .8) (11 .1) remain in proximity of the 75% - 25% target weighting . Series 75/100 1 .8 2 .0* 2 .6 (0 .1) (1 .7) (9 .0) 10 .2 3 .3 (0 .8) (11 .2) Other Series3 1 .6 1 .9* 2 .3 (0 .5) (2 .1) (9 .3) 10 .0 3 .2 (0 .8) (11 .4) Composite Index1 5 .7 6 .8 5 .2 5 .3 2 .8 18 .5 3 .7 (1 .5) 0 .6

1 S&P/TSX Composite Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 560

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 59 - Industrial Alliance Canadian Equity Index Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 3.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Canadian Equity Index Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Daniel Groleau, B . Sc . act ., ASA, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Indexed Canadian Equity IAG Savings and Retirement Plan first offering: January 2011 94.39% Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .55% - Classic Series 75/75 Prestige4 2 .16% - Series 75/1004 2 .74% 0 .20 Series 75/100 Prestige4 2 .32% 0 .20 Ecoflex Series 100/1004 2 .57% 0 .65 FORLIFE Series 2 .57% 0 .40 U.S. Equity 2.39% Ecoflextra Series 2 .57% 1 .40 Short Term and others Foreign Equity 1.43% 1.79%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 28 .41% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Energy 10 .74% % 14.82 Information Technology 10 .62% 15 13.41 Materials 10 .26% Industrials 8 .85% 10 9.36 8.68 6.60 Market Index 8 .58% 5.45 5 4.32 Communication Services 5 .46% Classic Series 75/75 Consumer Staples 4 .09% Simulation* Utilities 3 .42% 0 Consumer Discretionary 3 .35% -5 Real Estate 0 .39% -6.66 -7.14 -7.43 Health Care 0 .22% -10 94 .39% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Investment limits Fixed Asset Mix (see Asset mix of target portfolio) Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Commentary the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . The investment strategy is to invest approximately 75% $25,000 of the Fund in a corresponding equity fund and the remaining 25% in the Bond Fund offered by Industrial $20,000 Alliance Insurance and Financial Services Inc . A periodic $17,952 rebalancing process will allow the Fund’s assets to $15,000 Classic Series 75/75 remain in proximity of the 75% - 25% target weighting . $13,908 Simulation* $10,000 Composite Index1

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .0 3 .4* 4 .4 3 .0 3 .1 0 .3 15 .2 2 .8 (1 .7) (0 .6) Series 75/100 2 .8 3 .2* 4 .2 2 .8 2 .9 0 .1 15 .1 2 .7 (1 .7) (0 .8) Other Series3 2 .7 3 .1* 4 .1 2 .7 2 .8 0 .0 15 .0 2 .7 (1 .7) (0 .9) Composite Index1 6 .0 7 .1 5 .7 5 .9 3 .1 16 .7 3 .4 (1 .4) 1 .4

1 S&P/TSX 60 (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 561

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 60 - Industrial Alliance Fidelity True North® Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 16.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Fidelity True North® Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Maxime Lemieux Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Growth at a reasonable IAG Savings and Retirement Plan first offering: January 2011 Canadian Equity price 87.81% Guarantee Option MER2 Fund Fee Rate % Bond Fund: Interest rate forecasts Classic Series 75/754 2 .68% - Classic Series 75/75 Prestige4 2 .47% - Series 75/1004 2 .94% 0 .20 Series 75/100 Prestige4 2 .77% 0 .20 Ecoflex Series 100/1004 3 .32% 0 .65 FORLIFE Series 3 .32% 0 .40 Foreign Equity 8.50% Canadian bonds Short Term and others 0.01% 3.68%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 19 .23% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Information Technology 12 .22% % Materials 10 .70% 15 14.87 Industrials 10 .14% 13.70 11.48 Energy 7 .72% 9.78 Consumer Staples 7 .57% 10 7.13 Consumer Discretionary 6 .93% 5.92 5 Classic Series 75/75 Utilities 5 .32% 3.48 Communication Services 4 .96% Simulation* Health Care 1 .81% 0 Real Estate 1 .21% -1.37 87 .81% -5 -4.85 -4.35 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Top 10 holdings of the principal underlying fund Royal Bank of Canada Past Performance Barrick Gold Corp . This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose The Toronto-Dominion Bank the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Shopify Inc . $25,000 Canadian National Railway Co .

Alimentation Couche-Tard Inc ., Class B, SV $20,000 BCE Inc . Dollarama Inc . $17,381 $15,000 Classic Series 75/75 Metro Inc . $16,706 Constellation Software Inc . Simulation* $10,000 Composite Index1

Top 10 holdings represents 38 .46% of the principal underlying $5,000 fund’s net assets .

$0 Investment limits 10 11 12 13 14 15 16 17 18 19 20 Fixed Asset Mix (see Asset mix of target portfolio) Annual Compound Returns Commentary This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for The investment strategy is to invest approximately 75% the fund as described above compared to the corresponding returns for the reference index . of the Fund in a corresponding equity fund and the Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD remaining 25% in the Bond Fund offered by Industrial first offering Alliance Insurance and Financial Services Inc . A periodic Classic Series 75/75 4 .8 5 .3* 4 .4 4 .6 5 .4 3 .3 15 .0 2 .8 (0 .8) 2 .6 rebalancing process will allow the Fund’s assets to Series 75/100 4 .4 4 .9* 3 .9 4 .3 5 .1 3 .1 14 .9 2 .7 (0 .8) 2 .4 remain in proximity of the 75% - 25% target weighting . Other Series3 4 .3 4 .8* 3 .7 3 .9 4 .7 2 .7 14 .7 2 .6 (0 .8) 2 .1 Composite Index1 5 .7 6 .8 5 .2 5 .3 2 .8 18 .5 3 .7 (1 .5) 0 .6

1 S&P/TSX Composite Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 566

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 61 - Industrial Alliance Canadian Equity Growth Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 11.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Canadian Equity Growth Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Marc Gagnon, MBA, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Growth IAG Savings and Retirement Plan first offering: January 2011 Bond Fund: Interest rate forecasts Canadian Equity 82.70% Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .58% - Classic Series 75/75 Prestige4 2 .16% - Series 75/1004 2 .85% 0 .20 Series 75/100 Prestige4 2 .26% 0 .20 Ecoflex Series 100/1004 2 .85% 0 .65 FORLIFE Series 2 .85% 0 .40 U.S. Equity 12.75% Short term and other Foreign Equity 2.40% 2.15%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 25 .81% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrials 10 .27% % Materials 9 .25% 20 Energy 8 .42% 15.73 Information Technology 7 .50% 12.43 11.33 Consumer Staples 6 .16% 10.32 10 8.20 Communication Services 5 .18% 6.41 5.28 Classic Series 75/75 Utilities 4 .10% Simulation* Consumer Discretionary 3 .46% 0 Real Estate 2 .21% Health Care 0 .34% -3.73 82 .70% -10 -7.96 -8.29 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Top 10 holdings of the principal underlying fund Royal Bank of Canada 5 .02% Past Performance The Toronto-Dominion Bank 4 .56% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Canadian National Railway Co . 3 .05% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Brookfield Asset Management Inc . 3 .02% Industrial Alliance Thematic Innovation Fund 2 .76% $25,000 Canadian Pacific Railway Co . 2 .61% Bank of Nova Scotia 2 .44% $20,000 Alimentation Couche-Tard Inc ., Class B, SV 2 .40% $17,381 SHOPIFY INC . 2 .32% $15,000 Classic Series 75/75 Enbridge Inc . 2 .13% $14,806 Simulation* $10,000 30 .31% Composite Index1 Investment limits $5,000

Fixed Asset Mix (see Asset mix of target portfolio) $0 10 11 12 13 14 15 16 17 18 19 20 Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Bond Fund offered by Industrial the fund as described above compared to the corresponding returns for the reference index . Alliance Insurance and Financial Services Inc . A periodic Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD rebalancing process will allow the Fund’s assets to first offering remain in proximity of the 75% - 25% target weighting . Classic Series 75/75 3 .4 4 .0* 4 .5 2 .7 2 .3 0 .8 15 .9 3 .7 (1 .5) (1 .1) Series 75/100 3 .2 3 .8* 4 .2 2 .5 2 .0 0 .5 15 .8 3 .6 (1 .5) (1 .3) Other Series3 3 .2 3 .8* 4 .2 2 .4 2 .0 0 .5 15 .8 3 .6 (1 .5) (1 .3) Composite Index1 5 .7 6 .8 5 .2 5 .3 2 .8 18 .5 3 .7 (1 .5) 0 .6

1 S&P/TSX Composite Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 567

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 62 - Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 18.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Fidelity Canadian Opportunities Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Hugo Lavallée Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Growth Canadian Equity IAG Savings and Retirement Plan first offering: January 2011 89.37% Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .67% - Classic Series 75/75 Prestige4 2 .40% - Series 75/1004 2 .88% 0 .20 Series 75/100 Prestige4 2 .67% 0 .20 Ecoflex Series 100/100** 3 .35% 0 .65

Global Equity FORLIFE Series** 3 .35% 0 .40 7.02% Canadian bonds Short Term and others 0.76% 2.85%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Discretionary 17 .19% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Materials 13 .75% % Consumer Staples 12 .93% 20 18.73 Utilities 12 .28% 17.78 17.01 Financials 8 .51% Information Technology 8 .32% 10.24 10 8.34 Industrials 6 .74% 7.00 Classic Series 75/75 Communication Services 4 .33% 2.02 Simulation* Energy 3 .20% 0 Real Estate 1 .59% -1.29 Health Care 0 .53% 89 .37% -6.74 -6.59 -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Top 10 holdings of the principal underlying fund Dollarama Inc . Past Performance Brookfield Renewable Partners LP This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Alimentation Couche-Tard Inc ., Class B, SV the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Quebecor Inc ., Class B Franco-Nevada Corp . $25,000 Hydro One Ltd . Restaurant Brands International Inc . $20,000 Wheaton Precious Metals Corp . $15,000 $18,812 CGI Group Inc ., Class A, SV Classic Series 75/75 Constellation Software Inc . $17,381 Simulation* $10,000 Composite Index1 Top 10 holdings represents 42 .22% of the principal underlying $5,000 fund’s net assets .

$0 Investment limits 10 11 12 13 14 15 16 17 18 19 20 Fixed Asset Mix (see Asset mix of target portfolio) Annual Compound Returns Commentary This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for The investment strategy is to invest approximately 75% the fund as described above compared to the corresponding returns for the reference index . of the Fund in a corresponding equity fund and the Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD remaining 25% in the Bond Fund offered by Industrial first offering Alliance Insurance and Financial Services Inc . A periodic Classic Series 75/75 5 .8 6 .5* 9 .2 9 .9 13 .1 14 .6 26 .2 7 .8 1 .5 12 .0 rebalancing process will allow the Fund’s assets to Series 75/100 5 .4 6 .1* 8 .7 9 .6 12 .9 14 .3 26 .1 7 .8 1 .5 11 .9 remain in proximity of the 75% - 25% target weighting . Other Series3 5 .3 6 .0* 8 .4 9 .1 12 .4 13 .8 25 .8 7 .6 1 .5 11 .5 1 ** Fund closed to new investments in the Ecoflex Series 100/100 Composite Index 5 .7 6 .8 5 .2 5 .3 2 .8 18 .5 3 .7 (1 .5) 0 .6 and FORLIFE Series as of September 9, 2016 . 1 S&P/TSX Composite Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 568

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 63 - Industrial Alliance Canadian Equity Small Cap (QV) Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 17.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Canadian Equity Small Cap (QV) Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Ian Cooke, CFA Asset mix of the principal underlying fund Joe Jugovick, CFA Investment style Canadian Equity Fund: Growth at a reasonable Inception date of the Fund: January 2011 Canadian Equity price 94.03% IAG Savings and Retirement Plan first offering: January 2011 Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .96% - Classic Series 75/75 Prestige4 2 .76% - Series 75/1004 3 .23% 0 .20 Series 75/100 Prestige4 2 .83% 0 .20 Ecoflex Series 100/1004** 3 .24% 0 .65

U.S. Equity FORLIFE Series** 3 .24% 0 .40 2.91% Short term and other Income Trust 1.19% 1.87%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 23 .35% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrials 17 .42% % Utilities 12 .27% 30 Materials 11 .98% 25.85 Energy 8 .75% 20 16.31 Consumer Discretionary 7 .92% 14.92 12.47 Real Estate 5 .31% 11.06 Classic Series 75/75 Consumer Staples 3 .98% 10 5.98 Simulation* Health Care 2 .54% 1.56 Information Technology 2 .38% 0 95 .90% -0.92 -5.08 -10 -9.49 Top 10 holdings of the principal 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 underlying fund Industrial Alliance Insurance and Financial Services Inc . - iA Financial Group 5 .96% Past Performance Canadian Western Bank 5 .89% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose AltaGas Ltd . 5 .81% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Parkland Corp/Canada 5 .08% E-L Financial Corp . Ltd . 4 .66% $25,000 Element Fleet Management Corp . 4 .23% Stella-Jones Inc . 4 .12% $20,000 Aritzia Inc ., SV 4 .00% $16,914 Lassonde Industries Inc ., SV 3 .98% $15,000 Classic Series 75/75 Superior Plus Corp . 3 .95% $12,247 Simulation* 47 .68% $10,000 Composite Index1

$5,000 Investment limits Fixed Asset Mix (see Asset mix of target portfolio) $0 10 11 12 13 14 15 16 17 18 19 20 Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Bond Fund offered by Industrial the fund as described above compared to the corresponding returns for the reference index . Alliance Insurance and Financial Services Inc . A periodic Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD rebalancing process will allow the Fund’s assets to first offering remain in proximity of the 75% - 25% target weighting . Classic Series 75/75 5 .0 5 .4* 2 .4 (1 .0) (3 .0) (4 .1) 19 .8 4 .0 (1 .2) (7 .2) Series 75/100 4 .8 5 .2* 2 .2 (1 .3) (3 .3) (4 .4) 19 .7 4 .0 (1 .2) (7 .4) ** Fund closed to new investments in the Ecoflex Series 100/100, Other Series3 4 .8 5 .2* 2 .1 (1 .3) (3 .3) (4 .4) 19 .7 3 .9 (1 .2) (7 .4) FORLIFE Series and Ecoflextra Series as of September 9, 2016 . Composite Index1 2 .0 4 .9 (0 .5) (1 .0) 0 .7 36 .5 5 .2 (3 .3) (3 .5)

1 S&P/TSX SmallCap Index (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 569

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 64 - Industrial Alliance North American Equity Hybrid 75/25 Risk level Canadian Hybrid Funds Low to Moderate Net assets: 2.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and North American Equity Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds

Asset mix of the principal underlying fund Lead Manager Manager Investment style Marc Gagnon, CFA Jean-Pierre Chevalier, CFA North Americain Equity Fund: growth Inception date of the Fund: January 2011 Bond Fund: multi-strategy approach IAG Savings and Retirement Plan first offering: January 2011 Guarantee Option MER2 Fund Fee Rate % U.S. Equity 46.48% Classic Series 75/754 2 .61% - Canadian Equity 4 49.96% Classic Series 75/75 Prestige 2 .13% - Series 75/1004 2 .81% 0 .20 Series 75/100 Prestige4 2 .48% 0 .20 Ecoflex Series 100/1004 2 .99% 0 .65 Foreign Equity FORLIFE Series 2 .99% 0 .40 Short Term and others 2.37% 1.19%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Canadian Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 13 .51% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrials 7 .07% % Materials 5 .42% 15 14.14 Information Technology 5 .31%

Energy 4 .73% 10 9.07 9.19 8.63 Consumer Staples 3 .97% 5.22 Communication Services 2 .98% 5 3.96 4.04 Utilities 2 .46% Classic Series 75/75 Consumer Discretionary 2 .31% 0 Simulation*

Real Estate 1 .37% -2.74 Health Care 0 .83% -5 49 .96% -10 -7.83 -8.31 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Top 10 holdings of the principal underlying fund Royal Bank of Canada 2 .58% Past Performance Apple Inc . 2 .56% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Amazon .com Inc . 2 .44% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . The Toronto-Dominion Bank 2 .44% Microsoft Corp . 2 .03% $25,000 Canadian National Railway Co . 2 .03% Canadian Pacific Railway Co . 1 .71% $20,000 Brookfield Asset Management Inc . 1 .58% $15,000 $19,034 Facebook Inc . 1 .57% Classic Series 75/75 Alimentation Couche-Tard Inc ., Class B, SV 1 .56% $13,963 $10,000 Simulation* 20 .50% Composite Index1 Investment limits $5,000

Fixed Asset Mix (see Asset mix of target portfolio) $0 10 11 12 13 14 15 16 17 18 19 20 Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Bond Fund offered by Industrial the fund as described above compared to the corresponding returns for the reference index . Alliance Insurance and Financial Services Inc . A periodic Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD rebalancing process will allow the Fund’s assets to first offering remain in proximity of the 75% - 25% target weighting . Classic Series 75/75 2 .6 3 .1* 4 .2 3 .1 2 .8 3 .7 18 .0 4 .8 (0 .8) 1 .0 Series 75/100 2 .3 2 .9* 3 .9 2 .9 2 .6 3 .4 17 .8 4 .7 (0 .8) 0 .9 Other Series3 2 .3 2 .8* 3 .8 2 .7 2 .4 3 .3 17 .7 4 .7 (0 .8) 0 .8 Composite Index1 6 .2 7 .0 5 .6 5 .7 3 .7 18 .4 3 .8 (1 .4) 1 .3

1 S&P/TSX Composite Index (67 .5%), MSCI - World (Can . $) (net ret .) (7 .5%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 563

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 65 - Industrial Alliance Global Disciplined Equity (iAIM) Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 70.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Global Disciplined Equity (iAIM) Fund 75% interest income by investing in a combination Disciplined Bond (iAIM) Fund 25% of equity and bond funds

Asset mix of the principal underlying fund Lead Managers Managers Investment style Sevgi Ipek, CFA Pierre Chapdelaine, CFA Canadian Equity Fund: Growth Jean-Pierre Chevalier, CFA Bond Fund: Interest rate forecasts Inception date of the Fund: September 2020

U.S. Equity Funds IAG Savings and Retirement Plan first offering: September 2020 64.39% Guarantee Option MER2 Fund Fee Rate % Ecoflextra Series 3 .05% 1 .40 Global Equity Funds 35.76%

Short Term and others -0.15%

Top holdings of the principal Year By Year Returns underlying fund Performance data cannot be published for funds that have been in existence for less than 1 year . U .S . Disciplined Equity (IAIM) 64 .39% International Disciplined Equity (IAIM) 35 .76% Other Assets -0 .15% 100 .00%

Investment limits Fixed Asset Mix (see Asset mix of target portfolio)

Commentary The investment strategy is to invest approximately 75% of the Fund in a corresponding equity fund and the remaining 25% in the Disciplined Bond (iAIM) Fund offered by Industrial Alliance Insurance and Financial Services Inc . A periodic rebalancing process will allow the Fund’s assets to remain in proximity of the 75% - 25% target weighting . Past Performance Performance data cannot be published for funds that have been in existence for less than 1 year .

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Ecoflextra Series 1 .1 ------Composite Index1 ------

1 MSCI - World (Can . $) (net ret .) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 738

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 66 - Industrial Alliance Global Dividend (Dynamic) Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 139.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Global Dividend (Dynamic) Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds David Fingold, B . Sc . Management Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Value IAG Savings and Retirement Plan first offering: January 2011 Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % 4 United States Classic Series 75/75 2 .84% - 62.70% Europe 4 20.10% Classic Series 75/75 Prestige 2 .61% - Series 75/1004 3 .11% 0 .20 Series 75/100 Prestige4 2 .79% 0 .20 Ecoflex Series 100/1004 3 .23% 0 .65 Short Term and others 7.50% FORLIFE Series 3 .23% 0 .40 Mid-east and Africa 5.60% Asia and Pacific 4.10%

Top 10 holdings of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Lonza Group AG 5 .70% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Nvidia Corp . 4 .20% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . HOYA Corporation . 4 .10% % Charter Communications Inc . 4 .00% 20 19.60 Dollar General Corp . 4 .00% 18.19 16.23 15.77 Costco Wholesale Corp . 4 .00% 15 Thermo Fisher Scientific Inc . 4 .00%

Lowe's Companies Inc . 4 .00% 10 8.34 MasterCard Inc . 3 .80% Classic Series 75/75 5 5.32 Simulation* Danaher Corp . 3 .80% 3.32 3.07 41 .60% 0 -0.43 -1.50 Investment limits -5 Fixed Asset Mix (see Asset mix of target portfolio) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Commentary Past Performance The investment strategy is to invest approximately 75% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose of the Fund in a corresponding equity fund and the the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . remaining 25% in the Bond Fund offered by Industrial Alliance Insurance and Financial Services Inc . A periodic $35,000

rebalancing process will allow the Fund’s assets to $30,000 remain in proximity of the 75% - 25% target weighting . $25,000 $26,991 $20,000 Classic Series 75/75 $24,430 $15,000 Simulation* Composite Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 9 .0 9 .3* 10 .5 10 .7 9 .4 10 .7 14 .4 5 .4 (0 .4) 7 .6 Series 75/100 8 .8 9 .1* 10 .2 10 .4 9 .1 10 .4 14 .3 5 .3 (0 .4) 7 .4 Other Series3 8 .7 9 .0* 10 .1 10 .3 8 .9 10 .3 14 .2 5 .3 (0 .4) 7 .3 Composite Index1 10 .4 9 .1 9 .5 8 .5 11 .2 17 .3 4 .5 (0 .7) 6 .4

1 MSCI - World (Can . $) (net ret .) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 570

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 67 - Industrial Alliance Global Equity Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 10.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Global Equity Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds

Asset mix of the principal underlying fund Lead Manager Managers Investment style Jean-Pierre Chevalier, CFA Sevgi Ipek, CFA Canadian Equity Fund: Growth at a reasonable Pierre Chapdelaine, CFA price Inception date of the Fund: January 2011 Bond Fund: Interest rate forecasts IAG Savings and Retirement Plan first offering: January 2011

United States 2 62.25% Europe Guarantee Option MER Fund Fee Rate % 21.83% Classic Series 75/754 2 .71% - Classic Series 75/75 Prestige4 2 .28% - Series 75/1004 2 .88% 0 .20 Series 75/100 Prestige4 2 .45% 0 .20 Asian & Pacific 4 14.22% Ecoflex Series 100/100 3 .05% 0 .65 Short Term and others 1.70% FORLIFE Series 3 .05% 0 .40

Sector Allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Global Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Information Technology 21 .49% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Health Care 14 .87% Consumer Discretionary 12 .81% % 30 Industrials 11 .31% Financials 11 .18% 22.31 Communication Services 8 .16% 20 Consumer Staples 7 .92% 15.08 14.36 10.75 Materials 3 .99% 10 8.69 9.64 Classic Series 75/75 Utilities 3 .14% 4.45 Simulation* Real Estate 2 .34% 0 Energy 1 .09% -2.92 98 .30% -5.63 -10 -6.92 Top 10 holdings of the principal 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 underlying fund Apple Inc . 3 .93% Past Performance Microsoft Corp . 3 .90% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Amazon .com Inc . 3 .32% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Alphabet Holding Company Inc . 1 .97% Facebook Inc . 1 .94% $35,000 MasterCard Inc . 1 .42% $30,000 UnitedHealth Group Inc . 1 .40% $25,000 Johnson & Johnson 1 .33% $26,991 Nestlé SA 1 .24% $20,000 Classic Series 75/75 $19,766 Mondelez International Inc . 1 .20% $15,000 Simulation* 21 .65% Composite Index1 $10,000

Investment limits $5,000

Fixed Asset Mix (see Asset mix of target portfolio) $0 10 11 12 13 14 15 16 17 18 19 20 Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Bond Fund offered by Industrial the fund as described above compared to the corresponding returns for the reference index . Alliance Insurance and Financial Services Inc . A periodic Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD rebalancing process will allow the Fund’s assets to first offering remain in proximity of the 75% - 25% target weighting . Classic Series 75/75 6 .7 7 .1* 4 .9 5 .4 4 .3 9 .9 14 .3 3 .3 (1 .1) 5 .0 Series 75/100 6 .5 6 .8* 4 .6 5 .2 4 .1 9 .7 14 .2 3 .3 (1 .1) 4 .8 Other Series3 6 .4 6 .8* 4 .5 5 .0 3 .9 9 .5 14 .1 3 .2 (1 .1) 4 .7 Composite Index1 10 .4 9 .1 9 .5 8 .5 11 .2 17 .3 4 .5 (0 .7) 6 .4

1 MSCI - World (Can . $) (net ret .) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns . Fund Code: 571

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 68 - Industrial Alliance Global Equity (QV) Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 6.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and IA Clarington Global Equity Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Mathew Hermary, CFA Asset mix of the principal underlying fund Joe Jugovic, CFA Investment style Canadian Equity Fund: Value Inception date of the Fund: January 2011 Canadian Equity Bond Fund: Interest rate forecasts 82.70% IAG Savings and Retirement Plan first offering: January 2011 Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .71% - Classic Series 75/75 Prestige4 2 .52% - Series 75/1004 2 .95% 0 .20 Series 75/100 Prestige4 2 .81% 0 .20 Ecoflex Series 100/1004 3 .33% 0 .65 U.S. Equity 12.75% FORLIFE Series 3 .33% 0 .40 Short term and other Foreign Equity 2.40% 2.15%

Top 10 holdings of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder AFLAC Inc . 4 .24% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Bank of America Corp . 4 .13% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . American Express Co . 3 .68% % Samsung Electronics Co . Ltd ., Sponsored GDR 3 .44% 30 28.34 3M Corp . 3 .31% Union Pacific Corp . 3 .19% Berkshire Hathaway Finance Corp ., Class B 3 .17% 20 UnitedHealth Group Inc . 2 .98% 12.15 10 9.55 Classic Series 75/75 Darden Restaurants Inc . 2 .98% 7.16 7.78 8.23 Novo Nordisk A/S, Sponsored ADR 2 .97% Simulation* 34 .09% 0 0.54 0.13

-5.34 Investment limits -10 -7.03 Fixed Asset Mix (see Asset mix of target portfolio) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Commentary Past Performance The investment strategy is to invest approximately 75% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose of the Fund in a corresponding equity fund and the the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . remaining 25% in the Bond Fund offered by Industrial Alliance Insurance and Financial Services Inc . A periodic $35,000

rebalancing process will allow the Fund’s assets to $30,000 remain in proximity of the 75% - 25% target weighting . $25,000 $26,991 $20,000 Classic Series 75/75 $16,158 $15,000 Simulation* Composite Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .8 4 .9* 1 .0 (1 .8) (4 .4) (4 .5) 6 .7 (1 .1) (1 .0) (8 .4) Series 75/100 4 .4 4 .5* 0 .6 (2 .0) (4 .6) (4 .7) 6 .6 (1 .2) (1 .0) (8 .6) Other Series3 4 .3 4 .4* 0 .4 (2 .4) (5 .0) (5 .0) 6 .4 (1 .3) (1 .1) (8 .8) Composite Index1 10 .4 9 .1 9 .5 8 .5 11 .2 17 .3 4 .5 (0 .7) 6 .4

1 MSCI - World (Can . $) (net ret .) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 572

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 69 - Industrial Alliance Global Opportunities (Loomis Sayles) Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 2.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Global Opportunities (Radin) Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds

Asset mix of the principal underlying fund Lead Manager Managers Investment style Eileen Riley, CFA Lee Rosenbaum, CFA Global Opportunities Fund: Quality-growth Inception date of the Fund: January 2012 Bond Fund: Multi-strategy approach IAG Savings and Retirement Plan first offering: January 2012 2 U.S. Equity Guarantee Option MER Fund Fee Rate % 63.70% Classic Series 75/754 2 .58% - 4 Foreign Equity Classic Series 75/75 Prestige 2 .31% - 30.40% Series 75/1004 2 .77% 0 .20 Series 75/100 Prestige4 2 .51% 0 .20 Ecoflex Series 100/1004** 3 .30% 0 .65 Canadian Equity Short Term and others 3.80% FORLIFE Series** 3 .30% 0 .40 2.10%

Sector Allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Global Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Information Technology 27 .20% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Financials 15 .40% % Health Care 14 .10% 30 Consumer Discretionary 12 .20% 25.90 Industrials 9 .50% 20 Consumer Staples 7 .40% 10 8.85 7.59 Communication Services 6 .60% 5.67 Materials 5 .50% 2.90 1.96 1.52 Classic Series 75/75 97 .90% 0 Simulation*

-10 Top 10 holdings of the principal -10.19 underlying fund -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Danaher Corp . 4 .50% Amazon .com Inc . 4 .40% Alibaba Group Holding Ltd . 4 .10% Past Performance MasterCard Inc ., class A 3 .70% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose IQVIA 3 .50% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Roper Technologies Inc . 3 .50% Facebook Inc . 3 .40% $35,000 Linde PLC 3 .30% S&P Global Inc . 3 .20% $30,000 Alphabet Holding Company Inc . 3 .20% $25,000 36 .80% $26,111 $20,000 Classic Series 75/75 $13,500 $15,000 Simulation* Investment limits Composite Index1 Fixed Asset Mix (see Asset mix of target portfolio) $10,000 $5,000

Commentary $0 The investment strategy is to invest approximately 75% 11 12 13 14 15 16 17 18 19 20 of the Fund in a corresponding equity fund and the remaining 25% in the Bond Fund offered by Industrial Annual Compound Returns Alliance Insurance and Financial Services Inc . A periodic This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for rebalancing process will allow the Fund’s assets to the fund as described above compared to the corresponding returns for the reference index . remain in proximity of the 75% - 25% target weighting . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD ** Fund closed to new investments in the Ecoflex Series 100/100, first offering FORLIFE Series and Ecoflextra Series as of September 9, 2016 . Classic Series 75/75 3 .6 - (1 .2) (4 .1) (6 .2) (1 .6) 10 .6 3 .4 (0 .4) (7 .6) Series 75/100 3 .1 - (1 .6) (4 .3) (6 .4) (1 .8) 10 .5 3 .4 (0 .4) (7 .7) Other Series3 2 .9 - (1 .9) (4 .8) (6 .9) (2 .4) 10 .2 3 .2 (0 .4) (8 .1) Composite Index1 - 9 .1 9 .5 8 .5 11 .2 17 .3 4 .5 (0 .7) 6 .4

1 MSCI - World (Can . $) (net ret .) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 765

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 70 - Industrial Alliance Global True Conviction Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 7.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Global True Conviction Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Jean-Pierre Chevalier, CFA Pierre Chapdelaine, CFA Asset mix of the principal underlying fund Marc Gagnon, MBA, CFA Sevgi Ipek, CFA Investment style Canadian Equity Fund: Blend (Growth and Value) Inception date of the Fund: January 2011 Canada Bond Fund: Interest rate forecasts 25.92% IAG Savings and Retirement Plan first offering: January 2011

Europe 2 19.11% Guarantee Option MER Fund Fee Rate % Classic Series 75/754 2 .71% - Classic Series 75/75 Prestige4 2 .28% - Series 75/1004 2 .89% 0 .20 Series 75/100 Prestige4 2 .38% 0 .20 Asian & Pacific 4 United States 14.14% Ecoflex Series 100/100 3 .06% 0 .65 32.05% Short Term and others FORLIFE Series 3 .06% 0 .40 5.74% Middle East & Africa 3.04%

Sector Allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Global Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Information Technology 21 .92% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Discretionary 15 .52% % Communication Services 12 .15% 40 Financials 11 .56% Health Care 10 .62% 30 30.71 Industrials 9 .89% Consumer Staples 5 .76% 20 14.94 Classic Series 75/75 Materials 4 .25% 11.41 10 10.16 9.63 Utilities 1 .41% 4.97 Energy 1 .18% 0 94 .26% -1.01 -10 -6.01 Top 10 holdings of the principal 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 underlying fund Alibaba Group Holding Ltd ., Sponsored 4 .39% Past Performance ADR This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Royal Bank of Canada 4 .16% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Activision Blizzard Inc . 4 .12% Facebook Inc . 4 .06% $35,000 Amazon .com Inc . 3 .43% Loblaw Companies Ltd . 3 .34% $30,000 Endeavour Mining Corp . 3 .04% $25,000 Canadian Pacific Railway Co . 2 .83% $22,351 $20,000 Moncler SpA 2 .78% $17,654 Classic Series 75/75 CGI Inc . 2 .73% $15,000 Composite Index1 34 .88% $10,000

$5,000 Investment limits $0 11 12 13 14 15 16 17 18 19 20 Fixed Asset Mix (see Asset mix of target portfolio)

Commentary Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for The investment strategy is to invest approximately 75% the fund as described above compared to the corresponding returns for the reference index . of the Fund in a corresponding equity fund and the remaining 25% in the Bond Fund offered by Industrial Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD Alliance Insurance and Financial Services Inc . A periodic first offering rebalancing process will allow the Fund’s assets to Classic Series 75/75 6 .0 - 5 .0 5 .6 4 .9 8 .0 16 .9 2 .8 (1 .0) 4 .6 remain in proximity of the 75% - 25% target weighting . Series 75/100 5 .7 - 4 .6 5 .3 4 .7 7 .8 16 .8 2 .7 (1 .0) 4 .4 Other Series3 5 .7 - 4 .5 5 .2 4 .5 7 .6 16 .7 2 .7 (1 .1) 4 .3 Composite Index1 - 8 .2 7 .6 6 .9 7 .4 16 .5 3 .8 (0 .8) 3 .5

1 S&P/TSX Composite Index (25%), FTSE Canada Universe Bond Index (25%), S&P 500 (Can . $) (25%), MSCI - EAFE (Can . $) (net ret .) (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns .

Fund Code: 577

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 71 - Industrial Alliance Fidelity NorthStar® Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 22.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Fidelity NorthStar® Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Daniel Dupont, BA Asset mix of the principal underlying fund Joel Tillinghast, MBA, CFA Investment style Kyle Weaver Canadian Equity Fund: Blend (Growth and Value) United States 34.00% Bond Fund: Interest rate forecasts Inception date of the Fund: January 2011 IAG Savings and Retirement Plan first offering: January 2011 Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .88% - Europe 9.31% Classic Series 75/75 Prestige4 2 .65% - Asia and Pacific 4 39.56% Series 75/100 3 .16% 0 .20 Other countries 4 8.10% Series 75/100 Prestige 3 .01% 0 .20 4 Short Term and others Ecoflex Series 100/100 3 .36% 0 .65 Canada 6.04% 2.99% FORLIFE Series 3 .36% 0 .40

Top 10 holdings of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Ottogi Corp . who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Imperial Brands PLC had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Microsoft Corp . % Seria Co Ltd . 40

ITOCHU Corp . 31.51 Amazon .com Inc . 30 Simplo Technology 20 18.08 Anthem, Inc . Classic Series 75/75 11.20 Gilead Sciences Inc . 10 8.98 Simulation* 5.71 4.43 Suncor Energy Inc . 2.83 0 Top 10 holdings represents 18 .05% of the principal underlying -1.79 -4.61 fund’s net assets . -10 -5.67 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Investment limits Fixed Asset Mix (see Asset mix of target portfolio) Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Commentary the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

The investment strategy is to invest approximately 75% $35,000 of the Fund in a corresponding equity fund and the remaining 25% in the Bond Fund offered by Industrial $30,000 Alliance Insurance and Financial Services Inc . A periodic $25,000 rebalancing process will allow the Fund’s assets to $27,006 $20,000 Classic Series 75/75 remain in proximity of the 75% - 25% target weighting . $19,390 $15,000 Simulation* Composite Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 6 .5 6 .8* 2 .1 3 .3 4 .4 11 .5 19 .5 3 .8 0 .4 6 .9 Series 75/100 6 .2 6 .5* 1 .7 3 .0 4 .1 11 .2 19 .3 3 .8 0 .4 6 .6 Other Series3 6 .1 6 .5* 1 .6 2 .8 3 .9 10 .9 19 .2 3 .7 0 .4 6 .5 Composite Index1 10 .4 9 .1 9 .5 8 .5 11 .2 17 .3 4 .7 (0 .5) 6 .0

1 MSCI - World (Can . $) (net ret .) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 574

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 72 - Industrial Alliance Thematic Innovation - Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 17.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and Thematic Innovation Fund 75% interest income by investing in a combination Bond Fund 25% of equity and bond funds Jean-Pierre Chevalier, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: January 2011 Canadian Equity Fund: Thematic U.S. Equity IAG Savings and Retirement Plan first offering: January 2011 95.09% Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .70% - Classic Series 75/75 Prestige4 2 .47% - Series 75/1004 2 .98% 0 .20 Series 75/100 Prestige4 2 .70% 0 .20 Ecoflex Series 100/1004** 3 .19% 0 .65 FORLIFE Series** 3 .19% 0 .40 Foreign Equity 2.65% Short Term and others Canadian Equity 0.79% 1.47%

Sector allocation of the principal Year By Year Returns underlying fund This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder U.S. Equity Portfolio who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Information Technology 26 .53% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Health Care 20 .35% % Consumer Discretionary 11 .08% 30 26.81 Communication Services 10 .56% Industrials 8 .51% 20 18.61 Financials 7 .16% 14.70 10.82 Consumer Staples 5 .68% 10 4.94 4.93 Classic Series 75/75 2.71 Real Estate 2 .79% 1.26 Simulation* Utilities 1 .82% 0 Materials 0 .61% -2.75 95 .09% -10 -12.23 -20 Top 10 holdings of the principal 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 underlying fund Apple Inc . 5 .42% Past Performance Amazon .com Inc . 5 .07% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Microsoft Corp . 4 .18% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Facebook Inc . 3 .25% Alphabet Holding Company Inc . 2 .46% $45,000 JPMorgan Chase & Co . 1 .72% $40,000 Pepsico Inc . 1 .64% $35,000 Broadcom Inc . 1 .64% $30,000 $29,998 Micron Technology Inc . 1 .47% $25,000 Classic Series 75/75 UnitedHealth Group Inc . 1 .37% $18,484 $20,000 Simulation* 28 .22% 1 $15,000 Composite Index Investment limits $10,000 $5,000 Fixed Asset Mix (see Asset mix of target portfolio) $0 10 11 12 13 14 15 16 17 18 19 20 Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Bond Fund offered by Industrial the fund as described above compared to the corresponding returns for the reference index . Alliance Insurance and Financial Services Inc . A periodic rebalancing process will allow the Fund’s assets to Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering remain in proximity of the 75% - 25% target weighting . Classic Series 75/75 5 .5 6 .3* 5 .4 5 .2 8 .5 20 .7 21 .0 5 .7 (1 .0) 15 .0 Series 75/100 5 .2 6 .0* 5 .1 4 .9 8 .2 20 .3 20 .9 5 .6 (1 .0) 14 .8 ** Fund closed to new investments in the Ecoflex Series 100/100, 3 FORLIFE Series and Ecoflextra Series as of September 9, 2016 . Other Series 5 .1 6 .0* 4 .9 4 .7 7 .9 20 .1 20 .7 5 .5 (1 .0) 14 .6 Composite Index1 11 .6 12 .0 11 .3 10 .1 14 .4 25 .0 6 .8 (2 .7) 7 .4

1 S&P 500 (Can . $) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 575

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 73 - Industrial Alliance U.S. Disciplined Equity (iAIM) Hybrid 75/25 Risk level Global Hybrid Funds Low to Moderate Net assets: 34.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor of the principal fund Objectives of the Fund Asset mix of target portfolio • This Fund aims to achieve capital growth and U .S . Disciplined Equity (iAIM) Fund 75% interest income by investing in a combination Disciplined Bond Fund 25% of equity and bond funds Jean-Pierre Chevalier, CFA Asset mix of the principal underlying fund Investment style Inception date of the Fund: September 2020 Canadian Equity Fund: Growth U.S. Equity IAG Savings and Retirement Plan first offering: September 2020 99.30% Bond Fund: Interest rate forecasts Guarantee Option MER2 Fund Fee Rate % Ecoflextra Series 2 .85% 1 .40

Short Term and others 0.70%

Sector allocation of the principal Year By Year Returns underlying fund Performance data cannot be published for funds that have been in existence for less than 1 year . U.S. Equity Portfolio Information Technology 27 .36% Health Care 14 .02% Consumer Discretionary 13 .68% Communication Services 10 .28% Financials 9 .94% Industrials 9 .63% Consumer Staples 6 .67% Utilities 2 .55% Materials 2 .11% Real Estate 2 .05% Energy 1 .01% 99 .30%

Top 10 holdings of the principal underlying fund Apple Inc . 6 .37% Past Performance Microsoft Corp . 6 .34% Performance data cannot be published for funds that have been in existence for less than 1 year . Amazon .com Inc . 5 .30% Alphabet Holding Company Inc . 3 .19% Facebook Inc . 3 .11% UnitedHealth Group Inc . 2 .29% MasterCard Inc . 2 .28% Johnson & Johnson 2 .11% Mondelez International Inc . 1 .93% Thermo Fisher Scientific Inc . 1 .84% 34 .76%

Investment limits Fixed Asset Mix (see Asset mix of target portfolio)

Commentary The investment strategy is to invest approximately 75% Annual Compound Returns of the Fund in a corresponding equity fund and the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for remaining 25% in the Disciplined Bond (iAIM) Fund the fund as described above compared to the corresponding returns for the reference index . offered by Industrial Alliance Insurance and Financial Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD Services Inc . A periodic rebalancing process will allow first offering the Fund’s assets to remain in proximity of the 75% - Ecoflextra Series 1 .5 ------25% target weighting . Composite Index1 ------

1 S&P 500 (Can . $) (75%), FTSE Canada Universe Bond Index (25%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 739

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 74 - Industrial Alliance Strategic Equity Income Risk level Canadian Equity Funds Low to Moderate Net assets: 155.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to obtain a balance between income and the long term value-added of the capital by investing in a diversified portfolio of equity securities from companies that pay dividends Dan Bastasic, MBA, CFA U.S. Equity or distributions 33.75% Inception date of the Fund: November 2005 • Conforms to investment horizons that are Canadian Equity IAG Savings and Retirement Plan first offering: January 2011 52.61% sufficiently distant to tolerate the volatility of My Education+ first offering: June 2016 the market values Guarantee Option MER2 Fund Fee Rate %

Short term and other 4-5 6.83% Classic Series 75/75 2 .55% - Investment style Income Trust Classic Series 75/75 Prestige5-6 2 .12% - Foreign Equity 4.19% Value 2.62% Series 75/1006 2 .76% 0 .20 Series 75/100 Prestige6 2 .22% 0 .20 Ecoflex Series 100/1006 2 .78% 0 .75 Sector Allocation of the underlying fund FORLIFE Series 2 .78% 0 .50 Canadian Equity Portfolio Financials 12 .93% Utilities 11 .66% Consumer Staples 7 .67% Year By Year Returns Communication Services 7 .39% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 4 .94% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Real Estate 4 .19% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Materials 3 .52% Energy 2 .67% % 20 Information Technology 1 .83% 17.57 56 .80% 14.95

10.58 10.02 Top 10 holdings of the underlying fund 10 9.11 8.99 6.33 Royal Bank of Canada 4 .12% Classic Series 75/75 Simulation* Brookfield Asset Management Inc . 3 .37% 0 Waste Connections Inc . 3 .18% Apple Inc . 3 .11% -3.28 The Toronto-Dominion Bank 3 .00% -5.18 -5.18 -10 Loblaw Companies Ltd . 2 .97% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fortis Inc . 2 .84% Microsoft Corp . 2 .81% Algonquin Power & Utilities Corp . 2 .80% Carrier Global Corp . 2 .75% Past Performance 30 .95% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

Investment limits Min. Max. Real $25,000 Industrial Alliance Fund Short term 0% 20% (0 .01)% $20,000 Units of an underlying fund 80% 100% 100 .01% $17,576 $15,000 Classic Series 75/75 Commentary $15,505 Simulation* $10,000 1 The fund manager employs a rigorous bottom-up Reference Index strategy with a 12 to 18 month strategic outlook $5,000 on the markets with a view to invest in income producing equities demonstrating strong fundamentals $0 while aiming to minimize volatility through all market 10 11 12 13 14 15 16 17 18 19 20 conditions . Annual Compound Returns The Fund is managed by Dan Bastasic since July 2011 . This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . The name of the Dividend Income fund was changed to Strategic Equity Income on January 16, 2012 . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .3 4 .5* 3 .4 0 .4 (1 .3) (5 .9) 10 .5 5 .0 (0 .5) (9 .1) Series 75/100 4 .1 4 .3* 3 .1 0 .1 (1 .5) (6 .1) 10 .4 4 .9 (0 .5) (9 .2) Other Series3 4 .1 4 .3* 3 .1 0 .1 (1 .5) (6 .2) 10 .3 4 .9 (0 .5) (9 .2) Reference Index1 5 .8 7 .2 4 .3 3 .5 0 .0 22 .5 4 .7 (2 .1) (3 .1)

1 S&P/TSX Composite Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 516 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 75 - Industrial Alliance Dividend Growth Risk level Canadian Equity Funds Low to Moderate Net assets: 808.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • To invest in stocks which generate regular dividends (that will be reinvested in the Fund) while ensuring long term capital growth Canadian Equity • Conforms to investment horizons that are 73.96% Donny Moss, CFA sufficiently distant to tolerate the volatility of Inception date of the Fund: November 2005 the market values IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Investment style 2 U.S. Equity Guarantee Option MER Fund Fee Rate % 19.89% Value 4-6 Income Trust Classic Series 75/75 2 .55% - 2.28% Classic Series 75/75 Prestige5-6 2 .13% - Short term and other Foreign Equity 1.66% 2.21% Series 75/1006 2 .83% 0 .20 Series 75/100 Prestige6 2 .25% 0 .20 Ecoflex Series 100/1006 2 .84% 0 .75 Sector Allocation of the underlying fund FORLIFE Series 2 .84% 0 .50 Canadian Equity Portfolio Financials 31 .27% Energy 9 .86% Utilities 7 .80% Year By Year Returns Industrials 7 .69% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Communication Services 6 .30% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Materials 5 .95% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Real Estate 2 .28% Information Technology 1 .91% % 20 Consumer Discretionary 1 .68% 17.72 18.08 Consumer Staples 1 .50% 14.51 76 .24% 11.07 10 9.16 6.87 6.69 Top 10 holdings of the underlying fund Classic Series 75/75 Simulation* Royal Bank of Canada 5 .15% 0 The Toronto-Dominion Bank 5 .04%

Brookfield Asset Management Inc . 4 .78% -4.01 -4.65 Sun Life Financial Services of Canada Inc . 3 .84% -10 -7.92 Enbridge Inc . 3 .78% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Bank of Montreal 2 .84% Waste Connections Inc . 2 .74% BCE Inc . 2 .59% Canadian National Railway Co . 2 .59% Past Performance Bank of Nova Scotia 2 .51% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 35 .86% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$25,000 Investment limits Min. Max. Real Industrial Alliance Fund $20,000 Short term 0% 20% (0 .15)% $18,332 Units of an underlying fund 80% 100% 100 .15% $15,000 Classic Series 75/75 $15,927 Simulation* $10,000 Commentary Reference Index1

The Fund is primarily composed of common stocks $5,000 of large companies that offer attractive earnings and dividend potential . The investment strategy used to $0 manage this fund is based on a process that combines 10 11 12 13 14 15 16 17 18 19 20 the bottom-up and top-down approaches . First, the manager uses the top-down approach, which involves Annual Compound Returns carrying out a macroeconomic analysis to determine the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for economy’s best performing sectors . Then, the manager the fund as described above compared to the corresponding returns for the reference index . follows the bottom-up approach, which allows him to select securities according to a value style, giving Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD preference to superior quality Canadian stocks offering first offering regular dividends . Classic Series 75/75 4 .3 4 .8* 4 .7 0 .6 (1 .5) (8 .3) 14 .3 4 .6 (1 .2) (9 .7) Series 75/100 4 .1 4 .6* 4 .4 0 .4 (1 .8) (8 .5) 14 .2 4 .5 (1 .2) (9 .9) Other Series3 4 .1 4 .6* 4 .4 0 .4 (1 .8) (8 .5) 14 .2 4 .5 (1 .2) (9 .9) Reference Index1 6 .2 7 .6 5 .0 4 .3 0 .3 20 .1 4 .4 (2 .0) (2 .1)

1 S&P/TSX 60 . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 515 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 76 - Industrial Alliance Dividend Growth (iAIM) Risk level Canadian Equity Funds Low to Moderate Net assets: 81.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • To invest in stocks which generate regular dividends (that will be reinvested in the Fund) while ensuring long term capital growth • Conforms to investment horizons that are Canadian Equity Donny Moss, CFA CFA 69.68% sufficiently distant to tolerate the volatility of Inception date of the Fund: November 2004 the market values IAG Savings and Retirement Plan first offering: January 2011

U.S. Equity My Education+ first offering: June 2016 18.94% Investment style Guarantee Option MER2 Fund Fee Rate % Value Canadian Bonds 4-6 5.13% Classic Series 75/75 2 .58% - Short term and other 5-6 2.58% Classic Series 75/75 Prestige 2 .17% - Foreign Equity Income Trust 6 1.81% 1.86% Series 75/100 2 .85% 0 .20 Series 75/100 Prestige6 2 .31% 0 .20 Ecoflex Series 100/1006 2 .90% 0 .75 Sector Allocation of the underlying fund FORLIFE Series 2 .90% 0 .50 Canadian Equity Portfolio Financials 29 .33% Energy 9 .42% Utilities 7 .44% Year By Year Returns Industrials 7 .13% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Communication Services 5 .95% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Materials 5 .57% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Real Estate 1 .86% Information Technology 1 .83% % Consumer Discretionary 1 .58% 30 Consumer Staples 1 .43% 23.02 20 18.61 71 .54% 13.07 10 8.99 Top 10 holdings of the underlying fund 5.05 4.91 Classic Series 75/75 1.80 2.18 Simulation* The Toronto-Dominion Bank 4 .91% 0 Royal Bank of Canada 4 .87% -10 -5.68 Brookfield Asset Management Inc . 4 .54% Enbridge Inc . 3 .90% -20 -17.15 Sun Life Financial Services of Canada Inc . 3 .73% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TFS Canada Bond Series III Inc ., Floating Rate, 5 .234%, 2022-06-30 2 .77% Waste Connections Inc . 2 .67% Past Performance Bank of Nova Scotia 2 .53% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Canadian National Railway Co . 2 .50% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Government of Canada, 0 .143%, 2020-12-23 2 .41% $25,000 34 .83% $20,000 Investment limits Min. Max. Real $17,576 Industrial Alliance Fund $15,000 Classic Series 75/75 Short term 0% 20% 0 .06% $12,341 Simulation* $10,000 Units of an underlying fund 80% 100% 99 .94% Reference Index1

$5,000 Commentary The Fund is primarily composed of common stocks $0 of large companies that offer attractive earnings and 10 11 12 13 14 15 16 17 18 19 20 dividend potential . The investment strategy used to manage this fund is based on a process that combines Annual Compound Returns the bottom-up and top-down approaches . First, the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for manager uses the top-down approach, which involves the fund as described above compared to the corresponding returns for the reference index . carrying out a macroeconomic analysis to determine the economy’s best performing sectors . Then, the manager Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD follows the bottom-up approach, which allows him first offering to select securities according to a value style, giving Classic Series 75/75 1 .7 2 .1* 2 .7 (1 .7) (4 .6) (14 .0) 11 .7 4 .4 (1 .0) (17 .2) preference to superior quality Canadian stocks offering Series 75/100 1 .3 1 .8* 2 .3 (2 .0) (4 .9) (14 .3) 11 .5 4 .3 (1 .0) (17 .3) regular dividends . Other Series3 1 .2 1 .7* 2 .1 (2 .3) (5 .2) (14 .5) 11 .4 4 .3 (1 .0) (17 .5) Reference Index1 5 .8 7 .2 4 .3 3 .5 0 .0 22 .5 4 .7 (2 .1) (3 .1)

1 S&P/TSX Composite Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns . Fund Code: 503

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 77 - Industrial Alliance Canadian Equity Index Risk level Canadian Equity Funds Low to Moderate Net assets: 445.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to obtain high long term capital appreciation by attempting to reproduce the Canadian Equity 94.39% return of the S&P/TSX 60 index

Daniel Groleau, B . Sc . act ., ASA, CFA Investment style Inception date of the Fund: September 2001 Indexed IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Guarantee Option MER2 Fund Fee Rate % 4-6 U.S. Equity Classic Series 75/75 2 .64% - 2.39% 5-6 Short Term and others Foreign Equity Classic Series 75/75 Prestige 2 .20% - 1.43% 1.79% Series 75/1006 2 .84% 0 .30 Series 75/100 Prestige6 2 .31% 0 .30 Ecoflex Series 100/1006 2 .76% 0 .75 Sector Allocation Canadian Equity Portfolio Financials 28 .41% Energy 10 .74% Information Technology 10 .62% Year By Year Returns Materials 10 .26% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 8 .85% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Market Index 8 .58% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Communication Services 5 .46% Consumer Staples 4 .09% % Utilities 3 .42% 20 17.90 18.15 Consumer Discretionary 3 .35% 10.90 Real Estate 0 .39% 10 10.04 8.93 7.01 Health Care 0 .22% 5.00 94 .39% 0 Classic Series 75/75 Simulation* Investment limits Min. Max. -10 -10.01 -9.69 Short term 0% 20% -11.41 Canadian equity securities 80% 100% -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Commentary This Fund is managed according to an indexed management style, in this case aiming to replicate the Past Performance performance of the S&P/TSX 60, by investing directly This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose into the securities of the 60 biggest companies of the the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . S&P/TSX . $25,000

$20,000

$15,000 $18,332 Classic Series 75/75 $13,958 Simulation* $10,000 Reference Index1

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 2 .8 3 .4* 4 .8 2 .3 1 .6 (2 .1) 18 .1 3 .7 (2 .2) (3 .7) Series 75/100 2 .6 3 .2* 4 .6 2 .1 1 .4 (2 .3) 18 .0 3 .6 (2 .2) (3 .9) Other Series3 1 .5 3 .3* 4 .6* 2 .1* 1 .5* (2 .3) 18 .0 3 .6 (2 .2) (3 .8) Reference Index1 6 .2 7 .6 5 .0 4 .3 0 .3 20 .1 4 .4 (2 .0) (2 .1)

1 S&P/TSX 60 . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 474 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 78 - Industrial Alliance Fidelity True North® Risk level Canadian Equity Funds Low to Moderate Net assets: 231.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund 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 Maxime Lemieux sufficiently distant to tolerate the volatility of the market values Inception date of the Fund: January 1999 IAG Savings and Retirement Plan first offering: January 2011 Investment style My Education+ first offering: June 2016 Growth at a reasonable price Guarantee Option MER2 Fund Fee Rate % 3-5 Foreign Equity Classic Series 75/75 2 .85% - 8.50% 5 Canadian bonds Short Term and others Classic Series 75/75 Prestige 2 .61% - 0.01% 3.68% Series 75/1005 3 .12% 0 .30 Series 75/100 Prestige5 2 .91% 0 .30 Sector Allocation of the underlying fund Canadian Equity Portfolio Financials 19 .23% Information Technology 12 .22% Materials 10 .70% Year By Year Returns Industrials 10 .14% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Energy 7 .72% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Staples 7 .57% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Discretionary 6 .93% Utilities 5 .32% % Communication Services 4 .96% 30 Health Care 1 .81% 21.54 Real Estate 1 .21% 20 87 .81% 16.53 12.99 11.61 10 9.39 Classic Series 75/75 7.24 Top 10 holdings of the underlying fund 4.27 Simulation* Royal Bank of Canada 0 Barrick Gold Corp . -2.40 The Toronto-Dominion Bank -5.59 -10 -8.96 Shopify Inc . 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Canadian National Railway Co . Alimentation Couche-Tard Inc ., Class B, SV BCE Inc . Past Performance Dollarama Inc . This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Metro Inc . the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Constellation Software Inc . $25,000 Top 10 holdings represents 38 .46% of the principal underlying fund’s net assets . $20,000

$15,000 $18,009 Investment limits Min. Max. Real Classic Series 75/75 $17,576 Simulation* Industrial Alliance Fund $10,000 Reference Index1 Short term 0% 20% (0 .26)% Units of an underlying fund 80% 100% 100 .26% $5,000

$0 Commentary 10 11 12 13 14 15 16 17 18 19 20 The Fidelity True North Fund seeks long term capital appreciation by investing in equity securities of growth-oriented companies at reasonable prices . Annual Compound Returns The first screen criteria is the price/earnings growth This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for (PEG ratio) . However, PEG alone tells the the fund as described above compared to the corresponding returns for the reference index . manager little about the overall attractiveness of an investment opportunity . After the Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering first screen is done, the focus goes on the balance sheet . The manager needs to see solid cash Classic Series 75/75 5 .3 6 .1* 4 .8 4 .5 4 .7 2 .2 17 .9 3 .7 (1 .1) 0 .9 flow generation and earnings yield . In terms of risk Series 75/100 5 .0 5 .7* 4 .4 4 .2 4 .5 2 .0 17 .8 3 .6 (1 .1) 0 .7 management, the manager manages relative to the Referene Index1 5 .8 7 .2 4 .3 3 .5 0 .0 22 .5 4 .7 (2 .1) (3 .1) benchmark but will take the necessary deviations in order to generate the attractive alpha (value added vs . 1 S&P/TSX Capped Composite . Please refer to the Legal Notices at the end of this publication for more information about the Index . index) . The manager is well supported by the analysts 2 Management expense ratio (GST and HST included) . of Team Canada . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 270

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 79 - Industrial Alliance Canadian Equity Growth Risk level Canadian Equity Funds Low to Moderate Net assets: 749.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Long term capital growth mainly through investments in Canadian equity securities

Canadian Equity 82.70% • Conforms to investment horizons that are Marc Gagnon, MBA, CFA sufficiently distant to tolerate the volatility of the market values Inception date of the Fund: October 2001 IAG Savings and Retirement Plan first offering: January 2011 Investment style My Education+ first offering: June 2016 Growth Guarantee Option MER2 Fund Fee Rate % U.S. Equity 4-6 12.75% Classic Series 75/75 2 .70% - Short term and other 4-6 Foreign Equity 2.40% Classic Series 75/75 Prestige 2 .30% - 2.15% Series 75/1006 2 .94% 0 .30 Series 75/100 Prestige6 2 .43% 0 .30 Ecoflex Series 100/1006 2 .98% 0 .75 Sector Allocation Canadian Equity Portfolio Financials 25 .81% Industrials 10 .27% Materials 9 .25% Year By Year Returns Energy 8 .42% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Information Technology 7 .50% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Staples 6 .16% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Communication Services 5 .18% Utilities 4 .10% % Consumer Discretionary 3 .46% 20 19.33 Real Estate 2 .21% 15.04 15.02 14.96 Health Care 0 .34% 10 8.62 8.22 82 .70% 6.37 0 Classic Series 75/75 Top 10 holdings of the Fund Simulation* -5.46 Royal Bank of Canada 5 .02% -10 -10.82 The Toronto-Dominion Bank 4 .56% -12.89 Canadian National Railway Co . 3 .05% -20 Brookfield Asset Management Inc . 3 .02% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Industrial Alliance Thematic Innovation Fund 2 .76% Canadian Pacific Railway Co . 2 .61% Bank of Nova Scotia 2 .44% Past Performance Alimentation Couche-Tard Inc ., Class B, SV 2 .40% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose SHOPIFY INC . 2 .32% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Enbridge Inc . 2 .13% 30 .31% $25,000

Investment limits Min. Max. $20,000 Short term 0% 25% $15,000 $17,576 Canadian equity securities 55% 100% Classic Series 75/75 Foreign equity securities 0% 30% $15,238 Simulation* $10,000 Reference Index1 Commentary $5,000 The Fund is primarily invested in medium and large capitalization companies, and a small proportion of the $0 portfolio is invested in small capitalization companies . 10 11 12 13 14 15 16 17 18 19 20 The manager looks for securities that present a good growth profile, but is concerned about the price that he pays to acquire them . He relies on a “self-generated” Annual Compound Returns cash flow model to select securities, and pays special This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for attention to risk management in terms of sectors, the fund as described above compared to the corresponding returns for the reference index . capitalizations and primary positions in the reference Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD index . The Fund remains diversified in terms of stock first offering market sectors and can occasionally contain foreign Classic Series 75/75 3 .5 4 .3* 4 .9 1 .9 0 .5 (1 .5) 19 .1 4 .9 (2 .0) (4 .2) securities . Series 75/100 3 .2 4 .1* 4 .6 1 .7 0 .2 (1 .7) 19 .0 4 .8 (2 .0) (4 .4) Other Series (0 .2) 4 .2* 4 .9* 2 .2* 1 .0* (0 .1)* 19 .0 4 .8 (2 .0) (4 .4) Reference Index1 5 .8 7 .2 4 .3 3 .5 0 .0 22 .5 4 .7 (2 .1) (3 .1)

1 S&P/TSX Composite Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 464 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 80 - Industrial Alliance Fidelity Canadian Opportunities Risk level Canadian Equity Funds Low to Moderate Net assets: 234.7 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Long term capital growth through investments in small and medium size capitalization Canadian Equity 89.37% Canadian companies Hugo Lavallée • Conforms to investment horizons that are sufficiently distant to tolerate the volatility of Inception date of the Fund: January 1999 the market values IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Investment style Guarantee Option MER2 Fund Fee Rate % Growth Global Equity 3-5 7.02% Classic Series 75/75 2 .85% - 4-5 Canadian bonds Short Term and others Classic Series 75/75 Prestige 2 .57% - 0.76% 2.85% Series 75/1005 3 .11% 0 .30 Series 75/100 Prestige5 2 .81% 0 .30 Sector Allocation of the underlying fund Canadian Equity Portfolio Consumer Discretionary 17 .19% Materials 13 .75% Consumer Staples 12 .93% Year By Year Returns Utilities 12 .28% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Financials 8 .51% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Information Technology 8 .32% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrials 6 .74% Communication Services 4 .33% % Energy 3 .20% 30 23.89 24.05 Real Estate 1 .59% 21.09 20 Health Care 0 .53% 15.33 89 .37% 10 8.80 8.88 Classic Series 75/75 2.32 Top 10 holdings of the underlying fund 0 Simulation* Dollarama Inc . -1.49 -10 -9.35 Brookfield Renewable Partners LP -10.90 Alimentation Couche-Tard Inc ., Class B, SV -20 Quebecor Inc ., Class B 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Franco-Nevada Corp . Hydro One Ltd . Restaurant Brands International Inc . Past Performance Wheaton Precious Metals Corp . This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose CGI Group Inc ., Class A, SV the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Constellation Software Inc . $35,000

Top 10 holdings represents 42 .22% of the principal underlying $30,000 fund’s net assets . $25,000 $21,218 Investment limits Min. Max. Real $20,000 Classic Series 75/75 $15,454 Simulation* Industrial Alliance Fund $15,000 Reference Index1 Short term 0% 20% (0 .19)% $10,000 Units of an underlying fund 80% 100% 100 .19% $5,000

$0 Commentary 10 11 12 13 14 15 16 17 18 19 20 Before investing in a company, the Fund manager focuses on its fundamental characteristics, namely its financial situation, potential growth and earning Annual Compound Returns possibilities . The Fund invests in companies which, in This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the manager’s opinion, offer a possibility of long term the fund as described above compared to the corresponding returns for the reference index . growth and whose stocks are trading at prices that reflect Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD good value . The Fund can invest in all capitalizations, first offering but favours small and medium capitalization securities Classic Series 75/75 6 .7 7 .8* 11 .3 11 .5 15 .0 17 .0 33 .2 10 .4 2 .0 13 .2 whose risks are alleviated through diversification of Series 75/100 6 .3 7 .4* 10 .8 11 .2 14 .7 16 .7 33 .0 10 .3 1 .9 12 .9 the portfolio . It can invest up to 30% of its assets in Reference Index1 4 .5 5 .7 1 .9 0 .9 (1 .1) 33 .1 6 .1 (2 .2) (6 .4) foreign companies and can hold cash and fixed income securities . 1 S&P/TSX Completion Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . Underlying Fund 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . Since December 1, 2008: 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Fidelity Canadian Opportunities Fund Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 280

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 81 - Industrial Alliance Canadian Equity Small Cap (QV) Risk level Canadian Equity Funds Low to Moderate Net assets: 106.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Long term capital growth through investments in small capitalization Canadian companies Canadian Equity 94.03% • Conforms to investment horizons that are Ian Cooke, CFA sufficiently distant to tolerate the volatility of Joe Jugovick, CFA the market values Inception date of the Fund: November 2008 Investment style IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Growth at a reasonable price Guarantee Option MER2 Fund Fee Rate %

U.S. Equity 3-5 2.91% Classic Series 75/75 3 .06% - Short term and other Income Trust 4-5 1.19% 1.87% Classic Series 75/75 Prestige 2 .79% - Series 75/1005 3 .35% 0 .30 Series 75/100 Prestige5 2 .95% 0 .30 Sector Allocation of the underlying fund Canadian Equity Portfolio Financials 23 .35% Industrials 17 .42% Utilities 12 .27% Year By Year Returns Materials 11 .98% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Energy 8 .75% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Discretionary 7 .92% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Real Estate 5 .31% Consumer Staples 3 .98% % Health Care 2 .54% 40 36.98 Information Technology 2 .38%

95 .90% 22.09 20 19.63 13.43 15.07 Top 10 holdings of the underlying fund Classic Series 75/75 5.80 1.80 Simulation* Industrial Alliance Insurance and Financial 0 Services Inc . - iA Financial Group 5 .96% -3.55 Canadian Western Bank 5 .89% -7.04 AltaGas Ltd . 5 .81% -12.42 -20 Parkland Corp/Canada 5 .08% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 E-L Financial Corp . Ltd . 4 .66% Element Fleet Management Corp . 4 .23% Stella-Jones Inc . 4 .12% Aritzia Inc ., SV 4 .00% Past Performance Lassonde Industries Inc ., SV 3 .98% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Superior Plus Corp . 3 .95% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . 47 .68% $35,000

Investment limits Min. Max. Real $30,000 Industrial Alliance Fund $25,000 $18,259 Short term 0% 20% (0 .20)% $20,000 Classic Series 75/75 $10,850 Units of an underlying fund 80% 100% 100 .20% $15,000 Simulation* Reference Index1 Commentary $10,000 QV Investors Inc . believes investing is the process of $5,000 buying ownership stakes in businesses run by managers $0 we want as long term partners . They seek to buy our 10 11 12 13 14 15 16 17 18 19 20 investments at a price calculated to deliver a rate of return superior to the return on equity of Canadian corporations . They believe the study of the business Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for environment can enhance returns by putting values, the fund as described above compared to the corresponding returns for the reference index . companies, credit and cultures in a global or thematic context . The elements of the portfolio management are Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD as follows: - Quality, Value, Growth and Diversification - first offering and relate to the management of portfolio risk . Quality Classic Series 75/75 5 .6 6 .2* 2 .1 (3 .2) (6 .8) (8 .5) 24 .6 5 .4 (1 .5) (12 .6) is analysis of the integrity of management and corporate Series 75/100 5 .3 6 .0* 1 .8 (3 .5) (7 .1) (8 .7) 24 .4 5 .3 (1 .6) (12 .8) finance . Value is the calculation of a security’s price Reference Index1 0 .8 4 .5 (3 .2) (4 .8) (2 .9) 47 .7 6 .6 (4 .6) (8 .6) relative to its earning power and inflation . Growth in capital is the objective . Diversification is the means to 1 S&P/TSX SmallCap Index . Please refer to the Legal Notices at the end of this publication for more information about the Index . modify risk . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 541

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 82 - Industrial Alliance North Americain Equity Risk level Canadian Equity Funds Low to Moderate Net assets: 108.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Long term capital growth mainly through investments in Canadian equity securities • Conforms to investment horizons that are sufficiently distant to tolerate the volatility of

U.S. Equity Lead Manager Managers the market values 46.48% Marc Gagnon, CFA Jean-Pierre Chevalier, CFA Canadian Equity 49.96% Inception date of the Fund: May 1969 Investment style IAG Savings and Retirement Plan first offering: January 2011 Growth My Education+ first offering: June 2016 Guarantee Option MER2 Fund Fee Rate % Foreign Equity Short Term and others 2.37% 1.19% Classic Series 75/753-5 2 .72% - Classic Series 75/75 Prestige4-5 2 .33% - Series 75/1005 3 .02% 0 .30 Sector Allocation Series 75/100 Prestige5 2 .56% 0 .30 Canadian Equity Portfolio Financials 13 .51% Industrials 7 .07% Year By Year Returns Materials 5 .42% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Information Technology 5 .31% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Energy 4 .73% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 3 .97% Communication Services 2 .98% % 20 Utilities 2 .46% 17.18 Consumer Discretionary 2 .31% 13.53 11.42 Real Estate 1 .37% 10 10.49 6.58 Health Care 0 .83% 4.65 49 .96% 3.04 0 Classic Series 75/75 Simulation* Top 10 holdings of the Fund -4.09 -10 -10.82 Royal Bank of Canada 2 .58% -12.49 Apple Inc . 2 .56% Amazon .com Inc . 2 .44% -20 The Toronto-Dominion Bank 2 .44% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Microsoft Corp . 2 .03% Canadian National Railway Co . 2 .03% Canadian Pacific Railway Co . 1 .71% Past Performance Brookfield Asset Management Inc . 1 .58% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Facebook Inc . 1 .57% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Alimentation Couche-Tard Inc ., Class B, SV 1 .56% 20 .50% $25,000

$20,000 Investment limits Min. Max. $18,908 Short term 0% 25% $15,000 Classic Series 75/75 Canadian equity securities 50% 90% $13,605 Simulation* $10,000 Foreign equity securities 10% 50% Composite Index1 The maximum invested in an economic sector is limited $5,000 to the higher of 20% of the Fund’s assets and twice this sector’s weighting on the S&P/TSX Composite Index . $0 10 11 12 13 14 15 16 17 18 19 20 The maximum that may be invested in the same company’s stocks is 10% of the Fund’s assets . Annual Compound Returns Commentary This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for The Fund is primarily composed of securities of large the fund as described above compared to the corresponding returns for the reference index . Canadian and US companies . Its investment style Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD is focused on growth . Following a macroeconomic first offering analysis to anticipate the performing sectors of the Classic Series 75/75 2 .4 3 .1* 4 .5 2 .3 1 .1 2 .1 21 .8 6 .3 (1 .1) (1 .6) Canadian and US economy, the managers scan the Series 75/100 2 .1 2 .9* 4 .1 2 .1 0 .8 1 .8 21 .6 6 .2 (1 .1) (1 .8) market, security by security, in search of companies Composite Index1 6 .6 7 .4 5 .4 4 .5 2 .9 19 .9 4 .5 (1 .6) (0 .6) that present a good growth profile but are careful about the price they buy them . They use a “self- generated” cash flow valuation model to improve 1 S&P/TSX Composite Index (70%), MSCI - World (Can . $) (net ret .) (20%), FTSE Canada 91 Day T-Bill Index (10%) . Please refer to the Legal security selection, and they pay close attention to risk Notices at the end of this publication for more information about these Indexes . management in terms of sectors, capitalizations and 2 Management expense ratio (GST and HST included) . 3 major positions in the benchmark . The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 010

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 83 - Industrial Alliance Global Equity Index ACWI (BlackRock) Risk level U.S. & International Equity Funds Low to Moderate Net assets: 66.4 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • To reproduce the return of the MSCI - ACWI Ex-Canada Index

United States Investment style 70.43% Management team composed of several managers Indexed Inception date of the Fund: September 2007 IAG Savings and Retirement Plan first offering: October 2018 Europe 18.72% My Education+ first offering: October 2018 Asia and Pacific 2 8.25% Guarantee Option MER Fund Fee Rate % Australia Latin America 1.76% 4-6 0.02% Short Term and others Classic Series 75/75 2 .71% - Mid-east and Africa 0.67% 5-6 0.15% Classic Series 75/75 Prestige 2 .27% - Series 75/1006 3 .00% 0 .30 Series 75/100 Prestige6 2 .54% 0 .30 Ecoflex Series 100/1006 3 .06% 0 .90 Sector Allocation of the underlying fund Global Equity Portfolio Financials 22 .56% Information Technology 19 .08% Health Care 12 .36% Year By Year Returns Consumer Discretionary 10 .09% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 9 .07% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Communication Services 7 .90% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 7 .41% Materials 3 .63% % 30 Utilities 2 .84% 26.63 Real Estate 2 .41% Energy 1 .98% 20 17.04 99 .33% 14.92 13.15 10.93 10 10.60 Classic Series 75/75 Simulation* Top 10 holdings of the underlying fund 3.36 1.26 iShares MSCI Emerging Markets Index ETF 12 .70% 0 Apple Inc . 3 .97% Microsoft Corp . 3 .40% -3.51 -10 -7.13 Amazon .com Inc . 2 .86% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Facebook Inc ., Class A 1 .34% Alphabet Inc ., Class A 0 .94% Alphabet Inc ., Class C 0 .92% Berkshire Hathaway Inc ., Class B 0 .90% Past Performance Johnson & Johnson 0 .84% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Procter & Gamble Co . 0 .74% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . 28 .61% $45,000 $40,000 Min. Max. Real Investment limits $35,000 Industrial Alliance Fund $30,000 $30,255 Short term 0% 20% 0 .03% $25,000 Classic Series 75/75 $22,745 Units of an underlying fund 80% 100% 99 .97% $20,000 Simulation* 1 $15,000 Reference Index Commentary $10,000 BlackRock uses an index approach to manage this $5,000 fund . The Fund aims to closely track the MSCI ACWI $0 Ex-Canada Index by investing in a broadly diversified 10 11 12 13 14 15 16 17 18 19 20 portfolio of securities of companies located arround the world, including emerging countries . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .7 8 .6* 7 .4* 6 .5* 4 .5* 7 .7 18 .3 5 .1 (0 .9) 1 .6 Series 75/100 4 .3 8 .2* 7 .0* 6 .2* 4 .2* 7 .4 18 .2 5 .0 (0 .9) 1 .4 Other Series3 4 .3 8 .2* 7 .0* 6 .1* 4 .1* 7 .4 18 .1 5 .0 (0 .9) 1 .3 Reference Index1 11 .7 10 .4 9 .7 7 .7 11 .9 21 .0 6 .1 (0 .7) 4 .7

1 MSCI - ACWI Ex-Canada Index (Can . $) (Reuters) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 876 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 84 - Industrial Alliance Global Dividend (Dynamic) Risk level U.S. & International Equity Funds Low to Moderate Net assets: 1,017.0 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Is invested in global equity securities that generate or will eventually generate regular dividends (which will be reinvested in the Fund) while ensuring long term capital growth David Fingold, B . Sc . Management United States • Compatible with an investment horizon that is 62.70% Europe 20.10% Inception date of the Fund: November 2006 long enough to tolerate the volatility of market IAG Savings and Retirement Plan first offering: January 2011 values My Education+ first offering: June 2016 Guarantee Option MER2 Fund Fee Rate % Short Term and others Investment style 7.50% 3-5 Mid-east and Africa Classic Series 75/75 2 .98% - Value 5.60% 4-5 Asia and Pacific Classic Series 75/75 Prestige 2 .72% - 4.10% Series 75/1005 3 .30% 0 .30 Series 75/100 Prestige5 2 .87% 0 .30 Top 10 holdings of the underlying fund Lonza Group AG 5 .70% Nvidia Corp . 4 .20% HOYA Corporation . 4 .10% Charter Communications Inc . 4 .00% Year By Year Returns Dollar General Corp . 4 .00% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Costco Wholesale Corp . 4 .00% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Thermo Fisher Scientific Inc . 4 .00% Lowe's Companies Inc . 4 .00% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . MasterCard Inc . 3 .80% % Danaher Corp . 3 .80% 30 28.24

41 .60% 22.85 21.61 21.12 20 Investment limits Min. Max. Real Industrial Alliance Fund 10 9.12 Classic Series 75/75 5.57 Simulation* Short term 0% 20% 0 .15% 4.12 4.19 Units of an underlying fund 80% 100% 99 .85% 0 -0.64 -4.64 Commentary -10 The Fund seeks to provide long term capital growth 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 through investment in a diversified portfolio consisting primarily of equity securities of businesses located around the world . The portfolio managers searches Past Performance the globe for well-managed companies capable of This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose initiating or growing their dividends and that are the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . trading below their intrinsic value . The managers apply a bottom-up analysis to find companies with healthy or $45,000 improving balance sheets and with a clearly understood $40,000 dividend policies . Foreign currency exposure is actively $35,000 hedged to help control currency risk . $30,000 $31,779 $25,000 Classic Series 75/75 $30,319 $20,000 Simulation* 1 $15,000 Reference Index $10,000 $5,000 $0 10 11 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 11 .2 11 .7* 13 .3 12 .9 10 .3 12 .5 17 .3 7 .2 (0 .5) 8 .0 Series 75/100 10 .9 11 .5* 12 .9 12 .5 10 .0 12 .2 17 .1 7 .1 (0 .5) 7 .8 Reference Index1 12 .3 10 .4 10 .1 7 .8 11 .4 20 .9 5 .8 (1 .0) 4 .8

1 MSCI - World (Can . $) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 532

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 85 - Industrial Alliance Global Equity (QV) Risk level U.S. & International Equity Funds Low to Moderate Net assets: 30.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund 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 Mathew Thermary, CFA 64.96% Joe Jugoric, CFA enough to endure the volatility of the market values Inception date of the Fund: October 2019 Europe 28.29% IAG Savings and Retirement Plan first offering: October 2019 My Education+ first offering: October 2019 Investment style Guarantee Option MER2 Fund Fee Rate % Growth at a reasonable price Asian & Pacific Short Term and others 5.37% 3-5 1.38% Classic Series 75/75 2 .83% - Classic Series 75/75 Prestige4-5 2 .60% - Series 75/1005 3 .14% 0 .30 Series 75/100 Prestige5 2 .93% 0 .30 Sector Allocation of the underlying fund Global Equity Portfolio Financials 21 .83% Consumer Discretionary 19 .48% Health Care 15 .21% Year By Year Returns Information Technology 10 .97% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 8 .87% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Staples 6 .35% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Energy 5 .84% Materials 5 .60% % Communication Services 2 .29% 30 Utilities 2 .18% 20.93 98 .62% 20

12.40 12.16 Top 10 holdings of the underlying fund Simulation* 10 8.55 8.04 8.26 7.85 7.40 AFLAC Inc . 4 .24% Bank of America Corp . 4 .13% 0 American Express Co . 3 .68% -4.90 -5.27 Samsung Electronics Co . Ltd ., Sponsored -10 GDR 3 .44% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M Corp . 3 .31% Union Pacific Corp . 3 .19% Berkshire Hathaway Finance Corp ., Class B 3 .17% Past Performance UnitedHealth Group Inc . 2 .98% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Darden Restaurants Inc . 2 .98% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Novo Nordisk A/S, Sponsored ADR 2 .97% 34 .09% $45,000 $40,000 Investment limits Min. Max. Real $35,000 Industrial Alliance Fund $30,000 $30,078 Short term 0% 20% (0 .09)% $25,000 Classic Series 75/75 $17,030 Units of an underlying fund 80% 100% 100 .09% $20,000 Simulation* 1 $15,000 Reference Index Commentary $10,000 The portfolio manager selects the best large companies $5,000 outside of Canada by employing a “bottom-up” $0 10 11 12 13 14 15 16 17 18 19 20 approach focusing primarily on corporate analysis and fundamental valuation with a secondary assessment of a country’s competitive position, currency, and Annual Compound Returns economic growth prospects . The businesses must also This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for have the ability to pay and increase dividends . The the fund as described above compared to the corresponding returns for the reference index . portfolio focuses on long term ownership of companies that have sustainable competitive advantages, and is Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD typically focused of 25-40 mid and large cap companies first offering operating in developed countries around the world that Classic Series 75/75 (9 .3) 5 .5* 2 .2* (2 .2)* (8 .2)* (8 .8)* 6 .9 (1 .5) (1 .4) (13 .5) differs from the index . Series 75/100 (9 .6) 5 .2* 1 .9* (2 .4)* (8 .4)* (9 .1)* 6 .8 (1 .6) (1 .4) (13 .7) Reference Index1 11 .6 10 .4 10 .1 7 .8 11 .4 20 .9 5 .8 (1 .0) 4 .8

1 MSCI - World (Can . $) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 534

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 86 - Industrial Alliance Global Equity Risk level U.S. & International Equity Funds Low to Moderate Net assets: 87.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund 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 Lead Manager Managers enough to endure the volatility of the market United States 62.25% Europe Jean-Pierre Chevalier, CFA Sevgi Ipek, CFA values 21.83% Pierre Chapdelaine, CFA Inception date of the Fund: July 2009 Investment style IAG Savings and Retirement Plan first offering: January 2011 Growth at a reasonable price My Education+ first offering: June 2016 Asian & Pacific 14.22% 2 Short Term and others Guarantee Option MER Fund Fee Rate % 1.70% Classic Series 75/753-5 2 .79% - Classic Series 75/75 Prestige4-5 2 .33% - Sector Allocation of the underlying fund Series 75/1005 3 .11% 0 .30 5 Global Equity Portfolio Series 75/100 Prestige 2 .62% 0 .30 Information Technology 21 .49% Health Care 14 .87% Consumer Discretionary 12 .81% Year By Year Returns Industrials 11 .31% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Financials 11 .18% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Communication Services 8 .16% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 7 .92% Materials 3 .99% % Utilities 3 .14% 40 Real Estate 2 .34% 31.89 Energy 1 .09% 19.96 98 .30% 20 17.44 14.01 10.93 10.75 Classic Series 75/75 Top 10 holdings of the underlying fund 4.39 Simulation* 0 Apple Inc . 3 .93% -4.10 Microsoft Corp . 3 .90% -10.76 -9.29 Amazon .com Inc . 3 .32% -20 Alphabet Holding Company Inc . 1 .97% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Facebook Inc . 1 .94% MasterCard Inc . 1 .42% UnitedHealth Group Inc . 1 .40% Past Performance Johnson & Johnson 1 .33% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Nestlé SA 1 .24% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Mondelez International Inc . 1 .20% 21 .65% $45,000 $40,000 Investment limits Min. Max. Real $35,000 Industrial Alliance Fund $30,000 $31,779 $25,000 Classic Series 75/75 Short term 0% 20% 0 .00% $22,284 Units of an underlying fund 80% 100% 100 .00% $20,000 Simulation* 1 $15,000 Reference Index Commentary $10,000 The Fund uses a combination of top-down analysis $5,000 $0 for geographic and sector allocation, and bottom-up 10 11 12 13 14 15 16 17 18 19 20 analysis for security selection . Selects equity securities from issuers considered to be leaders in their respective industries that possess above average earnings growth Annual Compound Returns and stability, management quality and experience, This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for as well as overall market share . Assess the growth the fund as described above compared to the corresponding returns for the reference index . potential of each industry and economic region, including the specific product(s), market size, as well Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering as their relationship to the long term economic growth Classic Series 75/75 7 .8 8 .3* 5 .5 5 .5 3 .3 11 .2 17 .1 4 .4 (1 .5) 4 .3 potential of various economic regions . Series 75/100 7 .5 8 .1* 5 .2 5 .2 3 .0 10 .9 16 .9 4 .3 (1 .5) 4 .0 Reference Index1 12 .3 10 .4 10 .1 7 .8 11 .4 20 .9 5 .8 (1 .0) 4 .8

1 MSCI - World (Can . $) (net . ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 707

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 87 - Industrial Alliance Global Opportunities Risk level U.S. & International Equity Funds Low to Moderate Net assets: 10.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Aims to achieve long term capital appreciation by investing primarily in equity securities of companies around the world • Conforms to investment horizons that are sufficiently distant to tolerate the volatility of U.S. Equity Lead Manager Managers 63.70% Eileen Riley, CFA Lee Rosenbaum, CFA the market values

Foreign Equity Inception date of the Fund: January 2012 30.40% IAG Savings and Retirement Plan first offering: January 2012 Investment style My Education+ first offering: June 2016 Quality-growth Guarantee Option MER2 Fund Fee Rate % Canadian Equity Short Term and others 3.80% 3-5 2.10% Classic Series 75/75 2 .71% - Classic Series 75/75 Prestige4-5 2 .53% - Series 75/1005 3 .06% 0 .30 Sector Allocation of the underlying fund Series 75/100 Prestige5 2 .86% 0 .30 Global Equity Portfolio Information Technology 27 .20 % Financials 15 .40 % Health Care 14 .10 % Year By Year Returns Consumer Discretionary 12 .20 % This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 9 .50 % who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Staples 7 .40 % had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Communication Services 6 .60 % Materials 5 .50 % % 97 .90 % 40 36.26

Top 10 holdings of the underlying fund 20 Danaher Corp . 4 .50% 9.47 9.34 Classic Series 75/75 Amazon .com Inc . 4 .40% 7.07 3.47 2.00 Simulation* Alibaba Group Holding Ltd . 4 .10% 0 0.09 MasterCard Inc ., class A 3 .70% IQVIA 3 .50% -13.40 Roper Technologies Inc . 3 .50% -20 Facebook Inc . 3 .40% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Linde PLC 3 .30% S&P Global Inc . 3 .20% Alphabet Holding Company Inc . 3 .20% Past Performance 36 .80% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Investment limits Min. Max. Real Industrial Alliance Fund $45,000 $40,000 Short term 0% 20% (0 .33)% Units of an underlying fund 80% 100% 100 .33% $35,000 $30,000 $31,168 $25,000 Classic Series 75/75 Commentary $13,228 $20,000 Simulation* The portfolio managers follow an unconstrained, high- 1 $15,000 Reference Index conviction strategy that aims to identify high-quality $10,000 companies with excellent prospects for long-term value creation . They use a fundamental, bottom-up approach $5,000 $0 to security selection that views growth as a key 11 12 13 14 15 16 17 18 19 20 component of the value creation . The Fund generally holds between 35 to 65 holdings which represent the managers’ best ideas . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .6 - (2 .8) (7 .1) (10 .7) (4 .7) 12 .0 4 .5 (0 .6) (12 .6) Series 75/100 3 .1 - (3 .2) (7 .4) (11 .0) (5 .1) 11 .8 4 .4 (0 .6) (12 .8) Reference Index1 - 10 .4 10 .1 7 .8 11 .4 20 .9 5 .8 (1 .0) 4 .8

1 MSCI - World (Can . $) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 764

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 88 - Industrial Alliance Global True Conviction Risk level U.S. & International Equity Funds Low to Moderate Net assets: 137.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to achieve high total investment return by investing primarily in equity securities of Canada companies of which approximately one third 25.92% are located in Canada, one third in the United Jean-Pierre Chevalier, CFA Pierre Chapdelaine, CFA Europe States and one third in the Europe-Asia region 19.11% Marc Gagnon, MBA, CFA Sevgi Ipek, CFA Inception date of the Fund: January 2011 Investment style IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Blend (Growth and Value) Asian & Pacific 2 United States 14.14% Guarantee Option MER Fund Fee Rate % 32.05% Short Term and others 3-5 5.74% Classic Series 75/75 2 .81% - Middle East & Africa 4-5 3.04% Classic Series 75/75 Prestige 2 .38% - Series 75/1005 3 .08% 0 .30 Series 75/100 Prestige5 2 .53% 0 .30 Sector Allocation Global Equity Portfolio Information Technology 21 .92% Consumer Discretionary 15 .52% Year By Year Returns Communication Services 12 .15% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Financials 11 .56% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Health Care 10 .62% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Industrials 9 .89% Consumer Staples 5 .76% % Materials 4 .25% 60

Utilities 1 .41% 44.08 Energy 1 .18% 40 94 .26%

18.25 20 14.84 Classic Series 75/75 Top 10 holdings of the Fund 11.27 12.43 5.97 Alibaba Group Holding Ltd ., Sponsored ADR 4 .39% 0 -1.73 Royal Bank of Canada 4 .16% -7.90 Activision Blizzard Inc . 4 .12% -20 Facebook Inc . 4 .06% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Amazon .com Inc . 3 .43% Loblaw Companies Ltd . 3 .34% Endeavour Mining Corp . 3 .04% Past Performance Canadian Pacific Railway Co . 2 .83% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Moncler SpA 2 .78% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . CGI Inc . 2 .73% 34 .88% $35,000

$30,000 Investment limits Min. Max. $25,000 Short term 0% 30% $24,626 Equity securities 70% 100% $20,000 $19,260 Classic Series 75/75 $15,000 Composite Index1 Commentary $10,000 The fund advisor will seek to build a fairly diversified $5,000 portfolio of approximately 45 securities including roughly 15 securities in each of the 3 geographic regions $0 11 12 13 14 15 16 17 18 19 20 it will invest in (Canada, United States, Europe/Asia) . The 3 sub-portfolios will be managed by different portfolio managers that will aim to include their highest Annual Compound Returns conviction investment ideas in each sub-portfolio . Risk This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for management criterias will however ensure proper the fund as described above compared to the corresponding returns for the reference index . sector diversification . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 7 .0 - 5 .6 5 .8 4 .0 8 .5 20 .5 3 .7 (1 .4) 3 .5 Series 75/100 6 .7 - 5 .2 5 .5 3 .7 8 .2 20 .4 3 .6 (1 .4) 3 .3 Composite Index1 - 9 .1 7 .6 5 .8 6 .4 19 .8 4 .9 (1 .2) 1 .0

1 S&P/TSX Composite Index (34%), S&P 500 (Can . $) (33%), MSCI - EAFE (Can . $) (net ret .) (33%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information .

Important: Past returns are not indicative of future returns .

Fund Code: 579

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 89 - Industrial Alliance Fidelity Global Concentrated Equity Risk level U.S. & International Equity Funds Low to Moderate Net assets: 29.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Targets long-term capital appreciation through investments in equity securities from around United States the world 33.49% Patrice Quirion, M .E . Fin ., CFA Investment style Inception date of the Fund: December 2017 Blend (Growth and Value) IAG Savings and Retirement Plan first offering: December 2017

Europe Asia and Pacific 2 40.36% 16.35% Guarantee Option MER Fund Fee Rate % Canada 5.58% 3 Latin America Classic Series 75/75 3 .12% - 1.94% 3 Short Term and others Other countries Classic Series 75/75 Prestige 2 .89% - 0.60% 1.68% Series 75/1003 3 .40% 0 .30 Series 75/100 Prestige3 3 .09% 0 .30

Top 10 holdings of the underlying fund Finning International Inc . Alibaba Group Holding Ltd ., Sponsored ADR Pandora A/S Allison Transmission Holdings Inc . Year By Year Returns Komatsu Ltd . This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Demant who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Weir Group PLC had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . CDK Global, Inc . Compass Group PLC % Thai Beverage PLC 30 27.82 22.99 20 Top 10 holdings represents 26 .61% of the principal underlying 16.03 15.93 fund’s net assets . 12.06 10 9.84 5.63 6.35 Classic Series 75/75 Investment limits Min. Max. Real 0 Simulation* Industrial Alliance Fund -10 Short term 0% 20% 0 .01% -10.66 -11.32 Units of an underlying fund 80% 100% 99 .99% -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Commentary The Fund invests in units of the Fidelity Global Past Performance concentrated Equity Institutional Trust . The Fund is This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose invested in a well-diversified portfolio of equities of the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . companies operating around the world . The Fund’s active management aims to achieve an absolute $35,000 positive return . $30,000

$25,000 $29,572 $20,000 $21,632 Classic Series 75/75 $15,000 Simulation* 1 $10,000 Reference Index

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 1 .0 8 .0* 5 .7* 1 .8* 0 .9 1 .5 21 .2 2 .8 (1 .5) (7 .3) Series 75/100 0 .7 7 .7* 5 .4* 1 .5* 0 .6 1 .2 21 .0 2 .7 (1 .5) (7 .5) Reference Index1 11 .5 10 .2 9 .5 7 .6 11 .4 21 .0 6 .0 (0 .8) 4 .4

1 MSCI - ACWI Index (Can . $) (net ret .) (Reuters) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 921

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 90 - Industrial Alliance Fidelity NorthStar® Risk level U.S. & International Equity Funds Low to Moderate Net assets: 112.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Targets long term capital appreciation through investments in equity securities from around United States 34.00% the world Daniel Dupont, BA • Conforms to an investment horizon that is long Joel Tillinghast, MBA, CFA enough to endure the volatility of the market Kyle Weaver values Europe Inception date of the Fund: November 2005 9.31% Investment style Asia and Pacific IAG Savings and Retirement Plan first offering: January 2011 39.56% Other countries My Education+ first offering: June 2016 Blend (Growth and Value) 8.10% 2 Short Term and others Guarantee Option MER Fund Fee Rate % Canada 6.04% 2.99% Classic Series 75/753-5 3 .06% - Classic Series 75/75 Prestige4-5 2 .83% - Series 75/1005 3 .36% 0 .30 Top 10 holdings of the underlying fund Series 75/100 Prestige5 3 .06% 0 .30 Ottogi Corp . Imperial Brands PLC Microsoft Corp . Seria Co Ltd . Year By Year Returns ITOCHU Corp . This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Amazon .com Inc . who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Simplo Technology had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Anthem, Inc . % Gilead Sciences Inc . 50 Suncor Energy Inc . 45.02 40 Top 10 holdings represents 18 .05% of the principal underlying 30 fund’s net assets . 24.05 20 Classic Series 75/75 12.91 Simulation* 10.58 Investment limits Min. Max. Real 10 7.08 3.44 4.16 Industrial Alliance Fund 0 -2.63 Short term 0% 20% 0 .03% -10 -5.79 -9.85 Units of an underlying fund 80% 100% 99 .97% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Commentary The mandate of the Fund is to invest in global equity Past Performance securities while protecting the capital . The managers of This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose this fund therefore target positive absolute returns and the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

place less emphasis on the reference index . $35,000

$30,000

$25,000 $29,459 $20,000 Classic Series 75/75 $22,068 $15,000 Simulation* Reference Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 7 .7 8 .2* 1 .9 2 .9 3 .5 13 .1 24 .0 5 .1 0 .5 6 .5 Series 75/100 7 .4 7 .9* 1 .5 2 .6 3 .2 12 .8 23 .9 5 .0 0 .5 6 .3 Reference Index1 11 .4 10 .2 9 .5 7 .6 11 .4 21 .0 6 .0 (0 .8) 4 .4

1 MSCI - ACWI (Can . $) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 517

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 91 - Industrial Alliance International Equity Index (BlackRock) Risk level U.S. & International Equity Funds Low to Moderate Net assets: 159.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • To provide long term capital appreciation by investing directly in equity securities of issuers in Europe, Australasia and the Far East Management team composed of several managers Europe Investment style 61.72% Inception date of the Fund: September 1999 Indexed Asia and Pacific 30.02% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 2 Australia Guarantee Option MER Fund Fee Rate % 6.39% 4-6 Short Term and others Classic Series 75/75 2 .72% - Latin America 1.22% 0.09% 5-6 Mid-east and Africa Classic Series 75/75 Prestige 2 .53% - 0.56% Series 75/1006 2 .98% 0 .30 Series 75/100 Prestige6 2 .51% 0 .30 Ecoflex Series 100/1006 2 .93% 0 .75 Top 10 holdings of the underlying fund Nestlé SA 2 .56% Roche Holdings AG 1 .74% Novartis AG, Registered 1 .39% SAP AG 1 .17% Year By Year Returns ASML Holding NV 1 .13% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder AstraZeneca Group PLC 1 .04% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Toyota Motor Corp . 1 .01% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . LVMH Moet Hennessy - Louis Vuitton SA 0 .94% Novo Nordisk AS, Class B 0 .86% % AIA Group Ltd . 0 .86% 30 27.63 12 .70% 20 16.04 13.87 13.10 Investment limits Min. Max. Real 11.79 10 Classic Series 75/75 Industrial Alliance Fund 1.10 Simulation* 0 Short term 0% 20% (0 .08)% -0.38 Units of an underlying fund 80% 100% 100 .08% -4.91 -10 -8.35 -12.11 Commentary -20 The fund aims to closely track the MSCI EAFE Index by 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 investing in securities very close to their actual index weights . Those securities are from Europe, Australasia and the Far East . Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Underlying fund the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Since December 1, 2008: $35,000 BlackRock CDN MSCI EAFE Equity index Class D $30,000

Before December 1, 2008: $25,000 SSgA MA EAFE Stock Index Futures Fund $20,451 $20,000 Classic Series 75/75 $15,902 Simulation* $15,000 Reference Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .5 4 .7* 2 .6 0 .3 (1 .3) (1 .1) 11 .6 2 .1 (0 .4) (6 .1) Series 75/100 4 .3 4 .6* 2 .3 0 .1 (1 .5) (1 .4) 11 .4 2 .0 (0 .4) (6 .3) Other Series3 (1 .5) 4 .5* 2 .3* 0 .1* (1 .5)* (1 .3) 11 .5 2 .0 (0 .4) (6 .3) Reference Index1 7 .4 5 .2 2 .8 1 .2 1 .4 13 .0 2 .8 (0 .1) (4 .3)

1 MSCI - EAFE (Can . $) (Reuters) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 300 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 92 - Industrial Alliance International Equity Risk level U.S. & International Equity Funds Low to Moderate Net assets: 479.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Long term capital growth mainly through investments out of North America • Conforms to investment horizons that are Pierre Chapdelaine, CFA sufficiently distant to tolerate the volatility of Sevgi Ipek, CFA the market values Europe 57.32% Asian & Pacific 37.53% Inception date of the Fund: November 2008 Investment style IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Growth at a reasonable price Guarantee Option MER2 Fund Fee Rate % United States 3-5 Short Term and others 2.70% Classic Series 75/75 2 .78% - 2.45% Classic Series 75/75 Prestige4-5 2 .36% - Series 75/1005 3 .09% 0 .30 Series 75/100 Prestige5 2 .68% 0 .30 Sector Allocation Global Equity Portfolio Health Care 15 .43% Industrials 14 .34% Financials 13 .48% Year By Year Returns Information Technology 12 .50% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Consumer Discretionary 11 .48% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Staples 10 .04% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Materials 7 .27% Communication Services 4 .74% % 30 Utilities 4 .07% 27.14 Real Estate 2 .94% 20.94 20 18.29 Energy 1 .26% 16.51 12.92 97 .55% 10 4.11 Classic Series 75/75 1.27 Top 10 holdings of the Fund 0 Simulation*

Nestlé SA 3 .30% -10 -8.22 -12.10 Alibaba Group Holding Ltd ., Sponsored ADR 2 .89% -14.69 Tencent Holdings Ltd . 2 .33% -20 Iberdrola, S .A . 2 .29% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Chugai Pharmaceutical Co . Ltd . 2 .29% Vonovia SE 2 .27% Techtronic Industries Co . Ltd . 2 .05% Past Performance AstraZeneca Group PLC 2 .03% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose ASML Holding NV 1 .99% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Symrise AG 1 .95% 23 .39% $35,000 $30,000 Min. Max. Investment limits $25,000 Short term 0% 15% $20,372 $20,000 Classic Series 75/75 Foreign equity securities 85% 100% $17,006 $15,000 Simulation* Reference Index1 Commentary $10,000

The Fund uses a multi-dimensional approach blending $5,000 top-down analysis for geographic and sector allocation, $0 and bottom-up analysis for security selection . 10 11 12 13 14 15 16 17 18 19 20 The Fund is managed with the philosophy of providing a diversified portfolio comprised mainly of large capitalization companies possessing steady, Annual Compound Returns sustainable earnings growth potential and trading at a This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for reasonable value . The manager uses both quantitative the fund as described above compared to the corresponding returns for the reference index . and qualitative techniques to do so . Investment themes Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD are used to identify macro-economic trends and global first offering themes that could have an impact on the local or Classic Series 75/75 5 .1 5 .5* 3 .5 2 .3 1 .1 5 .0 14 .6 3 .0 0 .2 (1 .1) regional investment environment . Series 75/100 4 .8 5 .2* 3 .2 2 .0 0 .8 4 .7 14 .4 2 .9 0 .1 (1 .3) Reference Index1 7 .4 5 .2 2 .8 1 .2 1 .4 13 .0 2 .8 (0 .1) (4 .3)

1 MSCI - EAFE (Can . $) (net ret .) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 706

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 93 - Industrial Alliance Fidelity European Equity Risk level U.S. & International Equity Funds Low to Moderate Net assets: 40.6million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Long term capital growth through investments in securities of continental Europe and the Netherlands 18.43% United Kingdom • Conforms to investment horizons that are Other countries Matt Siddle, CFA 21.24% sufficiently distant to tolerate the volatility of France 17.81% Inception date of the Fund: January 1999 the market values IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Investment style Guarantee Option MER2 Fund Fee Rate % Growth at a reasonable price 3-5 United Kingdom Germany Classic Series 75/75 2 .91% - 24.08% 16.87% 4-5 Short Term and others Classic Series 75/75 Prestige 2 .68% - 1.57% Series 75/1005 3 .23% 0 .30 Series 75/100 Prestige5 3 .03% 0 .30 Top 10 holdings of the underlying fund SAP AG Roche Holdings AG Sanofi LLC Wolters Kluwer NV Year By Year Returns Prosus NV This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Unilever NV who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Fresenius Medical Care AG & Co . had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Koninklijke Philips NV % Beiersdorf AG 40 SKF AB 30.43 24.13 Top 10 holdings represents 38 .52% of the principal underlying 20 18.47 fund’s net assets . 15.51 14.42 Classic Series 75/75 5.65 Simulation* Investment limits Min. Max. Real 0 Industrial Alliance Fund -4.38 -9.20 -11.42 Short term 0% 20% (0 .40)% -14.61 Units of an underlying fund 80% 100% 100 .40% -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Commentary The Fidelity European Fund seeks long term capital Past Performance appreciation by investing in equity securities of This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose growth-oriented companies at reasonable prices . the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . The investment approach is clearly bottom-up, fully leveraging Fidelity’s internal research . The country $35,000 allocation is a result of the stock picking process, not $30,000 an opinion on economic growth, interest rates and $25,000 other macro economic statistics . Earnings growth and $20,887 attractive valuations are the two major stock selection $20,000 Classic Series 75/75 $15,298 criteria . The risk control is absolute (the manager $15,000 Simulation* does not pay attention to the benchmark) . He will not Reference Index1 hold a stock just because it accounts for a significant $10,000 percentage in the benchmark . $5,000 $0 10 11 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .0 4 .3* (0 .1) (2 .4) (4 .0) (3 .6) 12 .6 0 .2 (1 .4) (10 .9) Series 75/100 3 .7 4 .0* (0 .5) (2 .7) (4 .3) (3 .9) 12 .4 0 .1 (1 .5) (11 .1) Reference Index1 7 .6 4 .8 2 .2 1 .5 0 .6 13 .4 2 .6 (0 .9) (5 .7)

1 MSCI - Europe (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 290

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 94 - Industrial Alliance U.S. Equity Index (BlackRock) Risk level U.S. & International Equity Funds Low to Moderate Net assets: 285.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Medium and long term capital growth through an indexed portfolio management U.S. Equity 95.76% built by investing directly in equity securities of issuers in the United Stated on the Management team composed of several managers S&P 500 (converted into Can . $) Inception date of the Fund: January 1998 • Conforms to investment horizons that are IAG Savings and Retirement Plan first offering: January 2011 sufficiently distant to tolerate the volatility of My Education+ first offering: June 2016 the market values Guarantee Option MER2 Fund Fee Rate % Classic Series 75/753-5 2 .70% - Investment style Classic Series 75/75 Prestige4-5 2 .49% - International Equity Indexed Short Term and others 2.91% 5 1.33% Series 75/100 2 .96% 0 .30 Series 75/100 Prestige5 2 .57% 0 .30 Ecoflex Series 100/1005 2 .89% 0 .75 Sector Allocation of the underlying fund U.S. Equity Portfolio Information Technology 27 .10% Health Care 13 .43% Consumer Discretionary 11 .26% Year By Year Returns Communication Services 10 .65% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Financials 9 .09% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Industrials 7 .66% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 6 .93% Utilities 2 .93% % 40 Real Estate 2 .61% 36.24 Materials 2 .08% Energy 2 .02% 30 95 .76% 20.35 21.12 Classic Series 75/75 20 18.09 Top 10 holdings of the underlying fund Simulation* Apple Inc . 6 .59% 10 10.23 10.46 Microsoft Corp . 5 .63% 5.80 4.86 Amazon .com Inc . 4 .75% 1.66 1.18

Facebook Inc ., Class A 2 .23% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Alphabet Inc ., Class A 1 .56% Alphabet Inc ., Class C 1 .53% Berkshire Hathaway Inc ., Class B 1 .49% Johnson & Johnson 1 .39% Past Performance Procter & Gamble Co . 1 .22% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Visa Inc . 1 .19% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . 27 .58% $65,000 $60,000 Investment limits Min. Max. Real $55,000 $50,000 Industrial Alliance Fund $45,000 $40,000 $47,193 Short term 0% 20% (0 .10)% $35,000 Classic Series 75/75 $34,888 Units of an underlying fund 80% 100% 100 .10% $30,000 Simulation* $25,000 1 $20,000 Reference Index Commentary $15,000 $10,000 The strategy of this fund is to match the returns of the $5,000 S&P 500 Index, (representing the US stock market), by $0 investing in securities very close to their actual index 10 11 12 13 14 15 16 17 18 19 20 weights . Annual Compound Returns Underlying fund This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for Since September 15, 2014: the fund as described above compared to the corresponding returns for the reference index . BlackRock CDN U .S . Equity Index, Class D Fund Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Before September 15, 2014: Classic Series 75/75 12 .8 13 .3* 10 .7 11 .4 8 .2 12 .8 21 .4 6 .0 (1 .6) 6 .4 SSgA S&P 500 Stock Index Futures Fund Series 75/100 12 .6 13 .1* 10 .4 11 .1 7 .9 12 .5 21 .2 6 .0 (1 .6) 6 .2 Other Series3 8 .3 13 .0* 10 .4* 11 .2* 8 .0* 12 .6 21 .2 6 .0 (1 .6) 6 .3 Reference Index1 16 .8 14 .1 14 .8 11 .4 16 .2 23 .2 6 .8 (1 .4) 8 .7

1 S&P 500 (Can . $) (Reuters) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 180 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 95 - Industrial Alliance Fidelity Insights Risk level U.S. & International Equity Funds Low to Moderate Net assets: 83.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Invests in units of an underlying fund that aims to achieve long-term capital growth . U.S. Equity Mainly invests in equity securities of companies 86.81% anywhere in the world . Will Danoff, MBA Inception date of the Fund: October 2019 Investment style IAG Savings and Retirement Plan first offering: October 2019 Large capitalization equities with a growth style My Education+ first offering: October 2019 bias Guarantee Option MER2 Fund Fee Rate % Short Term and others 5.64% 3-5 International Equity Classic Series 75/75 2 .93% - 5.37% Classic Series 75/75 Prestige4-5 2 .74% - Foreign bonds Canadian Equity 0.05% 2.13% Series 75/1005 3 .27% 0 .30 Series 75/100 Prestige5 2 .89% 0 .30 Sector Allocation of the underlying fund U.S. Equity Portfolio Information Technology 32 .97% Health Care 15 .96% Communication Services 12 .07% Year By Year Returns Consumer Discretionary 10 .93% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Financials 4 .95% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Industrials 3 .82% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 2 .88% Materials 2 .18% % Real Estate 0 .54% 25

Energy 0 .37% 20.06 Utilities 0 .14% 20 86 .81% 15 Simulation* Top 10 holdings of the underlying fund 10 Amazon .com Inc . 5 Facebook Inc ., Class A 3.45 Microsoft Corp . Salesforce .com Inc . 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Netflix Inc . Berkshire Hathaway, Class A Nvidia Corp . Past Performance Adobe Systems Inc . This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose UnitedHealth Group Inc . the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Apple Inc . $25,000 Top 10 holdings represents 37 .88% of the principal underlying fund’s net assets . $20,000

$15,000 $18,689 Investment limits Min. Max. Real Classic Series 75/75 $16,259 Simulation* Industrial Alliance Fund $10,000 Reference Index1 Short term 0% 20% 0 .46% Units of an underlying fund 80% 100% 99 .54% $5,000

$0 Commentary 17 18 19 20 Diversified portfolio of more than 250 securities primarily invested in U .S . large capitalisation equities, but that also has the flexibility to seek opportunities Annual Compound Returns worldwide . The manager seeks to identify companies This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for which offer sustained, above-average earnings growth the fund as described above compared to the corresponding returns for the reference index . with superior business models . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 30 .5 - - 17 .9* 13 .6* 31 .4* 32 .5 9 .2 (1 .7) 23 .5 Series 75/100 30 .1 - - 17 .5* 13 .3* 31 .0* 32 .3 9 .1 (1 .7) 23 .2 Reference Index1 - - 14 .8 11 .4 16 .2 23 .2 6 .8 (1 .4) 8 .7

1 S&P500 (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 082

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 96 - Industrial Alliance Thematic Innovation Risk level U.S. & International Equity Funds Low to Moderate Net assets: 514.8 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Long term capital growth mainly through investment in U .S . equity securities U.S. Equity 95.09% • Conform to investment horizons that are Jean-Pierre Chevalier, CFA sufficiently distant to tolerate the volatility of the market values Inception date of the Fund: March 2016 IAG Savings and Retirement Plan first offering: October 2018 Investment style My Education+ first offering: October 2018 Thematic Guarantee Option MER2 Fund Fee Rate % 4-6 Foreign Equity Classic Series 75/75 2 .60% - 2.65% 5-6 Short Term and others Canadian Equity Classic Series 75/75 Prestige 2 .21% - 0.79% 1.47% Series 75/1006 2 .81% 0 .30 Series 75/100 Prestige6 2 .45% 0 .30 Ecoflex Series 100/1006 2 .98% 0 .75 Sector Allocation U.S. Equity Portfolio Information Technology 26 .53% Health Care 20 .35% Consumer Discretionary 11 .08% Year By Year Returns Communication Services 10 .56% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 8 .51% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Financials 7 .16% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 5 .68% Real Estate 2 .79% % Utilities 1 .82% 20 19.20 Materials 0 .61% 15.33 95 .09% 15

Top 10 holdings of the Fund 10 Classic Series 75/75 Simulation* Apple Inc . 5 .42% Amazon .com Inc . 5 .07% 5

Microsoft Corp . 4 .18% 1.86 Facebook Inc . 3 .25% Alphabet Holding Company Inc . 2 .46% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 JPMorgan Chase & Co . 1 .72% Pepsico Inc . 1 .64% Broadcom Inc . 1 .64% Past Performance Micron Technology Inc . 1 .47% UnitedHealth Group Inc . 1 .37% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 28 .22% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$25,000 Investment limits Min. Max. Short term 0% 20% $20,000 U .S . equity securities 80% 100% $18,306 $15,000 Classic Series 75/75 Commentary $18,288 Simulation* $10,000 1 The Thematic Innovation Fund is a U .S . equity fund with Reference Index a thematic investment style that invests in companies $5,000 from all sectors benefitting from technological advances or prospering in a perpetually changing $0 environment . The investment strategy focuses not 16 17 18 19 20 strictly on investing in technology itself, but instead on targeting companies that are benefitting from changes caused by technological innovations and avoiding Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for those that will be negatively impacted . The 100 to the fund as described above compared to the corresponding returns for the reference index . 120 securities that make up the fund were strategically chosen from over 700 companies that benefit from Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD the influence of the investment themes chosen by the first offering portfolio manager . Classic Series 75/75 12 .5 - - 13 .7* 12 .0* 24 .5 26 .0 7 .3 (1 .5) 17 .8 Series 75/100 12 .3 - - 13 .4* 11 .8* 24 .2 25 .9 7 .2 (1 .5) 17 .6 Other Series3 22 .5 - - 13 .1* 11 .3* 23 .5* 25 .8 7 .2 (1 .5) 17 .4 Reference Index1 - - 14 .8 11 .4 16 .2 23 .2 6 .8 (1 .4) 8 .7

1 S&P 500 (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The other series do not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns calculated from real gross returns and a simulated management fee .

Fund Code: 233 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 97 - Industrial Alliance American (Dynamic) Risk level U.S. & International Equity Funds Low to Moderate Net assets: 49.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Invests in units of an underlying fund that aims to achieve long-term capital growth . Invests U.S. Equity 99.40% primarily in equity securities of companies in the United States . David L . Fingold, B . Sc . Management Inception date of the Fund: October 2019 Investment style IAG Savings and Retirement Plan first offering: October 2019 Large capitalisation equities with a value style My Education+ first offering: October 2019 bias Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754-6 2 .79% - Classic Series 75/75 Prestige5-6 2 .57% - Short Term and others 6 0.60% Series 75/100 3 .07% 0 .30 Series 75/100 Prestige6 2 .69% 0 .30 Sector Allocation of the underlying fund U.S. Equity Portfolio Information Technology 28 .80% Health Care 24 .40% Consumer Discretionary 19 .80% Year By Year Returns Industrials 18 .50% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Communication Services 4 .00% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Materials 3 .90% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . 99 .40% % Top 10 holdings of the underlying fund 30 29.14 22.75 Synopsys Inc . 5 .30% 20 West Pharmaceutical Services Inc . 5 .30% 16.52 Danaher Corp . 5 .10% 12.89 12.81 10.76 Simulation* Thermo Fisher Scientific Inc . 5 .00% 10 9.70 4.15 Zoetis Inc . 4 .90% 2.68 Generac Holdings Inc . 4 .20% 0

Abbott Laboratories 4 .20% -3.25 Cintas Corp . 4 .20% -10 Charter Communications Inc . 4 .00% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fortune Brands Home & Security Inc . 4 .00% 46 .20% Past Performance Investment limits Min. Max. Real This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Industrial Alliance Fund the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Short term 0% 20% 0 .17% $65,000 Units of an underlying fund 80% 100% 99 .83% $60,000 $55,000 $50,000 Commentary $45,000 The fund primarily invests in a broad variety of $40,000 $47,012 $35,000 Classic Series 75/75 opportunities in the U .S . by employing a bottom- $30,000 $33,467 Simulation* up investment approach, which emphasizes careful $25,000 Reference Index1 company-specific analysis . The manager actively seeks $20,000 $15,000 to invest in companies that demonstrate compelling $10,000 growth potential, but which have at times been ignored $5,000 or discarded by the general marketplace . A high active $0 10 11 12 13 14 15 16 17 18 19 20 share measure means the fund has a low correlation to the index and many competitor funds and could be a diversifier in most portfolios . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 18 .3 12 .8* 15 .0* 18 .3* 13 .2* 18 .9* 26 .7 9 .2 (1 .5) 15 .7 Series 75/100 18 .0 12 .5* 14 .7* 18 .0* 12 .9* 18 .6* 26 .6 9 .1 (1 .6) 15 .5 Reference Index1 16 .7 14 .1 14 .8 11 .4 16 .2 23 .2 6 .8 (1 .4) 8 .7

1 S&P 500 (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series de not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns . Fund Code: 083

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 98 - Industrial Alliance U.S. Equity Risk level U.S. & International Equity Funds Low to Moderate Net assets: 108.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Long term capital growth mainly through investments in U .S . equity securities U.S. Equity 98.73% • Conforms to investment horizons that are Jean-Pierre Chevalier, CFA sufficiently distant to tolerate the volatility of the market values Inception date of the Fund: December 2006 IAG Savings and Retirement Plan first offering: January 2011 Investment style My Education+ first offering: June 2016 Blend (Growth and Value) Guarantee Option MER2 Fund Fee Rate % Classic Series 75/754 2 .80% - 5 Foreign Equity Short Term and others Classic Series 75/75 Prestige 2 .39% - 0.56% 0.71% Series 75/100 3 .09% 0 .30 Series 75/100 Prestige 2 .62% 0 .30 Ecoflex Series 100/1006 3 .03% 0 .75 Sector Allocation U.S. Equity Portfolio Information Technology 27 .04% Health Care 13 .98% Consumer Discretionary 13 .66% Year By Year Returns Communication Services 10 .30% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Financials 9 .93% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Industrials 9 .49% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Consumer Staples 6 .66% Utilities 2 .58% % Materials 2 .10% 40 37.02 Real Estate 2 .01% Energy 0 .98% 30 98 .73% 20.94 21.32 20 16.84 Classic Series 75/75 Top 10 holdings of the Fund 10 9.78 8.45 Simulation* 5.66 Apple Inc . 6 .28% 0 Microsoft Corp . 6 .23% -1.50 Amazon .com Inc . 5 .31% -4.29 -10 Alphabet Holding Company Inc . 3 .15% -8.23 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Facebook Inc . 3 .15% MasterCard Inc . 2 .31% UnitedHealth Group Inc . 2 .29% Johnson & Johnson 2 .09% Past Performance Mondelez International Inc . 1 .95% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose Thermo Fisher Scientific Inc . 1 .88% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . 34 .64% $65,000 $60,000 Investment limits Min. Max. $55,000 $50,000 Short term 0% 15% $45,000 $47,012 U .S . equity securities 85% 100% $40,000 $35,000 Classic Series 75/75 $30,000 $28,543 Simulation* Commentary $25,000 Reference Index1 $20,000 The portfolio manager uses a bottom-up approach to $15,000 select securities presenting lower than average prices $10,000 $5,000 but higher earnings growth, than peers . Quantitative $0 filters are applied to the investment universe in order to 10 11 12 13 14 15 16 17 18 19 20 rapidly focus attention on the most promising securities . The manager then applies his qualitative judgment combined with some top-down views to select those Annual Compound Returns companies seen as leaders in their respective industries This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for that possess above average earnings growth and the fund as described above compared to the corresponding returns for the reference index . stability, management quality and experience, as well Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD as overall market share . first offering Classic Series 75/75 10 .2 11 .1* 6 .2 7 .1 3 .6 14 .0 19 .5 5 .7 (2 .0) 8 .1 Series 75/100 10 .0 10 .8* 5 .9 6 .8 3 .3 13 .7 19 .3 5 .6 (2 .1) 7 .8 Other Series3 13 .7 1 .3* 2 .6* 4 .4* 6 .6* 13 .7* 19 .3 5 .6 (2 .1) 7 .9 Reference Index1 16 .7 14 .1 14 .8 11 .4 16 .2 23 .2 6 .8 (1 .4) 8 .7

1 S&P 500 (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series de not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 705 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 99 - Industrial Alliance U.S. Dividend Growth Risk level U.S. & International Equity Funds Low to Moderate Net assets: 187.2 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Long term capital growth through investments in U .S . equity securities

U.S. Equity • Conforms to investment horizons that are 88.15% Donny Moss, CFA sufficiently distant to tolerate the volatility of the market values Inception date of the Fund: November 2005 IAG Savings and Retirement Plan first offering: January 2011 Investment style My Education+ first offering: June 2016 Blend (Growth and Value) Guarantee Option MER2 Fund Fee Rate % 4-6 Canadian Equity Classic Series 75/75 2 .63% - 4.86% 5-6 Short term and other Classic Series 75/75 Prestige 2 .20% - Foreign Equity 3.97% 6 3.02% Series 75/100 2 .94% 0 .30 Series 75/100 Prestige6 2 .50% 0 .30 Ecoflex Series 100/1006 2 .96% 0 .75 Sector Allocation of the underlying fund U.S. Equity Portfolio Information Technology 19 .30% Health Care 16 .03% Financials 12 .89% Year By Year Returns Industrials 9 .36% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Consumer Staples 8 .32% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Discretionary 7 .23% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Real Estate 6 .56% % Communication Services 3 .67% 30 28.58 Utilities 1 .99% Materials 1 .66% 20.93 20 19.38 19.31 Energy 1 .14% 88 .15% 9.94 Classic Series 75/75 10 8.72 Simulation* Top 10 holdings of the underlying fund 1.71 0 0.19 Microsoft Corp . 5 .31% Apple Inc . 4 .66% -4.61 Johnson & Johnson 2 .64% -10 -7.61 Progressive Corp . 2 .58% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fortis Inc . 2 .57% Broadcom Inc . 2 .35% Progressive Waste Solutions Ltd . 2 .33% Past Performance Algonquin Power & Utilities Corp . 2 .29% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose UnitedHealth Group Inc . 2 .22% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Verizon Communications Inc . 2 .21% 29 .16% $65,000 $60,000 $55,000 Investment limits Min. Max. Real $50,000 $45,000 Industrial Alliance Fund $40,000 $47,012 Classic Series 75/75 Short term 0% 20% (0 .34)% $35,000 $30,000 $25,465 Simulation* Units of an underlying fund 80% 100% 100 .34% $25,000 Reference Index1 $20,000 $15,000 Commentary $10,000 The Fund aims to provide a superior real rate of return, $5,000 $0 primarily through long term capital appreciation, by 10 11 12 13 14 15 16 17 18 19 20 investing in a diversified portfolio of U .S . equities . Stocks chosen are considered to be either undervalued in relation to their historical price, industry competitors Annual Compound Returns and/or the overall market, or have prospects for above This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for average earnings growth . At least seventy-five percent the fund as described above compared to the corresponding returns for the reference index . of the Fund will normally be invested in companies Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD included in the S&P 500 Index . This fund is generally first offering comprised of 70 to 100 securities . The objective is to Classic Series 75/75 9 .2 9 .8* 6 .0 6 .3 2 .4 7 .1 19 .4 7 .4 0 .9 2 .9 outperform the S&P 500 Index (CAD$) . Series 75/100 8 .8 9 .4* 5 .6 6 .0 2 .1 6 .7 19 .2 7 .3 0 .9 2 .6 Other Series3 7 .3 9 .6* 5 .8* 6 .2* 2 .5* 7 .5* 19 .2 7 .3 0 .9 2 .6 Reference Index1 16 .7 14 .1 14 .8 11 .4 16 .2 23 .2 6 .8 (1 .4) 8 .7

1 S&P 500 (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The Other Series de not include Prestige Series 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 5 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 6 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Fund Code: 518 Important: Past returns are not indicative of future returns .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 100 - Industrial Alliance Asian Pacific (Dynamic) Risk level Specialty Funds Low to Moderate Net assets: 123.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Targets long term capital appreciation through investments in equity securities from Pacific Rim countries

China • Conforms to an investment horizon that is long 71.10% Dana Love, M .Sc, CFA enough to endure the volatility of the market Japan Inception date of the Fund: January 2000 values 8.60% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Investment style Taiwan 2 7.90% Guarantee Option MER Fund Fee Rate % Value Other countries 3-5 7.20% Classic Series 75/75 3 .07% - South Korea 4-5 Short Term and others Thailand 3.30% Classic Series 75/75 Prestige 2 .85% - -0.30% 2.20% Series 75/1005 3 .34% 0 .3 Series 75/100 Prestige5 2 .98% 0 .3 Top 10 holdings of the underlying fund BYD Co . 6 .00% Meituan-Dianping 4 .00% Alibaba Group Holding Ltd . 3 .90% Tencent Holdings Ltd . 3 .70% Li Ning Co Ltd . 3 .60% Year By Year Returns Zhejiang Dingli Machinery 3 .30% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Yonyou Network Technology 3 .20% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Glodon Company 3 .20% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Shangai Putailai New Energy Technology 3 .20% % Shenzhen Inovance Technology 3 .10% 40 37 .20% 25.26 26.45 26.12 20 16.47 Min. Max. Real 12.50 Investment limits 7.94 7.50 Industrial Alliance Fund 0 Classic Series 75/75 Simulation* Short term 0% 20% 0 .06% -6.18 -11.83 Units of an underlying fund 80% 100% 99 .94% -20 -23.21 Commentary -40 The Fund follows a bottom-up approach, which 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 emphasizes careful company specific analysis . The Fund is actively managed, using a value-oriented, contrarian style to identify undervalued stocks in the developed, Past Performance emerging and frontier markets . It also seeks to protect This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose capital by considering economic, political and social the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . forces affecting regional markets . $35,000 Underlying Fund $30,000 Since November 17, 2017: $25,000 $22,958 Dynamic Asia Pacific Equity Fund $20,000 Classic Series 75/75 (Previously Dynamic Far East Value Fund) $19,461 $15,000 Simulation* Reference Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 6 .7 6 .9* 11 .8 14 .8 21 .6 36 .4 35 .4 11 .4 3 .1 24 .4 Series 75/100 32 .9 6 .4* 11 .1* 14 .0* 20 .5* 34 .5* 35 .2 11 .3 3 .1 24 .2 Reference Index1 8 .7 9 .4 6 .9 6 .0 12 .5 18 .3 6 .6 1 .4 4 .9

1 MSCI - AC Asian Pacific Free (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 505

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 101 - Industrial Alliance Emerging Markets (Jarislowsky Fraser) Risk level Specialty Funds Low to Moderate Net assets: 27.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • nvests in units of an underlying fund that aims to achieve long-term capital growth through Asia and Pacific primarily investing in stocks of companies 81.62% located around the world having commercial Marc A . Novakoff, BEng ., MBA, CFA activities in emerging markets . Inception date of the Fund: October 2019 IAG Savings and Retirement Plan first offering: October 2019 Investment style My Education+ first offering: October 2019 Latin America 2 Equities of companies located in or with exposure 7.21% Guarantee Option MER Fund Fee Rate % Europe to emerging market growth . 5.72% 3-5 Mid-east and Africa Classic Series 75/75 3 .16% - 2.47% 4-5 Short Term and others United States Classic Series 75/75 Prestige 2 .98% - 1.20% 1.78% Series 75/1005 3 .06% 0 .3 Series 75/100 Prestige5 3 .49% 0 .3 Top 10 holdings of the underlying fund Alibaba Group Holding Ltd ., Sponsored ADR 10 .06% Tencent Holdings Ltd . 8 .06% Taiwan Semiconductor Manufacturing ADR 6 .86% Samsung Electronics Co . Ltd ., Sponsored GDR 6 .66% Tata Consultancy Services Ltd . 3 .35% Year By Year Returns Ping An Insurance Group Co of China Ltd . 3 .20% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Meituan-Dianping 3 .10% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund 51job Inc . 2 .37% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Yum China Holdings Inc . 2 .29% % New Oriental Education & Technology Inc . 2 .23% 30 48 .18% 24.06 20 Investment limits Min. Max. Real 12.20 Industrial Alliance Fund 10 Simulation* Short term 0% 20% 0 .10% Units of an underlying fund 80% 100% 99 .90% 0 -0.33

Commentary -10 -9.75 The fund primarily invests in companies that typically 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 have superior growth rates, high returns on invested capital, dominant positions in their region and strong balance sheets to reduce financial risk . The Past Performance fund adheres to a fundamental low risk investment This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose philosophy and aims to limit exposure to companies the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . with poor management and/or governance and to countries with questionable fundamentals . $25,000

$20,000

$15,336 $15,000 Classic Series 75/75 $13,591 Simulation* $10,000 Reference Index1

$5,000

$0 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 8 .0 - 6 .3* 3 .6* 6 .6* 9 .0* 23 .7 11 .2 2 .0 3 .0 Series 75/100 7 .7 - 6 .0* 3 .3* 6 .3* 8 .7* 23 .5 11 .1 2 .0 2 .7 Reference Index1 - 9 .3 5 .1 6 .2 11 .9 21 .7 7 .6 0 .9 2 .1

1 MSCI - Emerging Markets (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 084

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 102 - Industrial Alliance Global Health Care (Renaissance) Risk level Specialty Funds Low to Moderate Net assets: 248.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Long term capital appreciation through investments in the health care sector

Investment style United States Portfolio sub-manager 67.15% Japan Sector 8.27% Wellington Management Inception date of the Fund: September 2001 United Kingdom 7.24% IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Other countries 6.76% 2 Switzerland Guarantee Option MER Fund Fee Rate % 5.82% 3-5 Netherlands Short Term and others Classic Series 75/75 3 .43% - 1.81% 2.95% Classic Series 75/75 Prestige4-5 3 .21% - Series 75/1005 3 .66% 0 .3 Series 75/100 Prestige5 3 .25% 0 .3 Top 10 holdings of the underlying fund UnitedHealth Group Inc . 5 .88% Pfizer Inc . 5 .27% Eli Lilly and Co . 4 .57% AstraZeneca Group PLC 4 .55% Novartis AG, Sponsored ADR 4 .47% Year By Year Returns Thermo Fisher Scientific Inc . 4 .33% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Bristol-Myers Squibb Co . 4 .23% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Abbott Laboratories 3 .58% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Danaher Corp . 3 .10% % Boston Scientific Corp . 2 .99% 60 42 .97% 51.49

40 33.95 Investment limits Min. Max. Real 30.64 Industrial Alliance Fund Classic Series 75/75 20 16.37 Short term 0% 20% (0 .19)% 11.09 Simulation* 6.97 4.92 5.87 Units of an underlying fund 80% 100% 100 .19% 0 -1.09 Commentary -20 -13.74 The Fund is composed of securities of companies in 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 health-related sectors, specifically in the medical technology, biotechnology, health care and pharmaceutical product industries . Following a Past Performance bottom-up analysis, the manager builds the portfolio This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose stock by stock within each industry group . The manager the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . favours a value style in a growth sector . Although the Fund may be invested in the securities of companies $65,000 $60,000 listed on stock markets anywhere in the world, it is $55,000 primarily made up of the stocks of U .S . and European $50,000 $45,000 companies . $40,000 $46,848 $35,000 Classic Series 75/75 $30,000 $38,494 Simulation* $25,000 Reference Index1 $20,000 $15,000 $10,000 $5,000 $0 10 11 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 14 .5 14 .4* 6 .4 9 .6 7 .4 21 .3 15 .7 2 .8 1 .1 7 .8 Series 75/100 17 .5 14 .0* 5 .8* 8 .6* 6 .1* 18 .6* 15 .5 2 .8 1 .0 7 .6 Reference Index1 16 .7 10 .4 13 .7 11 .3 22 .5 12 .9 2 .9 1 .1 9 .9

1 MSCI - World Health Care (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 470

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 103 - Industrial Alliance Global Infrastructure (Dynamic) Risk level Specialty Funds Low to Moderate Net assets: 45.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the underlying fund • Invests in units of an underlying fund that aims

Canada to achieve long-term capital growth . Invests 32.70% primarily in equity securities of companies anywhere in the world . Frank Latshaw, CPA, CA, CBV, CFA Oscar Belaiche, HBA, FICB, CFA Investment style Inception date of the Fund: October 2019 Quality at a reasonable price (QUARP®) Europe IAG Savings and Retirement Plan first offering: October 2019 18.10% United States My Education+ first offering: October 2019 38.10% Guarantee Option MER2 Fund Fee Rate % Asia and Pacific 7.00% 3-5 Short Term and others Classic Series 75/75 3 .05% - 4.10% Classic Series 75/75 Prestige4-5 2 .84% - Series 75/1005 3 .22% 0 .3 Series 75/100 Prestige5 2 .82% 0 .3 Top 10 holdings of the underlying fund NextEra Energy Partners, LP American Tower Corp . NextEra Energy Inc . Orsted A/S Union Pacific Corp . Year By Year Returns American Water Works Co . Inc . This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Innergex Renewable Energy Inc . who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Northland Power Inc . had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Crown Castle International Corp . % Canadian National Railway Co . 25 23.41

20 18.91 Top 10 holdings represents 91 .90% of the principal underlying fund’s net assets . 15 12.68 12.71 13.33

10 8.85 9.64 Simulation* Investment limits Min. Max. Real 6.59 5 Industrial Alliance Fund 1.23 Short term 0% 20% 0 .34% 0 Units of an underlying fund 80% 100% 99 .66% -5 -4.05 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Commentary The fund invests in publicly traded companies from around the world that own infrastructure assets Past Performance directly . Approach combines top-down economic This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose perspectives to identify secular themes with bottom-up the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . stock and sector analysis . The fund is actively hedged $35,000 against foreign currency risk . $30,000

$25,000 $22,928 $20,000 Classic Series 75/75 $22,293 $15,000 Simulation* Reference Index1 $10,000

$5,000

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

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 (4 .0) 8 .7* 6 .5* 4 .1* 5 .8* (4 .7)* 12 .6 5 .9 1 .2 (7 .1) Series 75/100 (4 .1) 8 .4* 6 .3* 3 .9* 5 .6* (4 .9)* 12 .5 5 .8 1 .2 (7 .2) Reference Index1 - 4 .2 (1 .8) (3 .3) (15 .2) 12 .4 3 .6 (3 .1) (18 .5)

1 S&P Global Infrastructure (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 085

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 104 - Industrial Alliance Real Estate Income Risk level Specialty Funds Low to Moderate Net assets: 68.1 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Preservation of capital • Oriented toward current income Canadian Equity 97.48% • Moderate long term capital growth Marc Gagnon, MBA, CFA • Conforms to a medium to long term investment horizon Inception date of the Fund: October 2003 IAG Savings and Retirement Plan first offering: January 2011 My Education+ first offering: June 2016 Investment style Guarantee Option MER2 Fund Fee Rate % Asset mix favouring Real Estate Income Trusts Classic Series 75/753-5 2 .83% - Classic Series 75/75 Prestige4-5 2 .31% - U.S. Equity Short Term and others 0.56% 1.96% Series 75/1005 3 .14% 0 .3 Series 75/100 Prestige5 2 .62% 0 .3 Sector Allocation Income Trusts Portfolio Real Estate 86 .76% Consumer Staples 2 .14% Communication Services 2 .08% Year By Year Returns Financials 1 .70% Utilities 1 .67% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Industrials 1 .08% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Consumer Discretionary 0 .49% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Energy 0 .47% % Information Technology 0 .45% 20

Health Care 0 .40% 16.32 16.06 16.67 Materials 0 .24% 15 15.01 97 .48% 12.33 10 6.99 6.45 Classic Series 75/75 Top 10 holdings of the Fund 5 Simulation*

Granite Real Estate Investment Trust 8 .00% 1.00 Allied Properties Real Estate Investment 0 Trust 7 .53% -2.00 -1.62 Canadian Apartment Properties Real -5 Estate Investment Trust 7 .30% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 RioCan Real Estate Investment Trust 6 .50% InterRent Real Estate Investment Trust 4 .97% WPT Industrial Real Estate Investment Past Performance Trust 4 .25% This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose CT Real Estate Investment Trust 3 .87% the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . Choice Properties Real Estate Investment Trust 3 .85% $35,000 Dream Industrial Real Estate Investment $30,000 Trust 3 .47% $25,000 Smart Real Estate Investment Trust 3 .43% $16,878 53 .17% $20,000 Classic Series 75/75 $15,699 $15,000 Simulation* Investment limits Min. Max. Composite Index1 $10,000 Short term 0% 30% Income Trusts 55% 100% $5,000 Canadian equity securities 0% 30% $0 Foreign equity securities 0% 30% 10 11 12 13 14 15 16 17 18 19 20

Commentary Annual Compound Returns The Fund is composed primarily of income trusts in the This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for real estate sector . A small portion of the Fund may also the fund as described above compared to the corresponding returns for the reference index . be invested in other types of income trusts . Security selection follows a bottom-up approach that emphasizes Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD asset quality, preservation of invested capital and the first offering company’s potential growth . Diversification among the Classic Series 75/75 4 .7 4 .6* 2 .7 0 .0 (5 .1) (18 .5) 12 .3 1 .2 (0 .5) (18 .4) various economic sectors is also an important concern, Series 75/100 (17 .1) 4 .5* 2 .7* 0 .2* (4 .6)* (17 .4)* 12 .1 1 .1 (0 .5) (18 .6) but an overriding proportion must be invested in real Composite Index1 5 .4 4 .9 3 .0 (1 .4) (15 .6) 7 .5 (0 .3) (0 .9) (15 .6) estate trusts . 1 S&P/TSX Capped REIT Index (70%), FTSE Canada 91 Day T-Bill Index (15%), S&P/TSX Composite Index (15%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns . Fund Code: 502

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 105 - Industrial Alliance U.S. DAQ Index Risk level Specialty Funds Low to Moderate Net assets: 462.5 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Targets long term capital appreciation through index management obtained through financial U.S. Equity 96.34% tools that reproduce the total return of the NASDAQ 100 index of the U .S . Stock Exchange Sébastien Vaillancourt, CFA (converted into Canadian dollars) Inception date of the Fund: September 1999 • Conforms to an investment horizon that is long IAG Savings and Retirement Plan first offering: January 2011 enough to endure the volatility of the market My Education+ first offering: June 2016 values Guarantee Option MER2 Fund Fee Rate % Classic Series 75/753-5 2 .92% - Investment style 4-5 Foreign Equity Classic Series 75/75 Prestige 2 .70% - Short Term and others 2.47% Indexed 1.19% Series 75/1005 3 .04% 0 .3 Series 75/100 Prestige5 2 .49% 0 .3 Top 10 holdings of the Fund Apple Inc . 11 .90% Invesco Qqq Trust, Series 1 10 .15% Microsoft Corp . 9 .56% Amazon .com Inc . 9 .47% Facebook Inc . 3 .78% Year By Year Returns Tesla, Inc . 3 .06% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Alphabet Holding Company Inc . 3 .03% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Alphabet Holding Company Inc ., Class C 2 .94% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Nvidia Corp . 2 .56% % Adobe Systems Inc . 1 .80% 50 58 .25% 41.37 40 Investment limits Min. Max. 30 28.17 Short term 0% 20% 26.39 26.75 Classic Series 75/75 U .S . equity securities 80% 100% 20 20.31 Simulation*

11.75 10 10.63 Commentary 5.86 2.48 1.09 The Fund seeks to replicate the NASDAQ 100 Index of the U .S . Stock Exchange . This index includes 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 securities of companies that offer promising products and services such as telecommunications equipment, computer services and high-technolog products . The Past Performance Fund’s return is subject to fluctuation in the Canadian This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose dollar . the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$90,000 $80,000 $70,000 $60,000 $74,124 $50,000 Classic Series 75/75 $60,404 $40,000 Simulation* 1 $30,000 Reference Index $20,000 $10,000 $0 10 11 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 19 .3 19 .7* 19 .8 24 .2 21 .8 45 .2 35 .2 9 .5 (3 .5) 32 .3 Series 75/100 40 .8 19 .2* 19 .0* 23 .0* 20 .3* 42 .1* 35 .1 9 .5 (3 .5) 32 .2 Reference Index1 22 .2 22 .2 26 .8 24 .4 48 .6 37 .1 10 .3 (3 .3) 34 .7

1 NASDAQ 100 (Can . $) . Please refer to the Legal Notices at the end of this publication for more information about the Index . 2 Management expense ratio (GST and HST included) . 3 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 are also applicable to My Education+ . 4 The fees applicable to the IAG Savings and Retirement Plan’s Classic Series 75/75 Prestige are also applicable to My Education+ Prestige Preferential Pricing . 5 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 310

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 106 - Industrial Alliance Indexia Prudent Risk level Indexia Funds Low to Moderate Net assets: 122.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to generate a regular long-term return by Global Fixed Income Funds 19.59% favouring fixed-income securities • Provides diversification of the investments Management team composed of several managers that make up the portfolio using different Global Equity Funds asset classes such as Canadian and foreign 10.91% Inception date of the Fund: December 2017 fixed-income securities, Canadian equities and Canadian Fixed Income F... 48.86% IAG Savings and Retirement Plan first offering: December 2017 foreign equities

Canadian Equity Funds 9.91% Guarantee Option MER2 Fund Fee Rate % Investment style U.S. Equity Funds 8.96% 3 Short Term and others Classic Series 75/75 1 .97% - Index 1.77% Classic Series 75/75 Prestige3 1 .86% - Series 75/1003 2 .31% 0 .10 Asset mix of target portfolio Series 75/100 Prestige3 2 .18% 0 .10 TD Emerald Canadian Bond Pooled Fund 50 .00% Vanguard Global ex-Canada Fixed Income Index Pooled Fund 20 .00% Canadian Equity Index 10 .00% BlackRock CDN US Equity Index Class D 9 .00% BlackRock CDN MSCI EAFE Equity Index Year By Year Returns Class D 9 .00% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder BlackRock CDN MSCI Emerging Markets who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Index Class D 2 .00% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . 100 .00% % 10.0 Investment limits 8.13 7.70 Fixed Asset Mix (see Asset mix of target portfolio) 7.5

5.0 4.71 3.87 Classic Series 75/75 Commentary 2.85 2.22 Simulation* The Fund seeks to generate a regular, long-term return 2.5 by favouring fixed-income securities, maintaining 0.0 diversity in its investments using different asset classes such as Canadian and foreign fixed-income securities, -2.5 -1.57 Canadian equities and foreign equities, and the 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 integration of several managers . The Fund has a fixed asset allocation: it is invested 50% in Canadian bonds, 20% in foreign bonds, 10% in Canadian equities, and Past Performance 20% in foreign equities . This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$25,000

$20,000

$16,252 $15,000 Classic Series 75/75 $13,813 Simulation* $10,000 Reference Index1

$5,000

$0 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .8 - 3 .7* 4 .4* 5 .5 4 .5 8 .4 1 .4 (0 .2) 4 .5 Series 75/100 3 .4 - 3 .4* 4 .0* 5 .1 4 .2 8 .2 1 .3 (0 .3) 4 .2 Composite Index1 - 5 .9 6 .6 7 .9 7 .3 9 .6 1 .9 (0 .1) 6 .2

1 FTSE Canada Universe Bond Index (50%), Bloomberg Barclays Global Aggregate ex-CAD Float Adjusted Index (CAD Hedged) (20%), S&P/TSX 60 Composite Index (10%), S&P 500 Index (Can . $) (Reuters) (9%), MSCI - EAFE Index (Can . $) (net ret .) (9%), MSCI - Emerging Markets Index (Can . $) (Reuters) (net ret .) (2%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 913

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 107 - Industrial Alliance Indexia Moderate Risk level Indexia Funds Low to Moderate Net assets: 83.3 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to generate a regular long-term return Global Fixed Income Funds by favouring a balance between fixed-income 17.76% Global Equity Funds 16.49% securities and equities Management team composed of several managers • Provides diversification of the investments that make up the portfolio using different Inception date of the Fund: December 2017 asset classes such as Canadian and foreign Canadian Equity Funds IAG Savings and Retirement Plan first offering: December 2017 14.80% fixed-income securities, Canadian equities and foreign equities Canadian Fixed Income Funds 2 36.42% Guarantee Option MER Fund Fee Rate % U.S. Equity Funds 3 13.54% Classic Series 75/75 1 .96% - Investment style Short Term and others 3 0.99% Classic Series 75/75 Prestige 1 .85% - Index Series 75/1003 2 .23% 0 .10 Series 75/100 Prestige3 2 .13% 0 .10 Asset mix of target portfolio TD Emerald Canadian Bond Pooled Fund 37 .00% Vanguard Global ex-Canada Fixed Income Index Pooled Fund 18 .00% Canadian Equity Index 15 .00% BlackRock CDN US Equity Index Class D 13 .50% Year By Year Returns BlackRock CDN MSCI EAFE Equity Index This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Class D 13 .50% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund BlackRock CDN MSCI Emerging Markets had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Index Class D 3 .00% % 100 .00% 15

Investment limits 10 10.16 8.54 Fixed Asset Mix (see Asset mix of target portfolio) 8.23 5.69 Classic Series 75/75 5 3.73 Commentary 3.27 Simulation* The Fund seeks to generate regular, long-term return 0 by favouring a balance between fixed-income securities -2.51 and equities, maintaining diversity in its investments -5 using different asset classes such as Canadian and 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 foreign fixed-income securities, Canadian equities and foreign equities, and the integration of several managers . The Fund has a fixed asset allocation: it Past Performance is invested 37% in Canadian bonds, 18% in foreign This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose bonds, 15% in Canadian equities, and 30% in foreign the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . equities . $25,000

$20,000

$17,664 $15,000 Classic Series 75/75 $14,946 Simulation* $10,000 Reference Index1

$5,000

$0 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .9 - 4 .4* 4 .5* 5 .1 4 .4 10 .3 2 .0 (0 .4) 3 .4 Series 75/100 3 .5 - 4 .1* 4 .2* 4 .8 4 .1 10 .1 1 .9 (0 .5) 3 .2 Composite Index1 - 6 .7 7 .0 7 .7 7 .4 11 .6 2 .5 (0 .3) 5 .4

1 FTSE Canada Universe Bond Index (37%), Bloomberg Barclays Global Aggregate ex-CAD Float Adjusted Index (CAD Hedged) (18%), S&P/ TSX 60 Composite Index (15%), S&P 500 Index (Can . $) (Reuters) (13 .5%), MSCI - EAFE Index (Can . $) (net ret .) (13 .5%), MSCI - Emerging Markets Index (Can . $) (Reuters) (net ret .) (3%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 914

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 108 - Industrial Alliance Indexia Balanced Risk level Indexia Funds Low to Moderate Net assets: 98.9 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to generate a regular long-term return with a slight emphasis on equities Canadian Equity Funds 19.89% • Provides diversification of the investments Global Equity Funds Management team composed of several managers that make up the portfolio using different 22.26% asset classes such as Canadian and foreign Inception date of the Fund: December 2017 fixed-income securities, Canadian equities and U.S. Equity Funds 18.27% IAG Savings and Retirement Plan first offering: December 2017 foreign equities

Guarantee Option MER2 Fund Fee Rate % Investment style 3 Canadian Fixed Income Funds Global Fixed Income Funds Classic Series 75/75 1 .95% - Index 24.91% 14.98% 3 Short Term and others Classic Series 75/75 Prestige 1 .85% - -0.31% Series 75/1003 2 .26% 0 .10 Series 75/100 Prestige3 2 .12% 0 .10 Asset mix of target portfolio TD Emerald Canadian Bond Pooled Fund 25 .00% Vanguard Global ex-Canada Fixed Income Index Pooled Fund 15 .00% Canadian Equity Index 20 .00% Year By Year Returns BlackRock CDN US Equity Index Class D 18 .00% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder BlackRock CDN MSCI EAFE Equity Index who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Class D 18 .00% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . BlackRock CDN MSCI Emerging Markets % Index Class D 4 .00% 15 100 .00% 12.47 12.16

10 8.75 Investment limits 7.37

Fixed Asset Mix (see Asset mix of target portfolio) 5 4.61 4.28 Classic Series 75/75 Simulation* Commentary 0 The Fund seeks to generate a regular, long-term return with a slight emphasis on equities, maintaining diversity -5 -3.20 in its investments using different asset classes such as 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Canadian and foreign fixed-income securities, Canadian equities and foreign equities, and the integration of several managers . The Fund has a fixed asset allocation: Past Performance it is invested 25% in Canadian bonds, 15% in foreign This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose bonds, 20% in Canadian equities, and 40% in foreign the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . equities . $25,000

$20,000

$19,145 $15,000 Classic Series 75/75 $16,155 Simulation* $10,000 Reference Index1

$5,000

$0 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .9 - 5 .1* 4 .7* 4 .7 4 .3 12 .2 2 .7 (0 .6) 2 .4 Series 75/100 3 .6 - 4 .7* 4 .4* 4 .4 4 .0 12 .0 2 .6 (0 .7) 2 .1 Composite Index1 - 7 .5 7 .2 7 .4 7 .4 13 .6 3 .2 (0 .5) 4 .5

1 FTSE Canada Universe Bond Index (25%), S&P/TSX 60 Composite Index (20%), S&P 500 Index (Can . $) (Reuters) (18%), MSCI - EAFE Index (Can . $) (net ret .) (18%), Bloomberg Barclays Global Aggregate ex-CAD Float Adjusted Index (CAD Hedged) (15%), MSCI - Emerging Markets Index (Can . $) (Reuters) (net ret .) (4%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 915

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 109 - Industrial Alliance Indexia Growth Risk level Indexia Funds Low to Moderate Net assets: 45.4 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to generate a regular long-term return with an emphasis on equities Canadian Equity Funds U.S. Equity Funds 24.47% 22.39% • Provides diversification of the investments Management team composed of several managers that make up the portfolio using different asset classes such as Canadian and foreign Inception date of the Fund: December 2017 fixed-income securities, Canadian equities and IAG Savings and Retirement Plan first offering: December 2017 Canadian Fixed Income Funds foreign equities 15.26% 2 Global Equity Funds Guarantee Option MER Fund Fee Rate % 27.64% Investment style Global Fixed Income Funds 3 Short Term and others 10.18% Classic Series 75/75 1 .96% - Index 0.06% Classic Series 75/75 Prestige3 1 .84% - Series 75/1003 2 .25% 0 .20 3 Asset mix of target portfolio Series 75/100 Prestige 2 .14% 0 .20 TD Emerald Canadian Bond Pooled Fund 15 .00% Vanguard Global ex-Canada Fixed Income Index Pooled Fund 10 .00% Canadian Equity Index 25 .00% BlackRock CDN US Equity Index Class D 22 .50% Year By Year Returns BlackRock CDN MSCI EAFE Equity Index This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder Class D 22 .50% who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund BlackRock CDN MSCI Emerging Markets had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Index Class D 5 .00% % 100 .00% 20 16.48 Investment limits 15 14.10 Fixed Asset Mix (see Asset mix of target portfolio) 10 9.27 9.17 Classic Series 75/75 5.53 Commentary 5 5.25 Simulation*

The Fund seeks to generate a regular, long-term 0 return with an emphasis on equities, maintaining

diversity in its investments using different asset classes -5 -3.99 such as Canadian and foreign fixed-income securities, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Canadian equities and foreign equities, and the integration of several managers . The Fund has a fixed asset allocation: it is invested 15% in Canadian bonds, Past Performance 10% in foreign bonds, 25% in Canadian equities, and This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 50% in foreign equities . the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above .

$35,000

$30,000

$25,000 $20,692 $20,000 Classic Series 75/75 $17,458 $15,000 Simulation* Reference Index1 $10,000

$5,000

$0 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 4 .0 - 5 .8* 5 .0* 4 .3 4 .4 14 .2 3 .3 (0 .9) 1 .5 Series 75/100 3 .7 - 5 .4* 4 .7* 4 .1 4 .1 14 .1 3 .2 (0 .9) 1 .3 Composite Index1 - 8 .2 7 .4 7 .0 7 .3 15 .7 3 .9 (0 .7) 3 .4

1 S&P/TSX 60 Composite Index (25%), S&P 500 Index (Can . $) (Reuters) (22 .5%), MSCI - EAFE Index (Can . $) (net ret .) (22 .5%), FTSE Canada Universe Bond Index (15%), Bloomberg Barclays Global Aggregate ex-CAD Float Adjusted Index (CAD Hedged) (10%), MSCI - Emerging Markets Index (Can . $) (Reuters) (net ret .) (5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 916

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 110 - Industrial Alliance Indexia Aggressive Risk level Indexia Funds Low to Moderate Net assets: 19.4 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • Aims to generate a regular long-term return with a strong emphasis on equities Canadian Equity Funds 29.39% • Provides diversification of the investments Management team composed of several managers that make up the portfolio using different asset classes such as Canadian and foreign Inception date of the Fund: December 2017 fixed-income securities, Canadian equities and U.S. Equity Funds IAG Savings and Retirement Plan first offering: December 2017 27.42% foreign equities

Guarantee Option MER2 Fund Fee Rate % Investment style Global Equity Funds 32.89% 3 Global Fixed Income Funds Classic Series 75/75 1 .96% - Index 4.96% Classic Series 75/75 Prestige3 1 .84% - Short Term and others Canadian Fixed Income Funds 0.40% 4.94% Series 75/1003 2 .27% 0 .20 Series 75/100 Prestige3 2 .07% 0 .20 Asset mix of target portfolio TD Emerald Canadian Bond Pooled Fund 5 .00% Vanguard Global ex-Canada Fixed Income Index Pooled Fund 5 .00% Canadian Equity Index 30 .00% Year By Year Returns BlackRock CDN US Equity Index Class D 27 .00% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder BlackRock CDN MSCI EAFE Equity Index who chose the Classic Series 75/75 guarantee option and the annual performance that would have resulted if the fund Class D 27 .00% had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . BlackRock CDN MSCI Emerging Markets % Index Class D 6 .00% 30 100 .00% 20 20.61 Investment limits 16.23 Fixed Asset Mix (see Asset mix of target portfolio) 10 9.80 10.52 Classic Series 75/75 6.43 6.20 Simulation* Commentary 0

The Fund seeks to generate a regular, long-term -4.32 return with a strong emphasis on equities, maintaining -10 diversity in its investments using different asset classes 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 such as Canadian and foreign fixed-income securities, Canadian equities and foreign equities, and the integration of several managers . The Fund has a fixed Past Performance asset allocation: it is invested 5% in Canadian bonds, This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose 5% in foreign bonds, 30% in Canadian equities, and the Classic Series 75/75 guarantee option compared with the reference index using the year by year returns shown above . 60% in foreign equities . $35,000

$30,000

$25,000 $22,301 $20,000 Classic Series 75/75 $18,729 $15,000 Simulation* Reference Index1 $10,000

$5,000

$0 12 13 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering Classic Series 75/75 3 .8 - 6 .3* 4 .9* 3 .8 3 .7 15 .8 3 .5 (1 .4) (0 .2) Series 75/100 3 .5 - 6 .0* 4 .6* 3 .4 3 .4 15 .6 3 .4 (1 .5) (0 .5) Composite Index1 - 8 .8 7 .6 6 .5 7 .1 17 .8 4 .5 (0 .9) 2 .3

1 S&P/TSX 60 Composite Index (30%), S&P 500 Index (Can . $) (Reuters) (27%), MSCI - EAFE Index (Can . $) (net ret .) (27%), MSCI - Emerging Markets Index (Can . $) (Reuters) (net ret .) (6%), FTSE Canada Universe Bond Index (5%), Bloomberg Barclays Global Aggregate ex-CAD Float Adjusted Index (CAD Hedged) (5%) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) . 3 F-Class funds are available, please refer to the IAG Savings and Retirement Plan Fund Facts or Information Folder and Individual Variable Annuity Contract for more information . * Simulation of past returns as if the Fund or series had been in effect for these periods .

Important: Past returns are not indicative of future returns .

Fund Code: 917

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 111 - Industrial Alliance FORLIFE Guaranteed Maximum Income Risk level FORLIFE Series Funds - Income Stage Low to Moderate Net assets: 102.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • This fund seeks to preserve capital and provide sustainable income by investing primarily in Corporates 82.85% fixed income securities with an emphasis on corporate and other higher yielding private Management team composed of several managers placements Inception date of the Fund: November 2014 IAG Savings and Retirement Plan first offering: November 2014 Investment style Guarantee Option MER1 Fund Fee Rate % Credit analysis and liability driven

Foreign Bonds FORLIFE Series 2 .83% - 10.41% Short Term and others 6.74%

Characteristics of the Fund Bond and short term Portfolios Average rating - Bonds A- Average term 15 .3 years Modified duration 9 .9 years Year By Year Returns Average coupon 4 .3% Yield at market value 2 .4% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder who chose the FORLIFE Series guarantee option and the annual performance that would have resulted if the fund had existed before that date and the assets held at its inception date had been held throughout the earlier period shown . Top 10 holdings of the Fund OMERS Realty Corp ., 3 .628%, 2030-06-05 3 .45% % Concord Wedgemount Creek General 10.0 8.16 Partnership, 4 .305%, 2060-03-31 3 .01% 7.5 Cameron LNG LLC, 3 .701%, 2039-01-15 2 .93% BP Housing Association, 2 .700%, 5.0 2040-03-25 2 .46% 3.32 FORLIFE Series Suncor Energy Inc ., 4 .340%, 2046-09-13 2 .44% 2.5 MaRS Phase 2 Investment Trust, 4 .566%, 1.66 2035-12-31 2 .41% 0.0 FortisBC Energy, Inc ., 2 .820%, 2049-08-09 2 .05% -0.14 -2.5 TELUS Corp ., 4 .850%, 2044-04-05 2 .03% -2.41 Sukunka and Zonnebeke Wind Projects, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3 .918%, 2045-12-15 1 .95% Great-West Lifeco Inc ., 6 .740%, 2031-11-24 1 .95% 24 .68% Past Performance This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the Investment limits Min. Max. FORLIFE Series guarantee option compared with the reference index using the year by year returns shown above .

Short term 0% 20% $20,000 Bonds 80% 100%

Commentary $15,000 $12,807 The fund employs a disciplined asset-liability matching strategy to match the fund’s investments to the expected $10,000 $11,790 FORLIFE Series future income needs of the fund’s investors . The fund is monitored and rebalanced at the discretion of the $5,000 Manager to ensure continuous alignment and to ensure

that it remains consistent with its objectives . The Fund $0 primarily invests in Canadian and US corporate debt 14 15 16 17 18 19 20 securities with currency hedging, private placements, as well as government debt securities . Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering FORLIFE Series 2 .9 - 3 .3 4 .7 6 .9 4 .2 9 .0 0 .1 (0 .2) 5 .4

1 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 217

IAG Savings and Retirement Plan/MyPlan/My Education+Education+ Third quarter, ending September 30, 2020 - 112 - Industrial Alliance FORLIFE Guaranteed Income & Growth Risk level FORLIFE Series Funds - Income Stage Low to Moderate Net assets: 10.6 million Low moderate Moderate to high High As at September 30, 2020 Investment Advisor Objectives of the Fund Asset mix of the Fund • This fund seeks to provide sustainable income and achieve some long term growth through

Fixed Income Funds a conservatively balanced distribution of 69.77% investments among the fund’s asset classes: Management team composed of several managers Canadian fixed income securities and equities, Canadian Equity Funds Inception date of the Fund: November 2014 and foreign equities 15.03% IAG Savings and Retirement Plan first offering: November 2014 Guarantee Option MER2 Fund Fee Rate % Investment style U.S. Equity Funds 10.25% FORLIFE Series 3 .06% - Multi-management Global Equity Funds Short Term and others 5.10% -0.15%

Asset mix of target portfolios Fixed Income Securities Industrial Alliance - Bond Fund 70 .00% Canadian Equity Industrial Alliance Year By Year Returns - Canadian Equity Index Fund 15 .00% This chart shows the annual performance for each calendar year for the fund starting at its inception date for a policyholder U.S. Equity who chose the FORLIFE Series guarantee option and the annual performance that would have resulted if the fund had existed - BlackRock CND US Equity Index Fund 10 .00% before that date and the assets held at its inception date had been held throughout the earlier period shown . International Equity - BlackRock CDN MSCI EAFE Equity Index % Fund 5 .00% 10 100 .00% 8.26

5 Investment limits 2.69 Fixed Asset Mix (see Asset mix of target portfolio) 2.40 FORLIFE Series 0.82 0 Commentary The fund’s assets are distributed among Canadian fixed -2.98 income securities and equities, and foreign equities . -5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The fund is monitored and rebalanced at the discretion of the Manager to ensure that it remains consistent with its objectives . The fund’s equity exposure is Past Performance primarily achieved through equity Index funds, and its This graph shows you how a $10,000 investment in the fund would have changed in value for a policyholder who chose the fixed income exposure is achieved by investing in units FORLIFE Series guarantee option compared with the reference index using the year by year returns shown above . of a fund composed of bonds, coupons and other high quality debt securities from the private sector and the $20,000 federal and provincial governments . The currency risk

is fully hedged . $15,000 $13,950 $10,000 $11,634 FORLIFE Series Composite Index1

$5,000

$0 14 15 16 17 18 19 20

Annual Compound Returns This table shows the simple returns for the monthly period and the historical annual compound total returns calculated for the fund as described above compared to the corresponding returns for the reference index . Since 10 years 5 years 3 years 2 years 1 year 6 months 3 months 1 month YTD first offering FORLIFE Series 2 .6 - 3 .1 3 .8 4 .9 4 .0 9 .3 1 .1 (0 .5) 3 .9 Composite Index1 - 6 .2 7 .2 8 .4 7 .9 10 .5 1 .8 (0 .2) 7 .1

1 FTSE Canada Universe Bond Index (70%), S&P/TSX 60 (15%), S&P 500 (Can . $) (10%), MSCI – EAFE (Can . $) (net ret .) (5 %) . Please refer to the Legal Notices at the end of this publication for more information about these Indexes . 2 Management expense ratio (GST and HST included) .

Important: Past returns are not indicative of future returns .

Fund Code: 218

IAG Savings and Retirement Plan/MyPlan/My Education+Education+ Third quarter, ending September 30, 2020 - 113 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 | My Education+

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 23 .12 209 .6 (0 .2) 2 .0 3 .3 4 .1 3 .3 2 .6 2 .9* 2 .57 Various Managers Focus Moderate 24 .75 259 .5 (0 .3) 2 .8 2 .5 4 .1 3 .2 3 .0 3 .3* 2 .62 Various Managers Focus Balanced 26 .23 385 .1 (0 .4) 3 .7 1 .6 4 .0 3 .0 3 .3 3 .7* 2 .66 Various Managers Focus Growth 27 .70 133 .2 (0 .6) 4 .4 1 .0 4 .2 2 .8 3 .7 4 .1* 2 .70 Various Managers Focus Aggressive 29 .19 43 .4 (0 .7) 5 .1 0 .2 4 .2 2 .6 4 .0 4 .5* 2 .75 Various Managers Selection Funds Selection Prudent 12 .08 106 .1 (0 .3) 1 .4 1 .0 1 .4 2 .3 2 .6 - 2 .55 Various Managers Selection Moderate 12 .17 184 .9 (0 .5) 2 .2 (0 .5) 0 .7 2 .0 2 .8 - 2 .61 Various Managers Selection Balanced 12 .42 239 .1 (0 .9) 2 .9 (2 .3) (0 .2) 1 .6 3 .1 - 2 .68 Various Managers Selection Growth 12 .69 97 .7 (0 .9) 3 .6 (2 .9) (0 .1) 1 .6 3 .6 - 2 .78 Various Managers Selection Aggressive 12 .80 24 .2 (1 .1) 4 .4 (3 .7) (0 .1) 1 .4 3 .7 - 2 .84 Various Managers Income Funds Money Market 17 .69 551 .7 0 .0 0 .0 0 .6 0 .8 0 .6 0 .4 0 .3* 1 .39 Industrial Alliance Short Term Bond 21 .28 242 .3 0 .0 0 .5 3 .7 3 .5 1 .7 0 .7 0 .7* 2 .15 Industrial Alliance Bond 37 .87 3,256 .7 0 .1 0 .1 6 .5 5 .3 4 .2 2 .5 2 .5* 2 .18 Industrial Alliance Canadian Corporate Bond 11 .39 1,558 .6 (0 .2) 0 .8 5 .2 4 .8 3 .8 2 .5* - 2 .15 Industrial Alliance Core Plus Bond (Wellington Square) 11 .46 38 .6 0 .2 2 .4 0 .8 1 .2 1 .0 1 .1 1 .3* 2 .22 Wellington Square Global Fixed Income (PIMCO) 12 .30 524 .6 (0 .2) 2 .0 (1 .4) 0 .0 0 .8 2 .6 - 2 .59 PIMCO Floating Rate Income (Wellington Square) 9 .67 17 .4 0 .6 2 .7 (4 .0) (3 .3)* 1 .0* 1 .6* - 2 .22 Wellington Square Strategic Corporate Bond 13 .34 78 .9 (0 .1) 3 .2 (2 .3) (1 .6) 0 .4 3 .0 - 2 .17 iA Clarington

SPECIALTY Fidelity American High Yield Currency Neutral 10 .78 43 .2 (1 .2) 3 .6 (5 .3) (3 .3) 0 .0 2 .6 3 .5* 2 .62 Fidelity Diversified Funds Diversified Security 32 .30 657 .2 (0 .4) 1 .3 2 .1 3 .0 2 .7 2 .1 3 .2* 2 .61 Industrial Alliance Diversified 52 .69 2,013 .2 (0 .7) 2 .6 1 .0 3 .2 2 .9 3 .1 4 .2* 2 .64 Industrial Alliance Diversified Opportunity 40 .21 439 .0 (1 .0) 3 .2 (0 .7) 2 .1 2 .5 3 .1 4 .3* 2 .65 Industrial Alliance Canadian Balanced (QV) 14 .32 78 .7 (0 .8) 3 .1 (5 .6) (4 .0) (1 .1) 0 .8 2 .7* 2 .51 QV Investors Inc . SRI Balanced (Inhance) 17 .42 69 .8 0 .0 5 .5 6 .5 8 .4 5 .8 5 .1 4 .9* 2 .79 Vancity Diversified Income 34 .80 280 .1 (0 .9) 3 .2 (1 .5) 1 .0 2 .1 3 .2 4 .6* 2 .66 Industrial Alliance Strategic Income 14 .63 200 .3 (0 .1) 5 .0 (6 .3) (3 .9) 1 .3 4 .1 - 2 .53 iA Clarington Global Diversified (Loomis Sayles) 20 .44 514 .0 (0 .5) 4 .9 7 .2 12 .0 9 .8 8 .7 6 .7* 2 .66 Loomis Sayles Global Diversified Fixed Income (Forstrong)5 10 .12 31 .3 0 .4 1 .5 (1 .5) 0 .4 - - - 2 .80 Forstrong Global Diversified (Forstrong) 12 .35 99 .5 (0 .3) 4 .3 0 .4 5 .2 3 .6 - - 2 .80 Forstrong Global Diversified Equity (Forstrong)5 10 .64 19 .0 (0 .6) 5 .0 (1 .1) 4 .5 - - - 2 .82 Forstrong Fidelity Global Monthly Income5 11 .18 172 .1 0 .1 3 .1 2 .5 5 .2 5 .2* 4 .5* 7 .0* 2 .89 Fidelity Global Asset Allocation Security (iAIM) 10 .77 63 .9 (0 .4) 2 .3 1 .7 2 .8 - - - 2 .79 Industrial Alliance Global Asset Allocation (iAIM) 10 .92 69 .2 (0 .4) 3 .4 1 .6 4 .0 - - - 2 .83 Industrial Alliance Global Asset Allocation Opportunity (iAIM) 10 .99 22 .3 (0 .4) 4 .4 1 .2 4 .5 - - - 2 .89 Industrial Alliance Canadian Hybrid Funds4 Strategic Equity Income Hybrid 75/25 14 .62 19 .1 (0 .4) 3 .8 (5 .0) (2 .9) 1 .4 3 .3 4 .1* 2 .47 iA Clarington Dividend Growth Hybrid 75/25 14 .77 49 .0 (0 .9) 3 .5 (5 .3) (4 .4) 1 .8 4 .4 4 .4* 2 .46 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 12 .24 6 .7 (0 .8) 3 .3 (11 .1) (8 .8) 0 .1 2 .9 2 .4* 2 .47 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .28 3 .7 (1 .7) 2 .8 (0 .6) 0 .3 3 .0 4 .4 3 .4* 2 .55 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .77 16 .9 (0 .8) 2 .8 2 .6 3 .3 4 .6 4 .4 5 .3* 2 .68 Fidelity Canadian Equity Growth Hybrid 75/25 13 .89 11 .1 (1 .5) 3 .7 (1 .1) 0 .8 2 .7 4 .5 4 .0* 2 .58 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 17 .30 18 .3 1 .5 7 .8 12 .0 14 .6 9 .9 9 .2 6 .5* 2 .67 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 16 .07 17 .1 (1 .2) 4 .0 (7 .2) (4 .1) (1 .0) 2 .4 5 .4* 2 .96 QV Investors Inc . North American Equity Hybrid 75/25 12 .81 2 .2 (0 .8) 4 .8 1 .0 3 .7 3 .1 4 .2 3 .1* 2 .61 Industrial Alliance Global Hybrid Funds4 Global Dividend (Dynamic) Hybrid 75/25 23 .18 139 .9 (0 .4) 5 .4 7 .6 10 .7 10 .7 10 .5 9 .3* 2 .84 Dynamic Global Equity Hybrid 75/25 18 .80 10 .8 (1 .1) 3 .3 5 .0 9 .9 5 .4 4 .9 7 .1* 2 .71 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .77 6 .3 (1 .0) (1 .1) (8 .4) (4 .5) (1 .8) 1 .0 4 .9* 2 .71 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .61 2 .5 (0 .4) 3 .4 (7 .6) (1 .6) (4 .1) (1 .2) - 2 .58 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 114 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 | My Education+

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds4 (continued) Global True Conviction Hybrid 75/25 17 .65 7 .3 (1 .0) 2 .8 4 .6 8 .0 5 .6 5 .0 - 2 .71 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .45 22 .2 0 .4 3 .8 6 .9 11 .5 3 .3 2 .1 6 .8* 2 .88 Fidelity Thematic Innovation Hybrid 75/25 16 .84 17 .0 (1 .0) 5 .7 15 .0 20 .7 5 .2 5 .4 6 .3* 2 .70 Industrial Alliance Canadian Equity Funds Strategic Equity Income 18 .80 155 .9 (0 .5) 5 .0 (9 .1) (5 .9) 0 .4 3 .4 4 .5* 2 .55 iA Clarington Dividend Growth 23 .21 808 .8 (1 .2) 4 .6 (9 .7) (8 .3) 0 .6 4 .7 4 .8* 2 .55 Industrial Alliance Dividend Growth (iAIM) 21 .05 81 .3 (1 .0) 4 .4 (17 .2) (14 .0) (1 .7) 2 .7 2 .1* 2 .58 Industrial Alliance Canadian Equity Index 30 .39 445 .9 (2 .2) 3 .7 (3 .7) (2 .1) 2 .3 4 .8 3 .4* 2 .64 Industrial Alliance Fidelity True North® 55 .80 231 .5 (1 .1) 3 .7 0 .9 2 .2 4 .5 4 .8 6 .1* 2 .85 Fidelity Canadian Equity Growth 41 .08 749 .2 (2 .0) 4 .9 (4 .2) (1 .5) 1 .9 4 .9 4 .3* 2 .70 Industrial Alliance Fidelity Canadian Opportunities 75 .48 234 .7 2 .0 10 .4 13 .2 17 .0 11 .5 11 .3 7 .8* 2 .85 Fidelity Canadian Equity Small Cap (QV) 20 .79 106 .8 (1 .5) 5 .4 (12 .6) (8 .5) (3 .2) 2 .1 6 .2* 3 .06 QV Investors Inc . North American Equity 51 .59 108 .5 (1 .1) 6 .3 (1 .6) 2 .1 2 .3 4 .5 3 .1* 2 .72 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .59 66 .4 (0 .9) 5 .1 1 .6 7 .7 6 .5* 7 .4* 8 .6* 2 .71 BlackRock Global Dividend (Dynamic) 31 .85 1,017 .0 (0 .5) 7 .2 8 .0 12 .5 12 .9 13 .3 11 .7* 2 .98 Dynamic Global Equity (QV) 21 .68 30 .3 (1 .4) (1 .5) (13 .5) (8 .8)* (2 .2)* 2 .2* 5 .5* 2 .83 QV Investors Inc . Global Equity 25 .59 87 .2 (1 .5) 4 .4 4 .3 11 .2 5 .5 5 .5 8 .3* 2 .79 Industrial Alliance Global Opportunities 13 .58 10 .6 (0 .6) 4 .5 (12 .6) (4 .7) (7 .1) (2 .8) - 2 .71 Loomis Sayles Global True Conviction 19 .26 137 .2 (1 .4) 3 .7 3 .5 8 .5 5 .8 5 .6 - 2 .81 Industrial Alliance Fidelity Global Concentrated Equity5 10 .16 29 .5 (1 .5) 2 .8 (7 .3) 1 .5 1 .8* 5 .7* 8 .0* 3 .12 Fidelity Fidelity NorthStar® 25 .10 112 .9 0 .5 5 .1 6 .5 13 .1 2 .9 1 .9 8 .2* 3 .06 Fidelity International Equity Index (BlackRock) 14 .05 159 .3 (0 .4) 2 .1 (6 .1) (1 .1) 0 .3 2 .6 4 .7* 2 .72 BlackRock International Equity 21 .60 479 .8 0 .2 3 .0 (1 .1) 5 .0 2 .3 3 .5 5 .5* 2 .78 Industrial Alliance Fidelity European Equity 18 .13 40 .6 (1 .4) 0 .2 (10 .9) (3 .6) (2 .4) (0 .1) 4 .3* 2 .91 Fidelity U .S . Equity Index (BlackRock) 34 .12 285 .5 (1 .6) 6 .0 6 .4 12 .8 11 .4 10 .7 13 .3* 2 .70 BlackRock Fidelity Insights 13 .14 83 .1 (1 .7) 9 .2 23 .5 31 .4* 17 .9* - - 2 .93 Fidelity Thematic Innovation 19 .57 514 .8 (1 .5) 7 .3 17 .8 24 .5 13 .7* - - 2 .60 Industrial Alliance American (Dynamic) 11 .89 49 .2 (1 .5) 9 .2 15 .7 18 .9* 18 .3* 15 .0* 12 .8* 2 .79 Dynamic U .S . Equity 22 .81 108 .5 (2 .0) 5 .7 8 .1 14 .0 7 .1 6 .2 11 .1* 2 .80 Industrial Alliance U .S . Dividend Growth 25 .52 187 .2 0 .9 7 .4 2 .9 7 .1 6 .3 6 .0 9 .8* 2 .63 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .12 123 .5 3 .1 11 .4 24 .4 36 .4 14 .8 11 .8 6 .9* 3 .07 Dynamic Emerging Markets (Jarislowsky Fraser) 10 .90 27 .9 2 .0 11 .2 3 .0 9 .0* 3 .6* 6 .3* - 3 .16 Jarislowsky Fraser Global Health Care (Renaissance) 58 .77 248 .1 1 .1 2 .8 7 .8 21 .3 9 .6 6 .4 14 .4* 3 .43 Renaissance Global Infrastructure (Dynamic) 9 .53 45 .6 1 .2 5 .9 (7 .1) (4 .7)* 4 .1* 6 .5* 8 .7* 3 .05 Dynamic Real Estate Income 37 .44 68 .1 (0 .5) 1 .2 (18 .4) (18 .5) 0 .0 2 .7 4 .6* 2 .83 Industrial Alliance U .S . DAQ Index 32 .56 462 .5 (3 .5) 9 .5 32 .3 45 .2 24 .2 19 .8 19 .7* 2 .92 Industrial Alliance Indexia Funds5 Indexia Prudent 11 .07 122 .6 (0 .2) 1 .4 4 .5 4 .5 4 .4* 3 .7* - 1 .97 Industrial Alliance Indexia Moderate 11 .07 83 .3 (0 .4) 2 .0 3 .4 4 .4 4 .5* 4 .4* - 1 .96 Industrial Alliance Indexia Balanced 11 .06 98 .9 (0 .6) 2 .7 2 .4 4 .3 4 .7* 5 .1* - 1 .95 Industrial Alliance Indexia Growth 11 .07 45 .4 (0 .9) 3 .3 1 .5 4 .4 5 .0* 5 .8* - 1 .96 Industrial Alliance Indexia Aggressive 11 .00 19 .4 (1 .4) 3 .5 (0 .2) 3 .7 4 .9* 6 .3* - 1 .96 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 Not offered in registered contracts and TFSAs . 2 The rates for the period are non-annualized . * Simulation of past returns as if the Fund or series had been in effect for these periods . 3 Management expense ratio (GST and HST included) . These fees may change at any time . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 Fund not offered for My Education+ . 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

EcoStrategist in brief / iAG Savings and Retirement Plan / My Education+ - 115 - September 30, 2020 / Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 Prestige | My Education+ Prestige Preferentiel Pricing

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 23 .39 209 .6 (0 .2) 2 .1 3 .4 4 .3 3 .5 2 .9* 3 .1* 2 .34 Various Managers Focus Moderate 25 .07 259 .5 (0 .3) 2 .9 2 .7 4 .4 3 .4 3 .3* 3 .5* 2 .36 Various Managers Focus Balanced 26 .55 385 .1 (0 .4) 3 .7 1 .7 4 .2 3 .2 3 .6* 3 .9* 2 .42 Various Managers Focus Growth 27 .98 133 .2 (0 .5) 4 .5 1 .1 4 .4 3 .0 3 .9* 4 .3* 2 .50 Various Managers Focus Aggressive 29 .51 43 .4 (0 .6) 5 .1 0 .4 4 .4 2 .8 4 .2* 4 .7* 2 .54 Various Managers Selection Funds Selection Prudent 12 .18 106 .1 (0 .3) 1 .5 1 .1 1 .5 2 .4 2 .7* - 2 .39 Various Managers Selection Moderate 12 .27 184 .9 (0 .5) 2 .3 (0 .4) 0 .9 2 .1 2 .9* - 2 .46 Various Managers Selection Balanced 12 .53 239 .1 (0 .8) 2 .9 (2 .2) (0 .1) 1 .7 3 .3* - 2 .52 Various Managers Selection Growth 12 .79 97 .7 (0 .9) 3 .6 (2 .8) 0 .0 1 .8 3 .7* - 2 .63 Various Managers Selection Aggressive 12 .95 24 .2 (1 .1) 4 .4 (3 .6) 0 .1 1 .6 3 .9* - 2 .67 Various Managers Income Funds Money Market 17 .69 551 .7 0 .0 0 .0 0 .6 0 .8 0 .6 0 .4* 0 .0* 1 .34 Industrial Alliance Short Term Bond 21 .48 242 .3 0 .0 0 .5 3 .8 3 .7 1 .9 0 .9* 0 .9* 1 .97 Industrial Alliance Bond 38 .20 3,256 .7 0 .1 0 .1 6 .6 5 .4 4 .3 2 .7* 2 .6* 2 .01 Industrial Alliance Canadian Corporate Bond 11 .48 1,558 .6 (0 .2) 0 .8 5 .3 5 .0 3 .9 2 .7* - 1 .96 Industrial Alliance Core Plus Bond (Wellington Square) 11 .54 38 .6 0 .2 2 .4 0 .9 1 .3 1 .2 1 .2* - 2 .09 Wellington Square Global Fixed Income (PIMCO) 12 .46 524 .6 (0 .1) 2 .0 (1 .2) 0 .3 1 .0 2 .8* - 2 .32 PIMCO Floating Rate Income (Wellington Square) 9 .68 17 .4 0 .6 2 .7 (3 .9) (3 .2)* 1 .1* 1 .7* - 2 .10 Wellington Square Strategic Corporate Bond 13 .44 78 .9 (0 .1) 3 .2 (2 .2) (1 .4) 0 .5 3 .2* - 2 .03 iA Clarington

SPECIALTY Fidelity American High Yield Currency Neutral 10 .88 43 .2 (1 .2) 3 .6 (5 .1) (3 .1) 0 .2 2 .8* 3 .6* 2 .45 Fidelity Diversified Funds Diversified Security 32 .60 657 .2 (0 .4) 1 .3 2 .2 3 .2 2 .9 2 .3* 3 .4* 2 .44 Industrial Alliance Diversified 53 .70 2,013 .2 (0 .7) 2 .7 1 .2 3 .6 3 .3 3 .5* 4 .6* 2 .26 Industrial Alliance Diversified Opportunity 41 .07 439 .0 (1 .0) 3 .3 (0 .3) 2 .6 3 .0 3 .5* 4 .7* 2 .21 Industrial Alliance Canadian Balanced (QV) 14 .49 78 .7 (0 .7) 3 .2 (5 .4) (3 .8) (0 .9) 1 .1* 3 .0* 2 .27 QV Investors Inc . SRI Balanced (Inhance) 17 .56 69 .8 0 .0 5 .5 6 .6 8 .5 6 .0 5 .3* 5 .1* 2 .63 Vancity Diversified Income 35 .59 280 .1 (0 .9) 3 .4 (1 .2) 1 .5 2 .6 3 .7* 5 .0* 2 .21 Industrial Alliance Strategic Income 14 .96 200 .3 (0 .1) 5 .1 (6 .0) (3 .5) 1 .7 4 .5* - 2 .09 iA Clarington Global Diversified (Loomis Sayles) 20 .66 514 .0 (0 .5) 5 .0 7 .4 12 .2 10 .0 8 .9* 7 .0* 2 .44 Loomis Sayles Global Diversified Fixed Income (Forstrong)5 10 .17 31 .3 0 .4 1 .5 (1 .4) 0 .6 - - - 2 .63 Forstrong Global Diversified (Forstrong) 12 .45 99 .5 (0 .3) 4 .4 0 .5 5 .4 3 .8 - - 2 .58 Forstrong Global Diversified Equity (Forstrong)5 10 .69 19 .0 (0 .6) 5 .0 (1 .0) 4 .7 - - - 2 .66 Forstrong Fidelity Global Monthly Income5 11 .25 172 .1 0 .1 3 .1 2 .6 5 .5 5 .5* 4 .7* 7 .2* 2 .66 Fidelity Global Asset Allocation Security (iAGP) 10 .80 63 .9 (0 .4) 2 .4 1 .9 3 .0 - - - 2 .61 Industrial Alliance Global Asset Allocation (iAGP) 11 .00 69 .2 (0 .4) 3 .5 1 .9 4 .4 - - - 2 .45 Industrial Alliance Global Asset Allocation Opportunity (iAGP) 11 .07 22 .3 (0 .4) 4 .5 1 .6 5 .0 - - - 2 .48 Industrial Alliance Canadian Hybrid Funds4 Strategic Equity Income Hybrid 75/25 14 .94 19 .1 (0 .4) 3 .9 (4 .7) (2 .4) 1 .9 3 .7* - 2 .04 iA Clarington Dividend Growth Hybrid 75/25 15 .11 49 .0 (0 .8) 3 .6 (5 .0) (4 .0) 2 .2 4 .8* - 1 .99 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 12 .53 6 .7 (0 .7) 3 .4 (10 .8) (8 .4) 0 .6 3 .4* - 2 .03 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .52 3 .7 (1 .6) 2 .9 (0 .3) 0 .7 3 .4 4 .8* - 2 .16 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .94 16 .9 (0 .8) 2 .9 2 .8 3 .6 4 .8 4 .6* - 2 .47 Fidelity Canadian Equity Growth Hybrid 75/25 14 .16 11 .1 (1 .4) 3 .8 (0 .8) 1 .2 3 .1 4 .9* - 2 .16 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 17 .53 18 .3 1 .5 7 .9 12 .3 14 .9 10 .2 9 .5* - 2 .40 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 16 .25 17 .1 (1 .1) 4 .1 (7 .0) (3 .9) (0 .8) 2 .6* - 2 .76 QV Investors Inc . North American Equity Hybrid 75/25 13 .06 2 .2 (0 .7) 4 .9 1 .4 4 .1 3 .5 4 .6* - 2 .13 Industrial Alliance Global Hybrid Funds4 Global Dividend (Dynamic) Hybrid 75/25 23 .46 139 .9 (0 .3) 5 .5 7 .8 10 .9 11 .0 10 .8* - 2 .61 Dynamic Global Equity (QV) Hybrid 75/25 19 .22 10 .8 (1 .0) 3 .4 5 .3 10 .4 5 .9 5 .4* - 2 .28 QV Investors Inc . Global Equity Hybrid 75/25 15 .91 6 .3 (1 .0) (1 .1) (8 .3) (4 .3) (1 .6) 1 .2* - 2 .52 Industrial Alliance Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .81 2 .5 (0 .4) 3 .5 (7 .4) (1 .4) (3 .8) (0 .9)* - 2 .31 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 116 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 Prestige | My Education+ Prestige Preferentiel Pricing

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds4 (continued) Global True Conviction Hybrid 75/25 18 .01 7 .3 (1 .0) 2 .9 4 .9 8 .5 6 .0 5 .4* - 2 .28 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .68 22 .2 0 .4 3 .9 7 .0 11 .8 3 .6 2 .4* - 2 .65 Fidelity Thematic Innovation Hybrid 75/25 17 .06 17 .0 (1 .0) 5 .7 15 .2 21 .0 5 .5 5 .7* - 2 .47 Industrial Alliance Canadian Equity Funds Strategic Equity Income 19 .23 155 .9 (0 .5) 5 .1 (8 .8) (5 .5) 0 .8 3 .8* 4 .9* 2 .12 iA Clarington Dividend Growth 23 .74 808 .8 (1 .1) 4 .7 (9 .4) (7 .9) 1 .1 5 .2* 5 .2* 2 .13 Industrial Alliance Dividend Growth (iAIM) 21 .49 81 .3 (1 .0) 4 .5 (16 .9) (13 .7) (1 .3) 3 .1* 2 .6* 2 .17 Industrial Alliance Canadian Equity Index 31 .06 445 .9 (2 .2) 3 .8 (3 .4) (1 .7) 2 .7 5 .3* 3 .9* 2 .20 Industrial Alliance Fidelity True North® 56 .48 231 .5 (1 .1) 3 .8 1 .0 2 .5 4 .8 5 .1* 6 .4* 2 .61 Fidelity Canadian Equity Growth 41 .91 749 .2 (1 .9) 5 .0 (3 .9) (1 .1) 2 .3 5 .3* 4 .7* 2 .30 Industrial Alliance Fidelity Canadian Opportunities 76 .61 234 .7 2 .0 10 .4 13 .4 17 .4 11 .9 11 .6* 8 .2* 2 .57 Fidelity Canadian Equity Small Cap (QV) 21 .11 106 .8 (1 .5) 5 .4 (12 .5) (8 .2) (3 .0) 2 .4* 6 .4* 2 .79 QV Investors Inc . North American Equity 52 .64 108 .5 (1 .0) 6 .4 (1 .3) 2 .5 2 .8 4 .9* 3 .5* 2 .33 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .81 66 .4 (0 .9) 5 .2 1 .9 8 .2 6 .9* 7 .8* 9 .0* 2 .27 BlackRock Global Dividend (Dynamic) 32 .28 1,017 .0 (0 .5) 7 .3 8 .3 12 .8 13 .2 13 .6* 12 .0* 2 .72 Dynamique Global Equity (QV) 21 .73 30 .3 (1 .3) (1 .4) (13 .4) (8 .6)* (1 .9)* 2 .5* 5 .7* 2 .60 QV Investors Inc . Global Equity 26 .16 87 .2 (1 .4) 4 .5 4 .7 11 .7 6 .0 6 .0* 8 .8* 2 .33 Industrial Alliance Global Opportunities 13 .72 10 .6 (0 .5) 4 .6 (12 .5) (4 .6) (6 .9) (2 .6)* - 2 .53 Loomis Sayles Global True Conviction 19 .68 137 .2 (1 .4) 3 .8 3 .9 9 .0 6 .3 6 .0* - 2 .38 Industrial Alliance Fidelity Global Concentrated Equity5 10 .23 29 .5 (1 .4) 2 .9 (7 .2) 1 .7 2 .1* 6 .0* 8 .3* 2 .89 Fidelity Fidelity NorthStar® 25 .40 112 .9 0 .5 5 .2 6 .7 13 .4 3 .1 2 .1* 8 .5* 2 .83 Fidelity International Equity Index (BlackRock) 14 .20 159 .3 (0 .4) 2 .1 (6 .0) (0 .9) 0 .5 2 .8* 4 .9* 2 .53 BlackRock International Equity 22 .03 479 .8 0 .2 3 .1 (0 .8) 5 .4 2 .7 3 .9* 5 .9* 2 .36 Industrial Alliance Fidelity European Equity 18 .36 40 .6 (1 .4) 0 .3 (10 .8) (3 .4) (2 .1) 0 .2* 4 .6* 2 .68 Fidelity U .S . Equity Index (BlackRock) 34 .47 285 .5 (1 .6) 6 .1 6 .6 13 .1 11 .6 10 .9* 13 .5* 2 .49 BlackRock Fidelity Insights 13 .17 83 .1 (1 .7) 9 .3 23 .7 31 .7* 18 .1* - - 2 .74 Fidelity Thematic Innovation 19 .72 514 .8 (1 .4) 7 .4 18 .1 25 .0 14 .1* - - 2 .21 Industrial Alliance American (Dynamic) 11 .92 49 .2 (1 .5) 9 .3 15 .9 19 .2* 18 .6* 15 .3* 13 .1* 2 .57 Dynamic U .S . Equity 23 .27 108 .5 (2 .0) 5 .8 8 .4 14 .5 7 .5 6 .6* 11 .5* 2 .39 Industrial Alliance U .S . Dividend Growth 26 .07 187 .2 1 .0 7 .5 3 .2 7 .5 6 .8 6 .5* 10 .3* 2 .20 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .18 123 .5 3 .2 11 .5 24 .6 36 .7 15 .1 12 .1* 7 .1* 2 .85 Dynamic Emerging Markets (Jarislowsky Fraser) 10 .92 27 .9 2 .0 11 .2 3 .1 9 .2* 3 .8* 6 .6* - 2 .98 Jarislowsky Fraser Global Health Care (Renaissance) 59 .44 248 .1 1 .1 2 .9 8 .0 21 .6 9 .8 6 .7* 14 .7* 3 .21 Renaissance Global Infrastructure (Dynamic) 9 .55 45 .6 1 .2 5 .9 (6 .9) (4 .5)* 4 .3* 6 .7* 8 .9* 2 .84 Dynamic Real Estate Income 38 .35 68 .1 (0 .4) 1 .3 (18 .1) (18 .1) 0 .5 3 .2* 5 .1* 2 .31 Industrial Alliance U .S . DAQ Index 32 .92 462 .5 (3 .5) 9 .6 32 .6 45 .5 24 .5 20 .1* 20 .0* 2 .70 Industrial Alliance Indexia Funds5 Indexia Prudent 11 .10 122 .6 (0 .2) 1 .4 4 .6 4 .6 4 .5* 3 .8* - 1 .86 Industrial Alliance Indexia Moderate 11 .09 83 .3 (0 .4) 2 .0 3 .5 4 .5 4 .6* 4 .5* - 1 .85 Industrial Alliance Indexia Balanced 11 .09 98 .9 (0 .6) 2 .7 2 .4 4 .4 4 .8* 5 .2* - 1 .85 Industrial Alliance Indexia Growth 11 .10 45 .4 (0 .9) 3 .3 1 .6 4 .6 5 .0* 5 .8* - 1 .84 Industrial Alliance Indexia Aggressive 11 .02 19 .4 (1 .4) 3 .5 (0 .2) 3 .8 5 .0* 6 .4* - 1 .84 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 Not offered in registered contracts and TFSAs . 2 The rates for the period are non-annualized . * Simulation of past returns as if the Fund or series had been in effect for these periods . 3 Management expense ratio (GST and HST included) . These fees may change at any time . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 Fund not offered for My Education+ . 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 117 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 22 .70 209 .6 (0 .2) 2 .0 3 .1 3 .9 3 .1 2 .4 2 .7* 2 .74 Various Managers Focus Moderate 24 .23 259 .5 (0 .3) 2 .8 2 .3 3 .9 3 .0 2 .8 3 .1* 2 .81 Various Managers Focus Balanced 25 .65 385 .1 (0 .4) 3 .6 1 .4 3 .8 2 .8 3 .0 3 .5* 2 .85 Various Managers Focus Growth 27 .05 133 .2 (0 .6) 4 .3 0 .8 4 .0 2 .6 3 .4 3 .8* 2 .89 Various Managers Focus Aggressive 28 .39 43 .4 (0 .7) 5 .0 0 .0 3 .9 2 .4 3 .6 4 .2* 3 .03 Various Managers Selection Funds Selection Prudent 11 .90 106 .1 (0 .3) 1 .4 0 .9 1 .2 2 .1 2 .4 - 2 .71 Various Managers Selection Moderate 11 .98 184 .9 (0 .5) 2 .2 (0 .7) 0 .6 1 .8 2 .5 - 2 .78 Various Managers Selection Balanced 12 .20 239 .1 (0 .9) 2 .8 (2 .5) (0 .4) 1 .4 2 .9 - 2 .88 Various Managers Selection Growth 12 .46 97 .7 (1 .0) 3 .6 (3 .0) (0 .3) 1 .4 3 .3 - 2 .96 Various Managers Selection Aggressive 12 .52 24 .2 (1 .1) 4 .3 (3 .9) (0 .4) 1 .1 3 .4 - 3 .11 Various Managers Income Funds Money Market 17 .65 551 .7 0 .0 0 .0 0 .6 0 .7 0 .6 0 .4 0 .3* 1 .59 Industrial Alliance Short Term Bond 20 .96 242 .3 0 .0 0 .4 3 .5 3 .3 1 .5 0 .4 0 .6* 2 .40 Industrial Alliance Bond 37 .30 3,256 .7 0 .1 0 .0 6 .3 5 .0 3 .9 2 .3 2 .4* 2 .38 Industrial Alliance Canadian Corporate Bond 11 .28 1,558 .6 (0 .2) 0 .7 5 .0 4 .6 3 .6 2 .3* - 2 .33 Industrial Alliance Core Plus Bond (Wellington Square) 11 .25 38 .6 0 .2 2 .3 0 .6 0 .9 0 .8 0 .8 1 .1* 2 .48 Wellington Square Global Fixed Income (PIMCO) 12 .15 524 .6 (0 .2) 1 .9 (1 .5) (0 .2) 0 .6 2 .4 - 2 .75 PIMCO Floating Rate Income (Wellington Square) 9 .65 17 .4 0 .6 2 .7 (4 .1) (3 .5)* 0 .8* 1 .4* - 2 .41 Wellington Square Strategic Corporate Bond 13 .06 78 .9 (0 .1) 3 .1 (2 .5) (1 .8) 0 .1 2 .7 - 2 .42 iA Clarington

SPECIALTY Fidelity American High Yield Currency Neutral 10 .65 43 .2 (1 .2) 3 .5 (5 .4) (3 .5) (0 .1) 2 .3 3 .2* 2 .77 Fidelity Diversified Funds Diversified Security 31 .58 657 .2 (0 .4) 1 .2 1 .9 2 .8 2 .5 1 .9 3 .0* 2 .81 Industrial Alliance Diversified 51 .54 2,013 .2 (0 .7) 2 .5 0 .8 3 .0 2 .7 2 .8 4 .0* 2 .84 Industrial Alliance Diversified Opportunity 39 .37 439 .0 (1 .0) 3 .2 (0 .8) 2 .0 2 .3 2 .8 4 .1* 2 .82 Industrial Alliance Canadian Balanced (QV) 13 .84 78 .7 (0 .8) 3 .0 (5 .8) (4 .3) (1 .4) 0 .4 2 .3* 2 .79 QV Investors Inc . SRI Balanced (Inhance) 17 .04 69 .8 0 .0 5 .4 6 .3 8 .1 5 .5 4 .8 4 .7* 3 .06 Vancity Diversified Income 33 .94 280 .1 (1 .0) 3 .2 (1 .6) 0 .8 1 .9 2 .9 4 .3* 2 .87 Industrial Alliance Strategic Income 14 .14 200 .3 (0 .2) 4 .9 (6 .4) (4 .1) 1 .0 3 .7 - 2 .75 iA Clarington Global Diversified (Loomis Sayles) 19 .82 514 .0 (0 .5) 4 .8 7 .1 11 .7 9 .5 8 .3 6 .3* 2 .89 Loomis Sayles Global Diversified Fixed Income (Forstrong) 10 .07 31 .3 0 .4 1 .5 (1 .7) 0 .3 - - - 3 .00 Forstrong Global Diversified (Forstrong) 12 .18 99 .5 (0 .3) 4 .3 0 .1 4 .9 3 .3 - - 3 .12 Forstrong Global Diversified Equity (Forstrong) 10 .56 19 .0 (0 .6) 4 .9 (1 .3) 4 .2 - - - 3 .09 Forstrong Fidelity Global Monthly Income 11 .12 172 .1 0 .0 3 .0 2 .3 5 .0 5 .0* 4 .3* 6 .7* 3 .09 Fidelity Global Asset Allocation Security (iAGP) 10 .73 63 .9 (0 .4) 2 .3 1 .6 2 .6 - - - 2 .99 Industrial Alliance Global Asset Allocation (iAGP) 10 .88 69 .2 (0 .4) 3 .4 1 .5 3 .8 - - - 3 .03 Industrial Alliance Global Asset Allocation Opportunity (iAGP) 10 .93 22 .3 (0 .4) 4 .3 1 .0 4 .2 - - - 3 .17 Industrial Alliance Canadian Hybrid Funds5 Strategic Equity Income Hybrid 75/25 14 .44 19 .1 (0 .4) 3 .7 (5 .1) (3 .0) 1 .3 3 .1 3 .9* 2 .61 iA Clarington Dividend Growth Hybrid 75/25 14 .53 49 .0 (0 .9) 3 .4 (5 .4) (4 .6) 1 .6 4 .1 4 .2* 2 .66 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 11 .85 6 .7 (0 .8) 3 .3 (11 .2) (9 .0) (0 .1) 2 .6 2 .0* 2 .65 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .03 3 .7 (1 .7) 2 .7 (0 .8) 0 .1 2 .8 4 .2 3 .2* 2 .74 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .21 16 .9 (0 .8) 2 .7 2 .4 3 .1 4 .3 3 .9 4 .9* 2 .94 Fidelity Canadian Equity Growth Hybrid 75/25 13 .62 11 .1 (1 .5) 3 .6 (1 .3) 0 .5 2 .5 4 .2 3 .8* 2 .85 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 16 .70 18 .3 1 .5 7 .8 11 .9 14 .3 9 .6 8 .7 6 .1* 2 .88 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 15 .75 17 .1 (1 .2) 4 .0 (7 .4) (4 .4) (1 .3) 2 .2 5 .2* 3 .23 QV Investors Inc . North American Equity Hybrid 75/25 12 .53 2 .2 (0 .8) 4 .7 0 .9 3 .4 2 .9 3 .9 2 .9* 2 .81 Industrial Alliance Global Hybrid Funds5 Global Dividend (Dynamic) Hybrid 75/25 22 .64 139 .9 (0 .4) 5 .3 7 .4 10 .4 10 .4 10 .2 9 .1* 3 .11 Dynamic Global Equity Hybrid 75/25 18 .38 10 .8 (1 .1) 3 .3 4 .8 9 .7 5 .2 4 .6 6 .8* 2 .88 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .21 6 .3 (1 .0) (1 .2) (8 .6) (4 .7) (2 .0) 0 .6 4 .5* 2 .95 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .07 2 .5 (0 .4) 3 .4 (7 .7) (1 .8) (4 .3) (1 .6) - 2 .77 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 118 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds5 (continued) Global True Conviction Hybrid 75/25 17 .23 7 .3 (1 .0) 2 .7 4 .4 7 .8 5 .3 4 .6 - 2 .89 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 17 .90 22 .2 0 .4 3 .8 6 .6 11 .2 3 .0 1 .7 6 .5* 3 .16 Fidelity Thematic Innovation Hybrid 75/25 16 .36 17 .0 (1 .0) 5 .6 14 .8 20 .3 4 .9 5 .1 6 .0* 2 .98 Industrial Alliance Canadian Equity Funds Strategic Equity Income 18 .50 155 .9 (0 .5) 4 .9 (9 .2) (6 .1) 0 .1 3 .1 4 .3* 2 .76 iA Clarington Dividend Growth 22 .76 808 .8 (1 .2) 4 .5 (9 .9) (8 .5) 0 .4 4 .4 4 .6* 2 .83 Industrial Alliance Dividend Growth (iAIM) 20 .31 81 .3 (1 .0) 4 .3 (17 .3) (14 .3) (2 .0) 2 .3 1 .8* 2 .85 Industrial Alliance Canadian Equity Index 29 .87 445 .9 (2 .2) 3 .6 (3 .9) (2 .3) 2 .1 4 .6 3 .2* 2 .84 Industrial Alliance Fidelity True North® 53 .94 231 .5 (1 .1) 3 .6 0 .7 2 .0 4 .2 4 .4 5 .7* 3 .12 Fidelity Canadian Equity Growth 40 .26 749 .2 (2 .0) 4 .8 (4 .4) (1 .7) 1 .7 4 .6 4 .1* 2 .94 Industrial Alliance Fidelity Canadian Opportunities 72 .78 234 .7 1 .9 10 .3 12 .9 16 .7 11 .2 10 .8 7 .4* 3 .11 Fidelity Canadian Equity Small Cap (QV) 20 .33 106 .8 (1 .6) 5 .3 (12 .8) (8 .7) (3 .5) 1 .8 6 .0* 3 .35 QV Investors Inc . North American Equity 50 .33 108 .5 (1 .1) 6 .2 (1 .8) 1 .8 2 .1 4 .1 2 .9* 3 .02 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .44 66 .4 (0 .9) 5 .0 1 .4 7 .4 6 .2* 7 .0* 8 .2* 3 .00 BlackRock Global Dividend (Dynamic) 31 .15 1,017 .0 (0 .5) 7 .1 7 .8 12 .2 12 .5 12 .9 11 .5* 3 .30 Dynamic Global Equity (QV) 21 .62 30 .3 (1 .4) (1 .6) (13 .7) (9 .1)* (2 .4)* 1 .9* 5 .2* 3 .14 QV Investors Inc . Global Equity 24 .97 87 .2 (1 .5) 4 .3 4 .0 10 .9 5 .2 5 .2 8 .1* 3 .11 Industrial Alliance Global Opportunities 13 .08 10 .6 (0 .6) 4 .4 (12 .8) (5 .1) (7 .4) (3 .2) - 3 .06 Loomis Sayles Global True Conviction 18 .81 137 .2 (1 .4) 3 .6 3 .3 8 .2 5 .5 5 .2 - 3 .08 Industrial Alliance Fidelity Global Concentrated Equity 10 .08 29 .5 (1 .5) 2 .7 (7 .5) 1 .2 1 .5* 5 .4* 7 .7* 3 .40 Fidelity Fidelity NorthStar® 24 .41 112 .9 0 .5 5 .0 6 .3 12 .8 2 .6 1 .5 7 .9* 3 .36 Fidelity International Equity Index (BlackRock) 13 .80 159 .3 (0 .4) 2 .0 (6 .3) (1 .4) 0 .1 2 .3 4 .6* 2 .98 BlackRock International Equity 21 .06 479 .8 0 .1 2 .9 (1 .3) 4 .7 2 .0 3 .2 5 .2* 3 .09 Industrial Alliance Fidelity European Equity 17 .54 40 .6 (1 .5) 0 .1 (11 .1) (3 .9) (2 .7) (0 .5) 4 .0* 3 .23 Fidelity U .S . Equity Index (BlackRock) 33 .44 285 .5 (1 .6) 6 .0 6 .2 12 .5 11 .1 10 .4 13 .1* 2 .96 BlackRock Fidelity Insights 13 .10 83 .1 (1 .7) 9 .1 23 .2 31 .0* 17 .5* - - 3 .27 Fidelity Thematic Innovation 19 .50 514 .8 (1 .5) 7 .2 17 .6 24 .2 13 .4* - - 2 .81 Industrial Alliance American (Dynamic) 11 .86 49 .2 (1 .6) 9 .1 15 .5 18 .6* 18 .0* 14 .7* 12 .5* 3 .07 Dynamic U .S . Equity 22 .29 108 .5 (2 .1) 5 .6 7 .8 13 .7 6 .8 5 .9 10 .8* 3 .09 Industrial Alliance U .S . Dividend Growth 24 .57 187 .2 0 .9 7 .3 2 .6 6 .7 6 .0 5 .6 9 .4* 2 .94 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .11 123 .5 3 .1 11 .3 24 .2 34 .5* 14 .0* 11 .1* 6 .4* 3 .34 Dynamic Emerging Markets (Jarislowsky Fraser) 10 .87 27 .9 2 .0 11 .1 2 .7 8 .7* 3 .3* 6 .0* - 3 .49 Jarislowsky Fraser Global Health Care (Renaissance) 58 .64 248 .1 1 .0 2 .8 7 .6 18 .6* 8 .6* 5 .8* 14 .0* 3 .66 Renaissance Global Infrastructure (Dynamic) 9 .51 45 .6 1 .2 5 .8 (7 .2) (4 .9)* 3 .9* 6 .3* 8 .4* 3 .22 Dynamic Real Estate Income 37 .33 68 .1 (0 .5) 1 .1 (18 .6) (17 .4)* 0 .2* 2 .7* 4 .5* 3 .14 Industrial Alliance U .S . DAQ Index 32 .52 462 .5 (3 .5) 9 .5 32 .2 42 .1* 23 .0* 19 .0* 19 .2* 3 .04 Industrial Alliance Indexia Funds Indexia Prudent 10 .96 122 .6 (0 .3) 1 .3 4 .2 4 .2 4 .0* 3 .4* - 2 .31 Industrial Alliance Indexia Moderate 10 .96 83 .3 (0 .5) 1 .9 3 .2 4 .1 4 .2* 4 .1* - 2 .23 Industrial Alliance Indexia Balanced 10 .97 98 .9 (0 .7) 2 .6 2 .1 4 .0 4 .4* 4 .7* - 2 .26 Industrial Alliance Indexia Growth 10 .98 45 .4 (0 .9) 3 .2 1 .3 4 .1 4 .7* 5 .4* - 2 .25 Industrial Alliance Indexia Aggressive 10 .90 19 .4 (1 .5) 3 .4 (0 .5) 3 .4 4 .6* 6 .0* - 2 .27 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . * Simulation of past returns as if the Fund or series had been in effect for these periods . 2 The rates for the period are non-annualized . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 3 Management expense ratio (GST and HST included) . These fees may change at any time . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 119 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Ecoflex Series 100/100 | FORLIFE Series

2 Unit Net assets1 Simple returns Compound annual returns Investment

Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 22 .62 209 .6 (0 .2) 2 .0 3 .0 3 .8 3 .0 2 .3 2 .7* 3 .13 Various Managers Focus Moderate 24 .10 259 .5 (0 .3) 2 .7 2 .2 3 .7 2 .8 2 .6 3 .0* 3 .39 Various Managers Focus Balanced 25 .47 385 .1 (0 .5) 3 .5 1 .3 3 .5 2 .5 2 .9 3 .4* 3 .47 Various Managers Focus Growth 26 .82 133 .2 (0 .6) 4 .3 0 .6 3 .7 2 .3 3 .2 3 .7* 3 .67 Various Managers Focus Aggressive 28 .23 43 .4 (0 .7) 4 .9 (0 .1) 3 .7 2 .2 3 .5 4 .1* 3 .86 Various Managers Selection Funds Selection Prudent 11 .87 106 .1 (0 .3) 1 .4 0 .8 1 .1 2 .0 2 .3 - 3 .04 Various Managers Selection Moderate 11 .94 184 .9 (0 .5) 2 .2 (0 .7) 0 .4 1 .7 2 .5 - 3 .29 Various Managers Selection Balanced 12 .16 239 .1 (0 .9) 2 .8 (2 .5) (0 .5) 1 .3 2 .8 - 3 .40 Various Managers Selection Growth 12 .40 97 .7 (1 .0) 3 .5 (3 .1) (0 .5) 1 .3 3 .2 - 3 .62 Various Managers Selection Aggressive 12 .50 24 .2 (1 .1) 4 .3 (3 .9) (0 .4) 1 .1 3 .3 - 3 .81 Various Managers Income Funds Money Market 17 .63 551 .7 0 .0 0 .0 0 .6 0 .7 0 .5 0 .4 0 .3* 1 .92 Industrial Alliance Short Term Bond 20 .97 242 .3 0 .0 0 .4 3 .5 3 .3 1 .5 0 .5 0 .6* 2 .63 Industrial Alliance Bond 37 .30 3,256 .7 0 .1 0 .0 6 .3 5 .0 3 .9 2 .3 2 .4* 2 .63 Industrial Alliance Core Plus Bond (Wellington Square) 11 .25 38 .6 0 .2 2 .3 0 .6 0 .9 0 .8 0 .8 1 .1* 2 .73 Wellington Square

5 SPECIALTY Strategic Corporate Bond 13 .04 78 .9 (0 .1) 3 .1 (2 .5) (1 .9) 0 .0 2 .7 - 2 .72 iA Clarington Diversified Funds Diversified Security 31 .39 657 .2 (0 .4) 1 .2 1 .8 2 .6 2 .3 1 .7 2 .9* 3 .25 Industrial Alliance Diversified 51 .27 2,013 .2 (0 .7) 2 .5 0 .7 2 .8 2 .5 2 .7 3 .9* 3 .42 Industrial Alliance Diversified Opportunity 39 .18 439 .0 (1 .0) 3 .1 (0 .9) 1 .8 2 .2 2 .7 4 .0* 3 .51 Industrial Alliance Canadian Balanced (QV) 13 .70 78 .7 (0 .8) 2 .9 (6 .0) (4 .6) (1 .7) 0 .2 2 .2* 3 .65 QV Investors Inc . SRI Balanced (Inhance) 16 .98 69 .8 0 .0 5 .4 6 .2 8 .0 5 .4 4 .8 4 .7* 3 .67 Vancity Diversified Income 33 .75 280 .1 (1 .0) 3 .1 (1 .8) 0 .6 1 .7 2 .8 4 .2* 3 .57 Industrial Alliance Strategic Income 13 .96 200 .3 (0 .2) 4 .8 (6 .7) (4 .5) 0 .6 3 .4 - 3 .67 IA Clarington Global Diversified (Loomis Sayles)6 19 .64 514 .0 (0 .6) 4 .8 6 .8 11 .4 9 .2 8 .1 6 .3* 3 .68 Loomis Sayles Canadian Hybrid Funds4 Strategic Equity Income Hybrid 75/25 14 .44 19 .1 (0 .4) 3 .7 (5 .1) (3 .0) 1 .3 3 .1 3 .9* 3 .14 iA Clarington Dividend Growth Hybrid 75/25 14 .50 49 .0 (0 .9) 3 .4 (5 .5) (4 .7) 1 .5 4 .1 4 .2* 3 .25 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 11 .73 6 .7 (0 .8) 3 .2 (11 .4) (9 .3) (0 .5) 2 .3 1 .9* 3 .24 Industrial Alliance Canadian Equity Index Hybrid 75/25 12 .99 3 .7 (1 .7) 2 .7 (0 .9) 0 .0 2 .7 4 .1 3 .1* 3 .22 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .04 16 .9 (0 .8) 2 .6 2 .1 2 .7 3 .9 3 .7 4 .8* 3 .97 Fidelity Canadian Equity Growth Hybrid 75/25 13 .61 11 .1 (1 .5) 3 .6 (1 .3) 0 .5 2 .4 4 .2 3 .8* 3 .50 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/256 16 .47 18 .3 1 .5 7 .6 11 .5 13 .8 9 .1 8 .4 6 .0* 4 .00 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/256 15 .74 17 .1 (1 .2) 3 .9 (7 .4) (4 .4) (1 .3) 2 .1 5 .2* 3 .89 QV Investors Inc . North American Equity Hybrid 75/25 12 .47 2 .2 (0 .8) 4 .7 0 .8 3 .3 2 .7 3 .8 2 .8* 3 .64 Industrial Alliance Global Hybrid Funds4 Global Dividend (Dynamic) Hybrid 75/25 22 .57 139 .9 (0 .4) 5 .3 7 .3 10 .3 10 .3 10 .1 9 .0* 3 .88 Dynamic Global Equity Hybrid 75/25 18 .30 10 .8 (1 .1) 3 .2 4 .7 9 .5 5 .0 4 .5 6 .8* 3 .70 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .04 6 .3 (1 .1) (1 .3) (8 .8) (5 .0) (2 .4) 0 .4 4 .4* 3 .98 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/256 12 .87 2 .5 (0 .4) 3 .2 (8 .1) (2 .4) (4 .8) (1 .9) - 3 .95 Loomis Sayles Global True Conviction Hybrid 75/25 17 .14 7 .3 (1 .1) 2 .7 4 .3 7 .6 5 .2 4 .5 - 3 .71 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 17 .80 22 .2 0 .4 3 .7 6 .5 10 .9 2 .8 1 .6 6 .5* 4 .01 Fidelity Thematic Innovation Hybrid 75/25 16 .25 17 .0 (1 .0) 5 .5 14 .6 20 .1 4 .7 4 .9 6 .0* 3 .84 Industrial Alliance

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 120 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Ecoflex Series 100/100 | FORLIFE Series

2 Unit Net assets1 Simple returns Compound annual returns Investment

Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % %

Canadian Equity Funds Strategic Equity Income 18 .49 155 .9 (0 .5) 4 .9 (9 .2) (6 .2) 0 .1 3 .1 4 .3* 3 .53 iA Clarington Dividend Growth 22 .77 808 .8 (1 .2) 4 .5 (9 .9) (8 .5) 0 .4 4 .4 4 .6* 3 .59 Industrial Alliance Dividend Growth (iAIM) 20 .10 81 .3 (1 .0) 4 .3 (17 .5) (14 .5) (2 .3) 2 .1 1 .7* 3 .65 Industrial Alliance Canadian Equity Index 37 .16 445 .9 (2 .2) 3 .6 (3 .8) (2 .3) 2 .1* 4 .6* 3 .3* 3 .51 Industrial Alliance Canadian Equity Growth 31 .39 749 .2 (2 .0) 4 .8 (4 .4) (0 .1)* 2 .2* 4 .9* 4 .2* 3 .73 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .41 66 .4 (0 .9) 5 .0 1 .3 7 .4 6 .1* 7 .0* 8 .2* 3 .81 BlackRock International Equity Index (BlackRock) 17 .31 159 .3 (0 .4) 2 .0 (6 .3) (1 .3) 0 .1* 2 .3* 4 .5* 3 .68 BlackRock U .S . Equity Index (BlackRock) 42 .03 285 .5 (1 .6) 6 .0 6 .3 12 .6 11 .2* 10 .4* 13 .0* 3 .64 BlackRock Thematic Innovation 19 .50 514 .8 (1 .5) 7 .2 17 .4 23 .5* 13 .1* - - 3 .73 Industrial Alliance U .S . Equity 21 .54 108 .5 (2 .1) 5 .6 7 .9 13 .7* 4 .4* 2 .6* 1 .3* 3 .78 Industrial Alliance U .S . Dividend Growth 24 .57 187 .2 0 .9 7 .3 2 .6 7 .5* 6 .2* 5 .8* 9 .6* 3 .71 Industrial Alliance FORLIFE Series Funds - Income Stage FORLIFE Guaranteed Maximum Income 11 .81 102 .6 (0 .2) 0 .1 5 .4 4 .2 4 .7 3 .3 - - Industrial Alliance FORLIFE Guaranteed Income & Growth 11 .66 10 .6 (0 .5) 1 .1 3 .9 4 .0 3 .8 3 .1 - - Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 Fund closed to new investments as of June 30th, 2015 . 2 The rates for the period are non-annualized . 6 Fund closed to new investments as of Septembre 9, 2016 . 3 Management expense ratio (GST and HST included) . These fees may change at any time and are the * Simulation of past returns as if the Fund or series had been in effect for these periods . same for Series 75/100 and Ecoflex 100/100 Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 121 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Ecoflextra Series

Simple returns2 Compound annual returns Unit Net assets1 Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Disciplined Funds Disciplined Prudent (iAIM) 9 .98 100 .7 ------3 .37 Various Managers Disciplined Moderate (iAIM) 9 .99 212 .1 ------3 .68 Various Managers Disciplined Balanced (iAIM) 9 .99 377 .8 ------3 .68 Various Managers Disciplined Growth (iAIM) 10 .00 204 .9 ------3 .93 Various Managers Income Funds Money Market 17 .63 551 .7 0 .0 0 .0 0 .6 0 .7 0 .5 0 .4 0 .3* 2 .27 Industrial Alliance Short Term Bond 20 .97 242 .3 0 .0 0 .4 3 .5 3 .3 1 .5 0 .5 0 .6* 2 .98 Industrial Alliance Disciplined Bond (iAIM) 9 .97 635 .4 ------2 .98 Industrial Alliance Canadian Hybrid Funds4 Canadian Disciplined Equity (iAIM) Hybrid 75/25 9 .95 146 .0 ------4 .00 Industrial Alliance Canadian Equity Index Hybrid 75/25 12 .99 3 .7 (1 .7) 2 .7 (0 .9) 0 .0 2 .7 4 .1 3 .1* 3 .97 Industrial Alliance Global Hybrid Funds4 Global Disciplined Equity (iAIM) Hybrid 75/25 10 .01 70 .5 ------4 .45 Industrial Alliance U .S . Disciplined Equity (iAIM) Hybrid 75/25 9 .99 34 .9 ------4 .25 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . * Simulation of past returns as if the Fund or series had been in effect for these periods . 2 The rates for the period are non-annualized . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 3 Management expense ratio (GST and HST included) . These fees may change at any time .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 122 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100 Prestige

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 23 .06 209 .6 (0 .2) 2 .1 3 .3 4 .1 3 .4 2 .7* 3 .0* 2 .49 Various Managers Focus Moderate 24 .58 259 .5 (0 .3) 2 .8 2 .5 4 .1 3 .2 3 .0* 3 .3* 2 .60 Various Managers Focus Balanced 26 .04 385 .1 (0 .4) 3 .7 1 .6 4 .0 3 .0 3 .3* 3 .7* 2 .65 Various Managers Focus Growth 27 .43 133 .2 (0 .5) 4 .4 1 .0 4 .2 2 .8 3 .7* 4 .1* 2 .66 Various Managers Focus Aggressive 28 .77 43 .4 (0 .7) 5 .0 0 .2 4 .1 2 .5 3 .9* 4 .4* 2 .78 Various Managers Selection Funds Selection Prudent 12 .12 106 .1 (0 .3) 1 .5 1 .1 1 .6 2 .5 2 .7* - 2 .38 Various Managers Selection Moderate 12 .17 184 .9 (0 .5) 2 .2 (0 .5) 0 .8 2 .0 2 .9* - 2 .53 Various Managers Selection Balanced 12 .39 239 .1 (0 .9) 2 .9 (2 .3) (0 .2) 1 .6 3 .2* - 2 .63 Various Managers Selection Growth 12 .63 97 .7 (0 .9) 3 .6 (2 .9) (0 .1) 1 .6 3 .6* - 2 .75 Various Managers Selection Aggressive 12 .72 24 .2 (1 .1) 4 .4 (3 .7) (0 .1) 1 .4 3 .7* - 2 .84 Various Managers Income Funds Money Market 17 .65 551 .7 0 .0 0 .0 0 .6 0 .7 0 .6 0 .4* (0 .2)* 1 .54 Industrial Alliance Short Term Bond 21 .21 242 .3 0 .0 0 .5 3 .7 3 .5 1 .7 0 .7* 0 .7* 2 .15 Industrial Alliance Bond 37 .73 3,256 .7 0 .1 0 .1 6 .5 5 .3 4 .2 2 .6* 2 .5* 2 .16 Industrial Alliance Canadian Corporate Bond 11 .39 1,558 .6 (0 .2) 0 .8 5 .2 4 .8 3 .8 2 .5* - 2 .15 Industrial Alliance Core Plus Bond (Wellington Square) 11 .37 38 .6 0 .2 2 .4 0 .7 1 .2 1 .0 1 .0* - 2 .26 Wellington Square Global Fixed Income (PIMCO) 12 .26 524 .6 (0 .2) 2 .0 (1 .4) 0 .0 0 .8 2 .5* - 2 .55 PIMCO Floating Rate Income (Wellington Square) 9 .67 17 .4 0 .6 2 .7 (4 .0) (3 .3)* 0 .9* 1 .6* - 2 .24 Wellington Square Strategic Corporate Bond 13 .18 78 .9 (0 .1) 3 .2 (2 .4) (1 .6) 0 .3 2 .9* - 2 .21 iA Clarington

SPECIALTY Fidelity American High Yield Currency Neutral 10 .74 43 .2 (1 .2) 3 .6 (5 .3) (3 .3) 0 .0 2 .5* 3 .4* 2 .65 Fidelity Diversified Funds Diversified Security 32 .00 657 .2 (0 .4) 1 .3 2 .1 3 .0 2 .7 2 .1* 3 .2* 2 .62 Industrial Alliance Diversified 52 .68 2,013 .2 (0 .7) 2 .6 1 .1 3 .4 3 .1 3 .3* 4 .4* 2 .46 Industrial Alliance Diversified Opportunity 40 .35 439 .0 (1 .0) 3 .3 (0 .5) 2 .4 2 .8 3 .3* 4 .5* 2 .40 Industrial Alliance Canadian Balanced (QV) 14 .07 78 .7 (0 .8) 3 .1 (5 .6) (4 .0) (1 .1) 0 .7* 2 .6* 2 .51 QV Investors Inc . SRI Balanced (Inhance) 17 .41 69 .8 0 .0 5 .5 6 .5 8 .5 5 .9 5 .3* 5 .1* 2 .70 Vancity Diversified Income 34 .77 280 .1 (0 .9) 3 .3 (1 .4) 1 .2 2 .3 3 .4* 4 .7* 2 .49 Industrial Alliance Strategic Income 14 .50 200 .3 (0 .1) 5 .0 (6 .1) (3 .6) 1 .5 4 .2* - 2 .25 iA Clarington Global Diversified (Loomis Sayles) 20 .13 514 .0 (0 .5) 4 .9 7 .3 12 .0 9 .8 8 .7* 6 .6* 2 .62 Loomis Sayles Global Diversified Fixed Income (Forstrong) 10 .11 31 .3 0 .4 1 .5 (1 .6) 0 .4 - - - 2 .86 Forstrong Global Diversified (Forstrong) 12 .33 99 .5 (0 .3) 4 .3 0 .4 5 .2 3 .6 - - 2 .79 Forstrong Global Diversified Equity (Forstrong) 10 .65 19 .0 (0 .6) 5 .0 (1 .1) 4 .5 - - - 2 .78 Forstrong Fidelity Global Monthly Income 11 .20 172 .1 0 .1 3 .1 2 .5 5 .3 5 .3* 4 .6* 7 .0* 2 .82 Fidelity Global Asset Allocation Security (iAGP) 10 .76 63 .9 (0 .4) 2 .3 1 .7 2 .8 - - - 2 .81 Industrial Alliance Global Asset Allocation (iAGP) 10 .95 69 .2 (0 .4) 3 .5 1 .7 4 .1 - - - 2 .69 Industrial Alliance Global Asset Allocation Opportunity (iAGP) 11 .03 22 .3 (0 .4) 4 .4 1 .4 4 .8 - - - 2 .66 Industrial Alliance Canadian Hybrid Funds5 Strategic Equity Income Hybrid 75/25 14 .88 19 .1 (0 .4) 3 .9 (4 .7) (2 .4) 1 .9 3 .7* - 2 .04 iA Clarington Dividend Growth Hybrid 75/25 14 .92 49 .0 (0 .8) 3 .6 (5 .1) (4 .1) 2 .1 4 .7* - 2 .16 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 12 .16 6 .7 (0 .7) 3 .4 (10 .9) (8 .5) 0 .4 3 .1* - 2 .16 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .35 3 .7 (1 .6) 2 .8 (0 .5) 0 .6 3 .3 4 .7* - 2 .32 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .42 16 .9 (0 .8) 2 .8 2 .5 3 .2 4 .5 4 .2* - 2 .77 Fidelity Canadian Equity Growth Hybrid 75/25 13 .97 11 .1 (1 .4) 3 .8 (0 .8) 1 .1 3 .0 4 .7* - 2 .26 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 16 .95 18 .3 1 .5 7 .8 12 .0 14 .6 9 .9 9 .1* - 2 .67 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 16 .07 17 .1 (1 .2) 4 .1 (7 .1) (4 .0) (0 .9) 2 .6* - 2 .83 QV Investors Inc . North American Equity Hybrid 75/25 12 .79 2 .2 (0 .8) 4 .8 1 .1 3 .8 3 .2 4 .3* - 2 .48 Industrial Alliance Global Hybrid Funds5 Global Dividend (Dynamic) Hybrid 75/25 23 .08 139 .9 (0 .3) 5 .4 7 .7 10 .7 10 .8 10 .6* - 2 .79 Dynamic Global Equity Hybrid 75/25 18 .87 10 .8 (1 .1) 3 .4 5 .2 10 .2 5 .7 5 .2* - 2 .45 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .39 6 .3 (1 .0) (1 .1) (8 .5) (4 .5) (1 .9) 0 .8* - 2 .81 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .27 2 .5 (0 .4) 3 .4 (7 .6) (1 .6) (4 .1) (1 .4)* - 2 .51 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 123 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100 Prestige

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds5 (continued) Global True Conviction Hybrid 75/25 17 .71 7 .3 (1 .0) 2 .9 4 .8 8 .4 5 .9 5 .2* - 2 .38 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .16 22 .2 0 .4 3 .8 6 .8 11 .3 3 .2 2 .0* - 3 .01 Fidelity Thematic Innovation Hybrid 75/25 16 .62 17 .0 (1 .0) 5 .7 15 .0 20 .7 5 .2 5 .4* - 2 .70 Industrial Alliance Canadian Equity Funds Strategic Equity Income 19 .01 155 .9 (0 .5) 5 .1 (8 .8) (5 .6) 0 .7 3 .7* 4 .8* 2 .22 iA Clarington Dividend Growth 23 .44 808 .8 (1 .1) 4 .7 (9 .5) (8 .0) 1 .0 5 .0* 5 .0* 2 .25 Industrial Alliance Dividend Growth (iAIM) 20 .81 81 .3 (1 .0) 4 .5 (17 .0) (13 .9) (1 .5) 2 .8* 2 .2* 2 .31 Industrial Alliance Canadian Equity Index 30 .66 445 .9 (2 .2) 3 .8 (3 .5) (1 .8) 2 .6 5 .1* 3 .7* 2 .31 Industrial Alliance Fidelity True North® 54 .78 231 .5 (1 .1) 3 .7 0 .8 2 .2 4 .5 4 .7* 5 .9* 2 .91 Fidelity Canadian Equity Growth 41 .34 749 .2 (1 .9) 4 .9 (4 .0) (1 .2) 2 .2 5 .1* 4 .5* 2 .43 Industrial Alliance Fidelity Canadian Opportunities 74 .04 234 .7 2 .0 10 .4 13 .2 17 .1 11 .6 11 .2* 7 .7* 2 .81 Fidelity Canadian Equity Small Cap (QV) 20 .75 106 .8 (1 .5) 5 .4 (12 .6) (8 .4) (3 .1) 2 .2* 6 .3* 2 .95 QV Investors Inc . North American Equity 51 .55 108 .5 (1 .1) 6 .3 (1 .5) 2 .3 2 .5 4 .7* 3 .3* 2 .56 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .69 66 .4 (0 .9) 5 .1 1 .7 7 .9 6 .7* 7 .6* 8 .8* 2 .54 BlackRock Global Dividend (Dynamic) 31 .83 1,017 .0 (0 .5) 7 .2 8 .1 12 .7 13 .0 13 .4* 11 .8* 2 .87 Dynamic Global Equity (QV) 21 .66 30 .3 (1 .4) (1 .5) (13 .6) (8 .9)* (2 .3)* 2 .1* 5 .3* 2 .93 QV Investors Inc . Global Equity 25 .66 87 .2 (1 .4) 4 .4 4 .4 11 .4 5 .8 5 .8* 8 .5* 2 .62 Industrial Alliance Global Opportunities 13 .28 10 .6 (0 .6) 4 .5 (12 .7) (4 .9) (7 .2) (3 .0)* - 2 .86 Loomis Sayles Global True Conviction 19 .32 137 .2 (1 .4) 3 .7 3 .8 8 .8 6 .1 5 .8* - 2 .53 Industrial Alliance Fidelity Global Concentrated Equity 10 .18 29 .5 (1 .5) 2 .8 (7 .3) 1 .6 1 .9* 5 .8* 8 .1* 3 .09 Fidelity Fidelity NorthStar® 24 .86 112 .9 0 .5 5 .1 6 .5 13 .1 2 .9 1 .9* 8 .2* 3 .06 Fidelity International Equity Index (BlackRock) 14 .13 159 .3 (0 .4) 2 .1 (6 .0) (0 .9) 0 .6 2 .8* 4 .9* 2 .51 BlackRock International Equity 21 .55 479 .8 0 .2 3 .0 (1 .0) 5 .1 2 .4 3 .6* 5 .6* 2 .68 Industrial Alliance Fidelity European Equity 17 .82 40 .6 (1 .4) 0 .2 (11 .0) (3 .7) (2 .5) (0 .2)* 4 .2* 3 .03 Fidelity U .S . Equity Index (BlackRock) 34 .11 285 .5 (1 .6) 6 .1 6 .5 13 .0 11 .6 10 .8* 13 .4* 2 .57 BlackRock Fidelity Insights 13 .15 83 .1 (1 .7) 9 .2 23 .6 31 .5* 18 .0* - - 2 .89 Fidelity Thematic Innovation 19 .65 514 .8 (1 .4) 7 .3 17 .9 24 .7 13 .9* - - 2 .45 Industrial Alliance American (Dynamic) 11 .90 49 .2 (1 .5) 9 .2 15 .8 19 .0* 18 .4* 15 .1* 13 .0* 2 .69 Dynamic U .S . Equity 22 .87 108 .5 (2 .0) 5 .7 8 .2 14 .2 7 .3 6 .4* 11 .2* 2 .62 Industrial Alliance U .S . Dividend Growth 25 .17 187 .2 0 .9 7 .4 3 .0 7 .2 6 .5 6 .1* 9 .8* 2 .50 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .13 123 .5 3 .1 11 .4 24 .5 35 .0* 14 .4* 11 .6* 6 .9* 2 .98 Dynamic Emerging Markets (Jarislowsky Fraser) 10 .91 27 .9 2 .0 11 .2 3 .1 9 .1* 3 .7* 6 .5* - 3 .06 Jarislowsky Fraser Global Health Care (Renaissance) 58 .87 248 .1 1 .1 2 .9 7 .9 19 .0* 9 .0* 6 .2* 14 .4* 3 .25 Renaissance Global Infrastructure (Dynamic) 9 .55 45 .6 1 .2 5 .9 (6 .9) (4 .5)* 4 .3* 6 .7* 8 .9* 2 .82 Dynamic Real Estate Income 37 .52 68 .1 (0 .5) 1 .2 (18 .2) (17 .0)* 0 .7* 3 .2* 5 .0* 2 .62 Industrial Alliance U .S . DAQ Index 32 .98 462 .5 (3 .5) 9 .6 32 .8 42 .9* 23 .7* 19 .6* 19 .8* 2 .49 Industrial Alliance Indexia Funds Indexia Prudent 10 .99 122 .6 (0 .2) 1 .3 4 .3 4 .3 4 .1* 3 .4* - 2 .18 Industrial Alliance Indexia Moderate 10 .98 83 .3 (0 .5) 2 .0 3 .3 4 .2 4 .3* 4 .1* - 2 .13 Industrial Alliance Indexia Balanced 11 .00 98 .9 (0 .7) 2 .6 2 .2 4 .2 4 .5* 4 .8* - 2 .12 Industrial Alliance Indexia Growth 11 .00 45 .4 (0 .9) 3 .2 1 .3 4 .3 4 .7* 5 .5* - 2 .14 Industrial Alliance Indexia Aggressive 10 .93 19 .4 (1 .5) 3 .5 (0 .3) 3 .5 4 .7* 6 .0* - 2 .07 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . * Simulation of past returns as if the Fund or series had been in effect for these periods . 2 The rates for the period are non-annualized . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 3 Management expense ratio (GST and HST included) . These fees may change at any time . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 124 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 | F-Class5

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 23 .37 209 .6 (0 .1) 2 .3 4 .1 5 .3* 4 .4* 3 .8* 4 .1* 1 .44 Various Managers Focus Moderate 25 .01 259 .5 (0 .2) 3 .1 3 .3 5 .3* 4 .3* 4 .2* 4 .5* 1 .53 Various Managers Focus Balanced 26 .51 385 .1 (0 .3) 3 .9 2 .4 5 .1* 4 .1* 4 .5* 4 .9* 1 .56 Various Managers Focus Growth 27 .99 133 .2 (0 .5) 4 .7 1 .8 5 .3* 4 .0* 4 .8* 5 .3* 1 .60 Various Managers Focus Aggressive 29 .50 43 .4 (0 .6) 5 .3 1 .1 5 .3* 3 .8* 5 .1* 5 .7* 1 .66 Various Managers Selection Funds Selection Prudent 12 .21 106 .1 (0 .2) 1 .7 1 .9 2 .6* 3 .5* 3 .8* - 1 .38 Various Managers Selection Moderate 12 .31 184 .9 (0 .4) 2 .5 0 .4 1 .9* 3 .2* 4 .0* - 1 .43 Various Managers Selection Balanced 12 .56 239 .1 (0 .8) 3 .2 (1 .5) 1 .0* 2 .8* 4 .3* - 1 .55 Various Managers Selection Growth 12 .83 97 .7 (0 .9) 3 .9 (2 .0) 1 .1* 2 .8* 4 .8* - 1 .60 Various Managers Selection Aggressive 12 .94 24 .2 (1 .0) 4 .7 (2 .8) 1 .1* 2 .6* 4 .9* - 1 .68 Various Managers Income Funds Money Market 17 .71 551 .7 0 .0 0 .0 0 .7 0 .9* 0 .6* 0 .1* 0 .0* 1 .05 Industrial Alliance Short Term Bond 21 .39 242 .3 0 .0 0 .6 4 .1 4 .1* 2 .2* 1 .2* 1 .3* 1 .62 Industrial Alliance Bond 38 .07 3,256 .7 0 .1 0 .2 6 .9 5 .9* 4 .7* 3 .1* 3 .1* 1 .62 Industrial Alliance Canadian Corporate Bond 11 .44 1,558 .6 (0 .1) 0 .9 5 .6 5 .4* 4 .3* 3 .1* - 1 .60 Industrial Alliance Core Plus Bond (Wellington Square) 11 .53 38 .6 0 .3 2 .5 1 .2 1 .8* 1 .6* 1 .7* 2 .0* 1 .65 Wellington Square Global Fixed Income (PIMCO) 12 .37 524 .6 (0 .1) 2 .1 (1 .0) 0 .6* 1 .3* 3 .1* - 2 .03 PIMCO Floating Rate Income (Wellington Square) 9 .73 17 .4 0 .7 2 .9 (3 .6) (2 .6)* 1 .6* 2 .2* - 1 .54 Wellington Square Fidelity American High Yield Currency Neutral 10 .84 43 .2 (1 .1) 3 .7 (4 .8) (2 .7)* 0 .6* 3 .1* 4 .1* 2 .08 Fidelity SPECIALTY Diversified Funds Diversified Security 32 .66 657 .2 (0 .3) 1 .6 3 .0 4 .2* 3 .9* 3 .3* 4 .4* 1 .44 Industrial Alliance Diversified 53 .27 2,013 .2 (0 .6) 2 .8 1 .8 4 .4* 4 .1* 4 .3* 5 .4* 1 .50 Industrial Alliance Diversified Opportunity 40 .65 439 .0 (0 .9) 3 .5 0 .2 3 .3* 3 .7* 4 .2* 5 .4* 1 .50 Industrial Alliance Canadian Balanced (QV) 14 .47 78 .7 (0 .7) 3 .4 (4 .8) (3 .0)* 0 .0* 2 .0* 3 .9* 1 .43 QV Investors Inc . SRI Balanced (Inhance) 17 .61 69 .8 0 .1 5 .8 7 .4 9 .6* 7 .0* 6 .3* 6 .2* 1 .66 Vancity Diversified Income 35 .17 280 .1 (0 .9) 3 .5 (0 .7) 2 .1* 3 .2* 4 .3* 5 .7* 1 .35 Industrial Alliance Strategic Income 14 .79 200 .3 0 .0 5 .3 (5 .5) (2 .7)* 2 .4* 5 .2* - 1 .41 iA Clarington Global Diversified (Loomis Sayles) 20 .66 514 .0 (0 .4) 5 .2 8 .2 13 .3* 11 .0* 10 .0* 8 .0* 1 .55 Loomis Sayles Global Diversified Fixed Income (Forstrong) 10 .23 31 .3 0 .5 1 .8 (0 .7) 1 .6* - - - 1 .68 Forstrong Global Diversified (Forstrong) 12 .48 99 .5 (0 .2) 4 .6 1 .2 6 .4* 4 .6* - - 1 .69 Forstrong Global Diversified Equity (Forstrong) 10 .75 19 .0 (0 .5) 5 .3 (0 .3) 5 .7* - - - 1 .61 Forstrong Fidelity Global Monthly Income 11 .30 172 .1 0 .1 3 .3 3 .3 6 .4* - - - 1 .81 Fidelity Global Asset Allocation Security (iAIM) 10 .89 63 .9 (0 .3) 2 .6 2 .6 4 .1* - - - 1 .61 Industrial Alliance Global Asset Allocation (iAIM) 11 .04 69 .2 (0 .3) 3 .7 2 .5 5 .2* - - - 1 .66 Industrial Alliance Global Asset Allocation Opportunity (iAIM) 11 .11 22 .3 (0 .3) 4 .7 2 .1 5 .8* - - - 1 .72 Industrial Alliance Canadian Hybrid Funds4 Strategic Equity Income Hybrid 75/25 14 .77 19 .1 (0 .3) 4 .1 (4 .2) (1 .7)* 2 .6* 4 .4* 5 .0* 1 .34 iA Clarington Dividend Growth Hybrid 75/25 14 .93 49 .0 (0 .8) 3 .8 (4 .5) (3 .4)* 2 .9* 5 .5* 5 .1* 1 .37 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 12 .37 6 .7 (0 .7) 3 .6 (10 .3) (7 .8)* 1 .2* 4 .1* 3 .2* 1 .36 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .42 3 .7 (1 .6) 3 .1 0 .2 1 .5* 4 .2* 5 .6* 4 .0* 1 .43 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .93 16 .9 (0 .7) 3 .1 3 .5 4 .5* 5 .8* 5 .5* 5 .9* 1 .56 Fidelity Canadian Equity Growth Hybrid 75/25 14 .03 11 .1 (1 .4) 4 .0 (0 .2) 1 .9* 3 .9* 5 .6* 4 .5* 1 .48 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 17 .48 18 .3 1 .6 8 .1 13 .0 15 .9* 11 .1* 10 .4* 6 .9* 1 .57 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 16 .24 17 .1 (1 .1) 4 .3 (6 .4) (3 .0)* 0 .1* 3 .6* 6 .0* 1 .85 QV Investors Inc . North American Equity Hybrid 75/25 12 .95 2 .2 (0 .7) 5 .1 1 .9 4 .8* 4 .3* 5 .4* 3 .7* 1 .48 Industrial Alliance Global Hybrid Funds4 Global Dividend (Dynamic) Hybrid 75/25 23 .42 139 .9 (0 .3) 5 .7 8 .5 11 .9* 11 .9* 11 .7* 9 .9* 1 .77 Dynamic Global Equity Hybrid 75/25 19 .00 10 .8 (1 .0) 3 .6 5 .9 11 .1* 6 .5* 6 .0* 7 .7* 1 .60 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .94 6 .3 (0 .9) (0 .8) (7 .6) (3 .3)* (0 .6)* 2 .2* 5 .9* 1 .56 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .74 2 .5 (0 .3) 3 .7 (6 .9) (0 .6)* (3 .0)* (0 .2)* - 1 .50 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 125 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 | F-Class5

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds4 (continued) Global True Conviction Hybrid 75/25 17 .84 7 .3 (0 .9) 3 .1 5 .4 9 .2* 6 .7* 6 .1* - 1 .60 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .64 22 .2 0 .5 4 .1 7 .8 12 .7* 4 .5* 3 .3* 7 .5* 1 .76 Fidelity Thematic Innovation Hybrid 75/25 17 .01 17 .0 (0 .9) 6 .0 16 .0 22 .0* 6 .3* 6 .6* 6 .5* 1 .61 Industrial Alliance Canadian Equity Funds Strategic Equity Income 19 .00 155 .9 (0 .4) 5 .3 (8 .3) (4 .9)* 1 .5* 4 .5* 5 .6* 1 .44 iA Clarington Dividend Growth 23 .45 808 .8 (1 .1) 4 .9 (8 .9) (7 .2)* 1 .7* 5 .8* 5 .9* 1 .46 Industrial Alliance Dividend Growth (iAIM) 21 .27 81 .3 (0 .9) 4 .7 (16 .5) (13 .1)* (0 .6)* 3 .9* 3 .4* 1 .46 Industrial Alliance Canadian Equity Index 30 .71 445 .9 (2 .1) 4 .0 (2 .9) (1 .0)* 3 .4* 6 .0* 4 .6* 1 .53 Industrial Alliance Fidelity True North® 56 .40 231 .5 (1 .0) 4 .0 1 .7 3 .4* 5 .7* 6 .0* 7 .3* 1 .71 Fidelity Canadian Equity Growth 41 .52 749 .2 (1 .9) 5 .2 (3 .4) (0 .4)* 3 .1* 6 .0* 5 .5* 1 .57 Industrial Alliance Fidelity Canadian Opportunities 76 .28 234 .7 2 .0 10 .7 14 .1 18 .4* 12 .8* 12 .5* 9 .1* 1 .75 Fidelity Canadian Equity Small Cap (QV) 21 .01 106 .8 (1 .4) 5 .7 (11 .9) (7 .4)* (2 .2)* 3 .2* 7 .4* 1 .95 QV Investors Inc . North American Equity 52 .15 108 .5 (1 .0) 6 .6 (0 .8) 3 .3* 3 .5* 5 .7* 4 .3* 1 .57 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .87 66 .4 (0 .8) 5 .4 2 .5 9 .0* 7 .7* 8 .6* 9 .9* 1 .61 BlackRock Global Dividend (Dynamic) 32 .19 1,017 .0 (0 .4) 7 .5 9 .0 13 .8* 14 .1* 14 .5* 13 .0* 1 .85 Dynamic Global Equity (QV) 21 .97 30 .3 (1 .3) (1 .2) (12 .8) (6 .6)* (0 .7)* 3 .6* 6 .8* 1 .71 QV Investors Inc . Global Equity 25 .85 87 .2 (1 .4) 4 .7 5 .2 12 .5* 6 .7* 6 .7* 9 .5* 1 .70 Industrial Alliance Global Opportunities 13 .73 10 .6 (0 .5) 4 .8 (11 .9) (3 .7)* (6 .1)* (1 .7)* - 1 .60 Loomis Sayles Global True Conviction 19 .46 137 .2 (1 .3) 4 .0 4 .4 9 .7* 7 .0* 6 .7* - 1 .70 Industrial Alliance Fidelity Global Concentrated Equity 10 .27 29 .5 (1 .4) 3 .1 (6 .5) 2 .7* - - - 1 .96 Fidelity Fidelity NorthStar® 25 .37 112 .9 0 .6 5 .4 7 .4 14 .4* 4 .1* 3 .0* 9 .5* 1 .93 Fidelity International Equity Index (BlackRock) 14 .20 159 .3 (0 .3) 2 .4 (5 .3) 0 .0* 1 .4* 3 .7* 5 .9* 1 .50 BlackRock International Equity 21 .82 479 .8 0 .3 3 .3 (0 .3) 6 .2* 3 .2* 4 .5* 6 .6* 1 .70 Industrial Alliance Fidelity European Equity 18 .33 40 .6 (1 .3) 0 .5 (10 .2) (2 .5)* (1 .3)* 1 .1* 5 .6* 1 .79 Fidelity U .S . Equity Index (BlackRock) 34 .49 285 .5 (1 .5) 6 .4 7 .3 14 .1* 12 .7* 12 .0* 14 .6* 1 .54 BlackRock Fidelity Insights 13 .28 83 .1 (1 .6) 9 .5 24 .5 31 .4* 18 .8* - - 1 .84 Fidelity Thematic Innovation 19 .78 514 .8 (1 .4) 7 .6 18 .8 25 .9* 15 .0* - - 1 .49 Industrial Alliance American (Dynamic) 12 .01 49 .2 (1 .5) 9 .5 16 .6 19 .9* 19 .6* 16 .3* 14 .1* 1 .74 Dynamic U .S . Equity 23 .05 108 .5 (2 .0) 6 .0 8 .9 15 .3* 8 .3* 7 .4* 12 .3* 1 .70 Industrial Alliance U .S . Dividend Growth 25 .79 187 .2 1 .0 7 .7 3 .7 8 .3* 7 .5* 7 .2* 11 .1* 1 .53 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .18 123 .5 3 .2 11 .7 25 .4 37 .8* 16 .0* 12 .9* 8 .0* 2 .00 Dynamic Emerging Markets (Jarislowsky Fraser) 11 .02 27 .9 2 .1 11 .5 3 .9 9 .6* 4 .6* 7 .4* - 2 .04 Jarislowsky Fraser Global Health Care (Renaissance) 59 .38 248 .1 1 .1 3 .1 8 .7 22 .6* 10 .8* 7 .6* 15 .8* 2 .35 Renaissance Global Infrastructure (Dynamic) 9 .63 45 .6 1 .3 6 .2 (6 .3) (4 .3)* 5 .0* 7 .6* 9 .8* 1 .92 Dynamic Real Estate Income 37 .83 68 .1 (0 .4) 1 .4 (17 .7) (17 .6)* 1 .1* 3 .8* 5 .8* 1 .75 Industrial Alliance U .S . DAQ Index 32 .89 462 .5 (3 .4) 9 .8 33 .4 46 .8* 25 .4* 20 .9* 20 .9* 1 .85 Industrial Alliance Indexia Funds Indexia Prudent 11 .16 122 .6 (0 .2) 1 .6 5 .2 5 .4* 5 .2* 4 .6* - 1 .11 Industrial Alliance Indexia Moderate 11 .15 83 .3 (0 .4) 2 .2 4 .1 5 .3* 5 .4* 5 .3* - 1 .12 Industrial Alliance Indexia Balanced 11 .15 98 .9 (0 .6) 2 .9 3 .0 5 .2* 5 .6* 6 .0* - 1 .12 Industrial Alliance Indexia Growth 11 .16 45 .4 (0 .8) 3 .5 2 .2 5 .4* 5 .8* 6 .7* - 1 .04 Industrial Alliance Indexia Aggressive 11 .09 19 .4 (1 .4) 3 .7 0 .4 4 .6* 5 .8* 7 .2* - 1 .11 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 For more information on F-Class funds refer to the IAG Savings and Retirement Plan Fund Facts or 2 The rates for the period are non-annualized . Information Folder and Individual Variable Annuity Contract . 3 Management expense ratio (GST and HST included) . These fees may change at any time . * Simulation of past returns as if the Fund or series had been in effect for these periods . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 126 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 Prestige | F-Class5

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 23 .64 209 .6 (0 .1) 2 .4 4 .3 5 .5* 4 .7* 4 .0* 4 .3* 1 .24 Various Managers Focus Moderate 25 .32 259 .5 (0 .2) 3 .2 3 .5 5 .5* 4 .5* 4 .4* 4 .7* 1 .28 Various Managers Focus Balanced 26 .82 385 .1 (0 .3) 4 .0 2 .6 5 .4* 4 .3* 4 .7* 5 .1* 1 .33 Various Managers Focus Growth 28 .27 133 .2 (0 .4) 4 .7 2 .0 5 .5* 4 .2* 5 .0* 5 .5* 1 .40 Various Managers Focus Aggressive 29 .82 43 .4 (0 .5) 5 .4 1 .2 5 .6* 4 .0* 5 .4* 5 .9* 1 .42 Various Managers Selection Funds Selection Prudent 12 .32 106 .1 (0 .2) 1 .8 2 .0 2 .7* 3 .6* 3 .9* - 1 .23 Various Managers Selection Moderate 12 .41 184 .9 (0 .4) 2 .6 0 .5 2 .1* 3 .3* 4 .1* - 1 .29 Various Managers Selection Balanced 12 .67 239 .1 (0 .7) 3 .2 (1 .3) 1 .1* 2 .9* 4 .5* - 1 .37 Various Managers Selection Growth 12 .93 97 .7 (0 .8) 3 .9 (1 .9) 1 .2* 3 .0* 4 .9* - 1 .46 Various Managers Selection Aggressive 13 .09 24 .2 (1 .0) 4 .7 (2 .7) 1 .2* 2 .7* 5 .0* - 1 .54 Various Managers Income Funds Money Market 17 .62 551 .7 (0 .1) (0 .2) 0 .2 0 .4* 0 .4* 0 .1* 0 .0* 0 .99 Industrial Alliance Short Term Bond 21 .59 242 .3 0 .1 0 .7 4 .3 4 .3* 2 .4* 1 .4* 1 .4* 1 .45 Industrial Alliance Bond 38 .41 3,256 .7 0 .2 0 .3 7 .1 6 .1* 4 .9* 3 .3* 3 .2* 1 .36 Industrial Alliance Canadian Corporate Bond 11 .53 1,558 .6 (0 .1) 0 .9 5 .7 5 .5* 4 .5* 3 .2* - 1 .46 Industrial Alliance Core Plus Bond (Wellington Square) 11 .61 38 .6 0 .3 2 .6 1 .3 1 .9* 1 .7* 1 .8* - 1 .52 Wellington Square Global Fixed Income (PIMCO) 12 .52 524 .6 (0 .1) 2 .2 (0 .8) 0 .8* 1 .6* 3 .4* - 1 .77 PIMCO Floating Rate Income (Wellington Square) 9 .73 17 .4 0 .7 2 .9 (3 .5) (2 .6)* 1 .7* 2 .3* - 1 .51 Wellington Square Fidelity American High Yield Currency Neutral 10 .94 43 .2 (1 .1) 3 .8 (4 .7) (2 .6)* 0 .8* 3 .3* 4 .2* 1 .87 Fidelity SPECIALTY Diversified Funds Diversified Security 32 .97 657 .2 (0 .3) 1 .6 3 .1 4 .4* 4 .1* 3 .5* 4 .6* 1 .27 Industrial Alliance Diversified 54 .29 2,013 .2 (0 .6) 3 .0 2 .1 4 .8* 4 .5* 4 .7* 5 .8* 1 .10 Industrial Alliance Diversified Opportunity 41 .50 439 .0 (0 .9) 3 .6 0 .5 3 .7* 4 .1* 4 .6* 5 .9* 1 .10 Industrial Alliance Canadian Balanced (QV) 14 .63 78 .7 (0 .7) 3 .4 (4 .7) (2 .7)* 0 .2* 2 .2* 4 .2* 1 .22 QV Investors Inc . SRI Balanced (Inhance) 17 .76 69 .8 0 .1 5 .8 7 .5 9 .8* 7 .2* 6 .5* 6 .4* 1 .47 Vancity Diversified Income 35 .97 280 .1 (0 .8) 3 .6 (0 .3) 2 .6* 3 .7* 4 .8* 6 .2* 1 .11 Industrial Alliance Strategic Income 15 .12 200 .3 0 .0 5 .4 (5 .2) (2 .4)* 2 .8* 5 .7* - 0 .98 iA Clarington Global Diversified (Loomis Sayles) 20 .88 514 .0 (0 .4) 5 .3 8 .3 13 .5* 11 .2* 10 .2* 8 .2* 1 .32 Loomis Sayles Global Diversified Fixed Income (Forstrong) 10 .28 31 .3 0 .5 1 .8 (0 .6) 1 .7* - - - 1 .52 Forstrong Global Diversified (Forstrong) 12 .58 99 .5 (0 .2) 4 .7 1 .4 6 .6* 4 .8* - - 1 .49 Forstrong Global Diversified Equity (Forstrong) 10 .80 19 .0 (0 .5) 5 .3 (0 .2) 5 .8* - - - 1 .55 Forstrong Fidelity Global Monthly Income 11 .37 172 .1 0 .2 3 .4 3 .5 6 .7* - - - 1 .47 Fidelity Global Asset Allocation Security (iAGP) 10 .92 63 .9 (0 .3) 2 .7 2 .8 4 .2* - - - 1 .46 Industrial Alliance Global Asset Allocation (iAGP) 11 .12 69 .2 (0 .3) 3 .8 2 .8 5 .6* - - - 1 .28 Industrial Alliance Global Asset Allocation Opportunity (iAGP) 11 .20 22 .3 (0 .3) 4 .8 2 .5 6 .2* - - - 1 .32 Industrial Alliance Canadian Hybrid Funds4 Strategic Equity Income Hybrid 75/25 15 .10 19 .1 (0 .3) 4 .2 (3 .9) (1 .3)* 3 .0* 4 .9* - 0 .90 iA Clarington Dividend Growth Hybrid 75/25 15 .26 49 .0 (0 .7) 3 .9 (4 .2) (2 .9)* 3 .4* 6 .0* - 0 .91 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 12 .66 6 .7 (0 .6) 3 .7 (10 .0) (7 .4)* 1 .7* 4 .5* - 0 .91 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .67 3 .7 (1 .5) 3 .2 0 .5 1 .9* 4 .6* 6 .0* - 1 .02 Industrial Alliance Fidelity True North® Hybrid 75/25 16 .11 16 .9 (0 .7) 3 .2 3 .6 4 .8* 6 .0* 5 .8* - 1 .32 Fidelity Canadian Equity Growth Hybrid 75/25 14 .31 11 .1 (1 .3) 4 .1 0 .1 2 .3* 4 .3* 6 .1* - 1 .04 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 17 .71 18 .3 1 .6 8 .2 13 .2 16 .2* 11 .4* 10 .7* - 1 .31 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 16 .43 17 .1 (1 .1) 4 .4 (6 .2) (2 .8)* 0 .3* 3 .8* - 1 .62 QV Investors Inc . North American Equity Hybrid 75/25 13 .19 2 .2 (0 .6) 5 .2 2 .2 5 .2* 4 .6* 5 .8* - 1 .11 Industrial Alliance Global Hybrid Funds4 Global Dividend (Dynamic) Hybrid 75/25 23 .70 139 .9 (0 .2) 5 .8 8 .7 12 .2* 12 .1* 11 .9* - 1 .44 Dynamic Global Equity (QV) Hybrid 75/25 19 .41 10 .8 (1 .0) 3 .7 6 .2 11 .6* 6 .9* 6 .5* - 1 .21 QV Investors Inc . Global Equity Hybrid 75/25 16 .09 6 .3 (0 .9) (0 .8) (7 .5) (3 .2)* (0 .5)* 2 .4* - 1 .37 Industrial Alliance Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .94 2 .5 (0 .3) 3 .8 (6 .7) (0 .3)* (2 .8)* 0 .1* - 1 .24 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 127 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Classic Series 75/75 Prestige | F-Class5

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds4 (continued) Global True Conviction Hybrid 75/25 18 .19 7 .3 (0 .9) 3 .2 5 .8 9 .7* 7 .1* 6 .5* - 1 .19 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .88 22 .2 0 .5 4 .2 8 .0 13 .0* 4 .8* 3 .5* - 1 .52 Fidelity Thematic Innovation Hybrid 75/25 17 .23 17 .0 (0 .9) 6 .0 16 .2 22 .3* 6 .6* 6 .8* - 1 .36 Industrial Alliance Canadian Equity Funds Strategic Equity Income 19 .43 155 .9 (0 .4) 5 .4 (8 .0) (4 .5)* 1 .9* 5 .0* 6 .1* 1 .00 iA Clarington Dividend Growth 23 .99 808 .8 (1 .0) 5 .0 (8 .6) (6 .8)* 2 .2* 6 .3* 6 .4* 0 .96 Industrial Alliance Dividend Growth (iAIM) 21 .73 81 .3 (0 .9) 4 .8 (16 .2) (12 .7)* (0 .2)* 4 .3* 3 .8* 1 .03 Industrial Alliance Canadian Equity Index 31 .39 445 .9 (2 .1) 4 .1 (2 .6) (0 .6)* 3 .9* 6 .5* 5 .1* 1 .10 Industrial Alliance Fidelity True North® 57 .09 231 .5 (1 .0) 4 .1 1 .9 3 .7* 6 .0* 6 .3* 7 .6* 1 .47 Fidelity Canadian Equity Growth 42 .36 749 .2 (1 .8) 5 .3 (3 .1) 0 .0* 3 .5* 6 .5* 5 .9* 1 .16 Industrial Alliance Fidelity Canadian Opportunities 77 .42 234 .7 2 .1 10 .8 14 .3 18 .7* 13 .1* 12 .8* 9 .4* 1 .45 Fidelity Canadian Equity Small Cap (QV) 21 .33 106 .8 (1 .4) 5 .7 (11 .7) (7 .2)* (1 .9)* 3 .5* 7 .6* 1 .70 QV Investors Inc . North American Equity 53 .21 108 .5 (0 .9) 6 .7 (0 .5) 3 .7* 3 .9* 6 .1* 4 .7* 1 .19 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 27 .08 66 .4 (0 .8) 5 .5 2 .8 9 .4* 8 .1* 9 .0* 10 .3* 1 .20 BlackRock Global Dividend (Dynamic) 32 .62 1,017 .0 (0 .4) 7 .5 9 .1 14 .1* 14 .4* 14 .7* 13 .2* 1 .64 Dynamique Global Equity (QV) 22 .02 30 .3 (1 .2) (1 .2) (12 .6) (6 .4)* (0 .4)* 3 .8* 7 .0* 1 .49 QV Investors Inc . Global Equity 26 .42 87 .2 (1 .3) 4 .8 5 .5 12 .9* 7 .1* 7 .1* 10 .0* 1 .27 Industrial Alliance Global Opportunities 13 .87 10 .6 (0 .4) 4 .8 (11 .7) (3 .5)* (5 .9)* (1 .5)* - 1 .40 Loomis Sayles Global True Conviction 19 .89 137 .2 (1 .3) 4 .1 4 .8 10 .2* 7 .4* 7 .2* - 1 .25 Industrial Alliance Fidelity Global Concentrated Equity 10 .34 29 .5 (1 .3) 3 .2 (6 .4) 2 .9* - - - 1 .73 Fidelity Fidelity NorthStar® 25 .67 112 .9 0 .6 5 .5 7 .6 14 .7* 4 .3* 3 .3* 9 .8* 1 .68 Fidelity International Equity Index (BlackRock) 14 .35 159 .3 (0 .3) 2 .4 (5 .2) 0 .2* 1 .6* 3 .9* 6 .1* 1 .39 BlackRock International Equity 22 .25 479 .8 0 .3 3 .4 0 .0 6 .6* 3 .6* 4 .9* 7 .0* 1 .30 Industrial Alliance Fidelity European Equity 18 .55 40 .6 (1 .3) 0 .6 (10 .0) (2 .3)* (1 .1)* 1 .3* 5 .8* 1 .57 Fidelity U .S . Equity Index (BlackRock) 34 .84 285 .5 (1 .5) 6 .4 7 .5 14 .3* 12 .9* 12 .2* 14 .8* 1 .31 BlackRock Fidelity Insights 13 .31 83 .1 (1 .6) 9 .6 24 .8 31 .7* 19 .0* - - 1 .52 Fidelity Thematic Innovation 19 .94 514 .8 (1 .3) 7 .7 19 .1 26 .4* 15 .4* - - 1 .08 Industrial Alliance American (Dynamic) 12 .04 49 .2 (1 .4) 9 .6 16 .8 20 .1* 19 .8* 16 .5* 14 .3* 1 .52 Dynamic U .S . Equity 23 .51 108 .5 (1 .9) 6 .1 9 .3 15 .7* 8 .7* 7 .8* 12 .8* 1 .30 Industrial Alliance U .S . Dividend Growth 26 .34 187 .2 1 .1 7 .8 4 .1 8 .7* 8 .0* 7 .7* 11 .6* 1 .11 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .19 123 .5 3 .2 11 .8 25 .6 38 .1* 16 .2* 13 .2* 8 .3* 1 .76 Dynamic Emerging Markets (Jarislowsky Fraser) 11 .04 27 .9 2 .1 11 .6 4 .0 9 .8* 4 .8* 7 .6* - 1 .84 Jarislowsky Fraser Global Health Care (Renaissance) 59 .51 248 .1 1 .2 3 .1 8 .9 22 .9* 11 .0* 7 .8* 16 .0* 2 .11 Renaissance Global Infrastructure (Dynamic) 9 .65 45 .6 1 .3 6 .2 (6 .1) (4 .1)* 5 .2* 7 .8* 10 .0* 1 .71 Dynamic Real Estate Income 38 .75 68 .1 (0 .3) 1 .6 (17 .4) (17 .2)* 1 .6* 4 .3* 6 .3* 1 .23 Industrial Alliance U .S . DAQ Index 33 .26 462 .5 (3 .4) 9 .9 33 .7 47 .1* 25 .7* 21 .2* 21 .2* 1 .60 Industrial Alliance Indexia Funds Indexia Prudent 11 .19 122 .6 (0 .1) 1 .6 5 .2 5 .5* 5 .3* 4 .7* - 1 .01 Industrial Alliance Indexia Moderate 11 .18 83 .3 (0 .4) 2 .2 4 .2 5 .4* 5 .5* 5 .4* - 1 .01 Industrial Alliance Indexia Balanced 11 .18 98 .9 (0 .6) 2 .9 3 .1 5 .3* 5 .7* 6 .1* - 1 .01 Industrial Alliance Indexia Growth 11 .18 45 .4 (0 .8) 3 .5 2 .2 5 .4* 5 .9* 6 .8* - 1 .01 Industrial Alliance Indexia Aggressive 11 .11 19 .4 (1 .4) 3 .8 0 .5 4 .7* 5 .9* 7 .3* - 1 .01 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 For more information on F-Class funds refer to the IAG Savings and Retirement Plan Fund Facts or 2 The rates for the period are non-annualized . Information Folder and Individual Variable Annuity Contract . 3 Management expense ratio (GST and HST included) . These fees may change at any time . * Simulation of past returns as if the Fund or series had been in effect for these periods . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 128 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100 | F-Class6

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 22 .94 209 .6 (0 .1) 2 .3 4 .0 5 .1* 4 .3* 3 .6* 3 .9* 1 .62 Various Managers Focus Moderate 24 .49 259 .5 (0 .2) 3 .1 3 .2 5 .1* 4 .1* 4 .0* 4 .3* 1 .67 Various Managers Focus Balanced 25 .92 385 .1 (0 .3) 3 .9 2 .3 5 .0* 3 .9* 4 .3* 4 .7* 1 .73 Various Managers Focus Growth 27 .33 133 .2 (0 .5) 4 .6 1 .7 5 .1* 3 .8* 4 .6* 5 .1* 1 .79 Various Managers Focus Aggressive 28 .68 43 .4 (0 .6) 5 .3 0 .9 5 .0* 3 .5* 4 .9* 5 .4* 1 .93 Various Managers Selection Funds Selection Prudent 12 .03 106 .1 (0 .2) 1 .7 1 .7 2 .4* 3 .3* 3 .6* - 1 .57 Various Managers Selection Moderate 12 .11 184 .9 (0 .4) 2 .5 0 .2 1 .7* 3 .0* 3 .8* - 1 .63 Various Managers Selection Balanced 12 .34 239 .1 (0 .8) 3 .1 (1 .6) 0 .8* 2 .6* 4 .1* - 1 .71 Various Managers Selection Growth 12 .60 97 .7 (0 .9) 3 .9 (2 .2) 0 .9* 2 .6* 4 .6* - 1 .80 Various Managers Selection Aggressive 12 .65 24 .2 (1 .0) 4 .6 (3 .1) 0 .8* 2 .3* 4 .6* - 1 .98 Various Managers Income Funds Money Market 17 .57 551 .7 (0 .1) (0 .3) 0 .2 0 .3* 0 .2* (0 .1)* (0 .2)* 1 .25 Industrial Alliance Short Term Bond 21 .07 242 .3 0 .0 0 .6 4 .0 3 .9* 2 .1* 1 .0* 1 .1* 1 .80 Industrial Alliance Bond 37 .51 3,256 .7 0 .1 0 .2 6 .8 5 .7* 4 .6* 2 .9* 2 .9* 1 .79 Industrial Alliance Canadian Corporate Bond 11 .35 1,558 .6 (0 .1) 0 .9 5 .5 5 .2* 4 .2* 3 .0* - 1 .73 Industrial Alliance Core Plus Bond (Wellington Square) 11 .31 38 .6 0 .3 2 .5 1 .0 1 .6* 1 .4* 1 .4* 1 .7* 1 .88 Wellington Square Global Fixed Income (PIMCO) 12 .22 524 .6 (0 .1) 2 .1 (1 .1) 0 .4* 1 .1* 2 .9* - 2 .19 PIMCO Floating Rate Income (Wellington Square) 9 .71 17 .4 0 .6 2 .8 (3 .7) (2 .8)* 1 .4* 2 .0* - 1 .81 Wellington Square Fidelity American High Yield Currency Neutral 10 .71 43 .2 (1 .2) 3 .7 (4 .9) (2 .9)* 0 .5* 3 .0* 3 .9* 2 .17 Fidelity SPECIALTY Diversified Funds Diversified Security 31 .93 657 .2 (0 .3) 1 .5 2 .8 4 .0* 3 .7* 3 .1* 4 .2* 1 .64 Industrial Alliance Diversified 52 .12 2,013 .2 (0 .6) 2 .8 1 .7 4 .2* 3 .9* 4 .1* 5 .2* 1 .66 Industrial Alliance Diversified Opportunity 39 .79 439 .0 (0 .9) 3 .5 0 .0 3 .1* 3 .4* 4 .0* 5 .2* 1 .71 Industrial Alliance Canadian Balanced (QV) 13 .99 78 .7 (0 .7) 3 .3 (5 .0) (3 .2)* (0 .3)* 1 .7* 3 .7* 1 .69 QV Investors Inc . SRI Balanced (Inhance) 17 .22 69 .8 0 .1 5 .7 7 .2 9 .3* 6 .7* 6 .0* 5 .9* 1 .93 Vancity Diversified Income 34 .29 280 .1 (0 .9) 3 .5 (0 .8) 1 .9* 3 .0* 4 .1* 5 .5* 1 .78 Industrial Alliance Strategic Income 14 .29 200 .3 (0 .1) 5 .2 (5 .7) (3 .0)* 2 .2* 5 .0* - 1 .63 iA Clarington Global Diversified (Loomis Sayles) 20 .04 514 .0 (0 .5) 5 .1 8 .0 13 .0* 10 .8* 9 .7* 7 .7* 1 .75 Loomis Sayles Global Diversified Fixed Income (Forstrong) 10 .18 31 .3 0 .5 1 .7 (0 .8) 1 .4* - - - 1 .88 Forstrong Global Diversified (Forstrong) 12 .31 99 .5 (0 .3) 4 .6 1 .0 6 .0* 4 .2* - - 2 .00 Forstrong Global Diversified Equity (Forstrong) 10 .67 19 .0 (0 .5) 5 .2 (0 .5) 5 .3* - - - 2 .01 Forstrong Fidelity Global Monthly Income 11 .24 172 .1 0 .1 3 .3 3 .2 6 .2* - - - 1 .97 Fidelity Global Asset Allocation Security (iAGP) 10 .85 63 .9 (0 .3) 2 .6 2 .5 3 .9* - - - 1 .81 Industrial Alliance Global Asset Allocation (iAGP) 11 .00 69 .2 (0 .3) 3 .7 2 .4 5 .0* - - - 1 .86 Industrial Alliance Global Asset Allocation Opportunity (iAGP) 11 .05 22 .3 (0 .3) 4 .6 1 .9 5 .5* - - - 2 .02 Industrial Alliance Canadian Hybrid Funds5 Strategic Equity Income Hybrid 75/25 14 .59 19 .1 (0 .3) 4 .0 (4 .4) (1 .9)* 2 .4* 4 .2* 4 .8* 1 .53 iA Clarington Dividend Growth Hybrid 75/25 14 .68 49 .0 (0 .8) 3 .7 (4 .6) (3 .6)* 2 .7* 5 .3* 4 .9* 1 .56 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 11 .98 6 .7 (0 .7) 3 .6 (10 .5) (8 .0)* 1 .0* 3 .9* 3 .0* 1 .57 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .17 3 .7 (1 .6) 3 .0 0 .0 1 .2* 3 .9* 5 .3* 3 .7* 1 .67 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .36 16 .9 (0 .7) 3 .0 3 .2 4 .2* 5 .5* 5 .2* 5 .6* 1 .85 Fidelity Canadian Equity Growth Hybrid 75/25 13 .76 11 .1 (1 .4) 3 .9 (0 .4) 1 .6* 3 .6* 5 .4* 4 .2* 1 .74 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 16 .87 18 .3 1 .6 8 .1 12 .8 15 .6* 10 .8* 10 .1* 6 .6* 1 .78 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 15 .91 17 .1 (1 .1) 4 .2 (6 .6) (3 .3)* (0 .2)* 3 .3* 5 .7* 2 .12 QV Investors Inc . North American Equity Hybrid 75/25 12 .66 2 .2 (0 .7) 5 .0 1 .7 4 .6* 4 .0* 5 .1* 3 .4* 1 .69 Industrial Alliance Global Hybrid Funds5 Global Dividend (Dynamic) Hybrid 75/25 22 .88 139 .9 (0 .3) 5 .6 8 .3 11 .6* 11 .6* 11 .4* 9 .7* 2 .01 Dynamic Global Equity Hybrid 75/25 18 .57 10 .8 (1 .0) 3 .5 5 .7 10 .9* 6 .3* 5 .8* 7 .4* 1 .82 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .37 6 .3 (0 .9) (0 .9) (7 .8) (3 .6)* (0 .9)* 1 .9* 5 .6* 1 .84 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .20 2 .5 (0 .3) 3 .7 (7 .0) (0 .7)* (3 .2)* (0 .3)* - 1 .68 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 129 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100 | F-Class6

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds5 (continued) Global True Conviction Hybrid 75/25 17 .40 7 .3 (1 .0) 3 .0 5 .3 9 .0* 6 .5* 5 .8* - 1 .81 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .09 22 .2 0 .5 4 .1 7 .5 12 .4* 4 .2* 3 .0* 7 .2* 2 .04 Fidelity Thematic Innovation Hybrid 75/25 16 .53 17 .0 (0 .9) 5 .9 15 .7 21 .7* 6 .1* 6 .3* 6 .3* 1 .87 Industrial Alliance Canadian Equity Funds Strategic Equity Income 18 .70 155 .9 (0 .4) 5 .2 (8 .4) (5 .1)* 1 .3* 4 .3* 5 .4* 1 .64 iA Clarington Dividend Growth 23 .00 808 .8 (1 .1) 4 .8 (9 .1) (7 .5)* 1 .5* 5 .6* 5 .6* 1 .74 Industrial Alliance Dividend Growth (iAIM) 20 .52 81 .3 (0 .9) 4 .6 (16 .6) (13 .3)* (0 .9)* 3 .6* 3 .1* 1 .73 Industrial Alliance Canadian Equity Index 30 .18 445 .9 (2 .1) 3 .9 (3 .1) (1 .3)* 3 .2* 5 .7* 4 .3* 1 .77 Industrial Alliance Fidelity True North® 54 .52 231 .5 (1 .0) 3 .9 1 .5 3 .1* 5 .4* 5 .7* 7 .0* 1 .99 Fidelity Canadian Equity Growth 40 .69 749 .2 (1 .9) 5 .1 (3 .6) (0 .6)* 2 .8* 5 .8* 5 .2* 1 .82 Industrial Alliance Fidelity Canadian Opportunities 73 .56 234 .7 2 .0 10 .6 13 .9 18 .1* 12 .5* 12 .2* 8 .8* 2 .00 Fidelity Canadian Equity Small Cap (QV) 20 .55 106 .8 (1 .5) 5 .6 (12 .1) (7 .7)* (2 .4)* 2 .9* 7 .1* 2 .21 QV Investors Inc . North American Equity 50 .90 108 .5 (1 .0) 6 .5 (1 .0) 3 .1* 3 .3* 5 .4* 4 .0* 1 .84 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .72 66 .4 (0 .8) 5 .3 2 .2 8 .6* 7 .4* 8 .3* 9 .5* 1 .90 BlackRock Global Dividend (Dynamic) 31 .47 1,017 .0 (0 .4) 7 .4 8 .7 13 .4* 13 .7* 14 .1* 12 .6* 2 .23 Dynamic Global Equity (QV) 21 .91 30 .3 (1 .3) (1 .3) (13 .0) (6 .9)* (1 .0)* 3 .3* 6 .5* 2 .02 QV Investors Inc . Global Equity 25 .23 87 .2 (1 .4) 4 .6 4 .9 12 .1* 6 .3* 6 .4* 9 .2* 2 .00 Industrial Alliance Global Opportunities 13 .21 10 .6 (0 .5) 4 .7 (12 .1) (4 .0)* (6 .4)* (2 .1)* - 1 .96 Loomis Sayles Global True Conviction 19 .00 137 .2 (1 .3) 3 .9 4 .2 8 .5* 6 .4* 6 .2* - 2 .02 Industrial Alliance Fidelity Global Concentrated Equity 10 .19 29 .5 (1 .4) 3 .0 (6 .7) 2 .4* - - - 2 .26 Fidelity Fidelity NorthStar® 24 .68 112 .9 0 .6 5 .3 7 .2 14 .1* 3 .8* 2 .7* 9 .2* 2 .23 Fidelity International Equity Index (BlackRock) 13 .94 159 .3 (0 .3) 2 .3 (5 .5) (0 .3)* 1 .2* 3 .4* 5 .6* 1 .87 BlackRock International Equity 21 .29 479 .8 0 .2 3 .2 (0 .5) 5 .9* 2 .9* 4 .2* 6 .3* 1 .97 Industrial Alliance Fidelity European Equity 17 .73 40 .6 (1 .4) 0 .4 (10 .4) (2 .8)* (1 .6)* 0 .7* 5 .2* 2 .09 Fidelity U .S . Equity Index (BlackRock) 33 .79 285 .5 (1 .5) 6 .3 7 .1 13 .8* 12 .3* 11 .6* 14 .3* 1 .86 BlackRock Fidelity Insights 13 .24 83 .1 (1 .7) 9 .4 24 .2 31 .0* 18 .4* - - 2 .18 Fidelity Thematic Innovation 19 .71 514 .8 (1 .4) 7 .5 18 .6 25 .6* 14 .8* - - 1 .68 Industrial Alliance American (Dynamic) 11 .98 49 .2 (1 .5) 9 .4 16 .4 19 .6* 19 .2* 15 .9* 13 .7* 2 .02 Dynamic U .S . Equity 22 .53 108 .5 (2 .0) 5 .9 8 .7 15 .0* 8 .0* 7 .1* 12 .0* 1 .97 Industrial Alliance U .S . Dividend Growth 24 .83 187 .2 1 .0 7 .6 3 .5 7 .9* 7 .1* 6 .9* 10 .8* 1 .87 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .17 123 .5 3 .2 11 .6 25 .2 37 .5* 15 .7* 12 .6* 7 .7* 2 .25 Dynamic Emerging Markets (Jarislowsky Fraser) 10 .99 27 .9 2 .1 11 .4 3 .6 9 .3* 4 .3* 7 .1* - 2 .32 Jarislowsky Fraser Global Health Care (Renaissance) 59 .27 248 .1 1 .1 3 .0 8 .5 22 .4* 10 .6* 7 .4* 15 .5* 2 .55 Renaissance Global Infrastructure (Dynamic) 9 .61 45 .6 1 .3 6 .1 (6 .4) (4 .5)* 4 .8* 7 .4* 9 .6* 2 .11 Dynamic Real Estate Income 37 .74 68 .1 (0 .4) 1 .4 (17 .9) (17 .8)* 0 .8* 3 .5* 5 .5* 2 .01 Industrial Alliance U .S . DAQ Index 32 .86 462 .5 (3 .4) 9 .8 33 .3 46 .6* 25 .3* 20 .8* 20 .8* 1 .94 Industrial Alliance Indexia Funds Indexia Prudent 11 .05 122 .6 (0 .2) 1 .5 4 .9 5 .1* 4 .9* 4 .2* - 1 .46 Industrial Alliance Indexia Moderate 11 .05 83 .3 (0 .4) 2 .1 3 .8 5 .0* 5 .0* 4 .9* - 1 .46 Industrial Alliance Indexia Balanced 11 .05 98 .9 (0 .6) 2 .8 2 .7 4 .9* 5 .2* 5 .6* - 1 .46 Industrial Alliance Indexia Growth 11 .06 45 .4 (0 .8) 3 .4 1 .9 5 .0* 5 .5* 6 .3* - 1 .46 Industrial Alliance Indexia Aggressive 10 .98 19 .4 (1 .4) 3 .6 0 .1 4 .2* 5 .4* 6 .8* - 1 .46 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 For more information on F-Class funds refer to the IAG Savings and Retirement Plan Fund Facts or 2 The rates for the period are non-annualized . Information Folder and Individual Variable Annuity Contract . 3 Management expense ratio (GST and HST included) . These fees may change at any time . * Simulation of past returns as if the Fund or series had been in effect for these periods . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 130 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Ecoflex Series 100/100 | F-Class5

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 22 .86 209 .6 (0 .1) 2 .3 3 .9 5 .0* 4 .1* 3 .5* 3 .8* 1 .73 Various Managers Focus Moderate 24 .36 259 .5 (0 .2) 3 .0 3 .1 4 .9* 4 .0* 3 .8* 4 .1* 1 .85 Various Managers Focus Balanced 25 .75 385 .1 (0 .4) 3 .8 2 .1 4 .7* 3 .7* 4 .1* 4 .5* 1 .95 Various Managers Focus Growth 27 .11 133 .2 (0 .5) 4 .6 1 .5 4 .9* 3 .5* 4 .4* 4 .8* 2 .03 Various Managers Focus Aggressive 28 .52 43 .4 (0 .6) 5 .2 0 .7 4 .8* 3 .3* 4 .7* 5 .2* 2 .10 Various Managers Selection Funds Selection Prudent 12 .00 106 .1 (0 .2) 1 .7 1 .7 2 .3* 3 .2* 3 .5* - 1 .62 Various Managers Selection Moderate 12 .07 184 .9 (0 .4) 2 .5 0 .1 1 .6* 2 .9* 3 .7* - 1 .71 Various Managers Selection Balanced 12 .30 239 .1 (0 .8) 3 .1 (1 .7) 0 .7* 2 .5* 4 .0* - 1 .82 Various Managers Selection Growth 12 .54 97 .7 (0 .9) 3 .8 (2 .3) 0 .7* 2 .5* 4 .4* - 1 .94 Various Managers Selection Aggressive 12 .64 24 .2 (1 .1) 4 .6 (3 .1) 0 .7* 2 .2* 4 .5* - 2 .03 Various Managers Income Funds Money Market 17 .51 551 .7 (0 .1) (0 .3) (0 .1) 0 .0* 0 .1* (0 .2)* (0 .3)* 1 .32 Industrial Alliance Short Term Bond 21 .08 242 .3 0 .0 0 .6 4 .0 3 .9* 2 .1* 1 .0* 1 .1* 1 .80 Industrial Alliance Bond 37 .50 3,256 .7 0 .1 0 .2 6 .8 5 .7* 4 .5* 2 .9* 2 .9* 1 .81 Industrial Alliance Core Plus Bond (Wellington Square) 11 .30 38 .6 0 .3 2 .5 1 .0 1 .5* 1 .3* 1 .4* 1 .7* 1 .94 Wellington Square Diversified Funds Diversified Security 31 .75 657 .2 (0 .3) 1 .5 2 .7 3 .8* 3 .5* 2 .9* 4 .0* 1 .83 Industrial Alliance Diversified 51 .85 2,013 .2 (0 .6) 2 .8 1 .6 4 .0* 3 .7* 3 .9* 5 .0* 1 .84 Industrial Alliance Diversified Opportunity 39 .60 439 .0 (0 .9) 3 .4 (0 .1) 2 .9* 3 .3* 3 .8* 5 .0* 1 .88 Industrial Alliance Canadian Balanced (QV) 13 .84 78 .7 (0 .7) 3 .2 (5 .3) (3 .6)* (0 .7)* 1 .3* 3 .2* 2 .10 QV Investors Inc . SRI Balanced (Inhance) 17 .16 69 .8 0 .0 5 .7 7 .0 9 .1* 6 .5* 5 .9* 5 .7* 2 .10 Vancity Diversified Income 34 .10 280 .1 (0 .9) 3 .4 (1 .0) 1 .7* 2 .8* 3 .9* 5 .2* 1 .98 Industrial Alliance Strategic Income 14 .10 200 .3 (0 .1) 5 .1 (6 .0) (3 .4)* 1 .7* 4 .5* - 2 .06 IA Clarington Canadian Hybrid Funds4 Strategic Equity Income Hybrid 75/25 14 .59 19 .1 (0 .3) 4 .0 (4 .4) (1 .9)* 2 .4* 4 .2* 4 .8* 1 .53 iA Clarington Dividend Growth Hybrid 75/25 14 .65 49 .0 (0 .8) 3 .7 (4 .7) (3 .6)* 2 .6* 5 .2* 4 .8* 1 .64 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 11 .85 6 .7 (0 .7) 3 .5 (10 .7) (8 .3)* 0 .6* 3 .4* 2 .6* 1 .65 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .13 3 .7 (1 .6) 3 .0 0 .0 1 .2* 3 .9* 5 .3* 3 .7* 1 .74 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .20 16 .9 (0 .8) 2 .9 3 .0 3 .9* 5 .1* 4 .9* 5 .2* 2 .20 Fidelity Canadian Equity Growth Hybrid 75/25 13 .76 11 .1 (1 .4) 3 .9 (0 .4) 1 .6* 3 .6* 5 .4* 4 .2* 1 .74 Industrial Alliance North American Equity Hybrid 75/25 12 .61 2 .2 (0 .7) 5 .0 1 .6 4 .5* 3 .9* 5 .0* 3 .3* 1 .81 Industrial Alliance Global Hybrid Funds4 Global Dividend (Dynamic) Hybrid 75/25 22 .81 139 .9 (0 .3) 5 .6 8 .2 11 .5* 11 .5* 11 .3* 9 .5* 2 .11 Dynamic Global Equity Hybrid 75/25 18 .49 10 .8 (1 .0) 3 .5 5 .6 10 .7* 6 .1* 5 .7* 7 .3* 1 .95 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .19 6 .3 (1 .0) (1 .0) (8 .1) (4 .0)* (1 .3)* 1 .5* 5 .2* 2 .23 QV Investors Inc . Global True Conviction Hybrid 75/25 17 .33 7 .3 (1 .0) 3 .0 5 .2 8 .8* 6 .3* 5 .7* - 1 .95 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 17 .99 22 .2 0 .5 4 .0 7 .4 12 .2* 4 .0* 2 .8* 7 .0* 2 .23 Fidelity

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 131 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Ecoflex Series 100/100 | F-Class5

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Canadian Equity Funds Strategic Equity Income 18 .69 155 .9 (0 .4) 5 .2 (8 .4) (5 .1)* 1 .3* 4 .3* 5 .4* 1 .64 iA Clarington Dividend Growth 23 .00 808 .8 (1 .1) 4 .8 (9 .1) (7 .5)* 1 .5* 5 .6* 5 .6* 1 .77 Industrial Alliance Dividend Growth (iAIM) 20 .32 81 .3 (0 .9) 4 .6 (16 .8) (13 .5)* (1 .2)* 3 .2* 2 .7* 1 .75 Industrial Alliance Canadian Equity Index 37 .56 445 .9 (2 .1) 3 .9 (3 .0) (1 .1)* 3 .3* 5 .9* 4 .5* 1 .64 Industrial Alliance Canadian Equity Growth 41 .42 749 .2 (1 .9) 5 .1 (3 .6) (0 .6)* 2 .8* 5 .8* 5 .2* 1 .83 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .71 66 .4 (0 .8) 5 .3 2 .2 8 .6* 7 .4* 8 .3* 9 .5* 1 .90 BlackRock International Equity Index (BlackRock) 17 .49 159 .3 (0 .3) 2 .3 (5 .5) (0 .2)* 1 .2* 3 .5* 5 .7* 1 .79 BlackRock U .S . Equity Index (BlackRock) 42 .47 285 .5 (1 .5) 6 .3 7 .1 13 .9* 12 .4* 11 .7* 14 .3* 1 .80 BlackRock Thematic Innovation 19 .71 514 .8 (1 .4) 7 .5 18 .4 25 .4* 14 .5* - - 1 .86 Industrial Alliance U .S . Equity 23 .02 108 .5 (2 .0) 5 .9 8 .8 15 .1* 8 .1* 7 .2* 12 .1* 1 .86 Industrial Alliance U .S . Dividend Growth 25 .71 187 .2 1 .0 7 .6 3 .5 7 .9* 7 .1* 6 .9* 10 .7* 1 .88 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 For more information on F-Class funds refer to the IAG Savings and Retirement Plan Fund Facts or 2 The rates for the period are non-annualized . Information Folder and Individual Variable Annuity Contract . 3 Management expense ratio (GST and HST included) . These fees may change at any time and are the * Simulation of past returns as if the Fund or series had been in effect for these periods . same for Series 75/100, Ecoflex 100/100 and Ecoflextra . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 132 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100 Prestige | F-Class6

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Focus Funds Focus Prudent 23 .31 209 .6 (0 .1) 2 .3 4 .2 5 .4* 4 .5* 3 .9* 4 .2* 1 .35 Various Managers Focus Moderate 24 .84 259 .5 (0 .2) 3 .1 3 .4 5 .3* 4 .4* 4 .2* 4 .5* 1 .46 Various Managers Focus Balanced 26 .31 385 .1 (0 .3) 3 .9 2 .4 5 .2* 4 .1* 4 .5* 4 .9* 1 .54 Various Managers Focus Growth 27 .72 133 .2 (0 .5) 4 .7 1 .8 5 .3* 4 .0* 4 .9* 5 .3* 1 .57 Various Managers Focus Aggressive 29 .07 43 .4 (0 .6) 5 .3 1 .0 5 .3* 3 .7* 5 .1* 5 .6* 1 .68 Various Managers Selection Funds Selection Prudent 12 .25 106 .1 (0 .2) 1 .8 2 .0 2 .7* 3 .6* 3 .9* - 1 .28 Various Managers Selection Moderate 12 .30 184 .9 (0 .4) 2 .5 0 .4 2 .0* 3 .2* 4 .0* - 1 .38 Various Managers Selection Balanced 12 .53 239 .1 (0 .8) 3 .2 (1 .4) 1 .0* 2 .8* 4 .4* - 1 .48 Various Managers Selection Growth 12 .77 97 .7 (0 .9) 3 .9 (2 .0) 1 .1* 2 .8* 4 .8* - 1 .59 Various Managers Selection Aggressive 12 .86 24 .2 (1 .0) 4 .7 (2 .8) 1 .1* 2 .6* 4 .9* - 1 .69 Various Managers Income Funds Money Market 17 .55 551 .7 (0 .1) (0 .2) 0 .0 0 .2* 0 .2* (0 .1)* (0 .2)* 1 .19 Industrial Alliance Short Term Bond 21 .33 242 .3 0 .0 0 .6 4 .2 4 .2* 2 .3* 1 .3* 1 .3* 1 .55 Industrial Alliance Bond 37 .94 3,256 .7 0 .1 0 .2 7 .0 5 .9* 4 .8* 3 .2* 3 .1* 1 .56 Industrial Alliance Canadian Corporate Bond 11 .45 1,558 .6 (0 .1) 0 .9 5 .6 5 .4* 4 .4* 3 .1* - 1 .56 Industrial Alliance Core Plus Bond (Wellington Square) 11 .44 38 .6 0 .3 2 .5 1 .2 1 .8* 1 .6* 1 .6* - 1 .67 Wellington Square Global Fixed Income (PIMCO) 12 .32 524 .6 (0 .1) 2 .1 (1 .0) 0 .6* 1 .3* 3 .1* - 2 .00 PIMCO Floating Rate Income (Wellington Square) 9 .72 17 .4 0 .7 2 .9 (3 .6) (2 .7)* 1 .5* 2 .2* - 1 .67 Wellington Square Fidelity American High Yield Currency Neutral 10 .80 43 .2 (1 .1) 3 .7 (4 .8) (2 .8)* 0 .6* 3 .1* 4 .0* 2 .06 Fidelity SPECIALTY Diversified Funds Diversified Security 32 .35 657 .2 (0 .3) 1 .6 3 .0 4 .2* 3 .8* 3 .3* 4 .4* 1 .47 Industrial Alliance Diversified 53 .26 2,013 .2 (0 .6) 2 .9 2 .0 4 .6* 4 .3* 4 .5* 5 .6* 1 .30 Industrial Alliance Diversified Opportunity 40 .77 439 .0 (0 .9) 3 .6 0 .4 3 .5* 3 .9* 4 .4* 5 .6* 1 .30 Industrial Alliance Canadian Balanced (QV) 14 .22 78 .7 (0 .7) 3 .4 (4 .8) (2 .9)* 0 .0* 2 .0* 4 .0* 1 .40 QV Investors Inc . SRI Balanced (Inhance) 17 .59 69 .8 0 .1 5 .8 7 .4 9 .7* 7 .1* 6 .4* 6 .3* 1 .59 Vancity Diversified Income 35 .14 280 .1 (0 .8) 3 .6 (0 .5) 2 .3* 3 .4* 4 .5* 5 .9* 1 .38 Industrial Alliance Strategic Income 14 .66 200 .3 0 .0 5 .3 (5 .3) (2 .5)* 2 .7* 5 .6* - 1 .11 iA Clarington Global Diversified (Loomis Sayles) 20 .36 514 .0 (0 .4) 5 .2 8 .2 13 .3* 11 .1* 10 .0* 8 .0* 1 .46 Loomis Sayles Global Diversified Fixed Income (Forstrong) 10 .22 31 .3 0 .5 1 .8 (0 .7) 1 .5* - - - 1 .72 Forstrong Global Diversified (Forstrong) 12 .46 99 .5 (0 .2) 4 .6 1 .2 6 .4* 4 .6* - - 1 .67 Forstrong Global Diversified Equity (Forstrong) 10 .76 19 .0 (0 .5) 5 .3 (0 .3) 5 .7* - - - 1 .67 Forstrong Fidelity Global Monthly Income 11 .32 172 .1 0 .2 3 .4 3 .4 6 .5* - - - 1 .73 Fidelity Global Asset Allocation Security (iAGP) 10 .88 63 .9 (0 .3) 2 .6 2 .6 4 .0* - - - 1 .66 Industrial Alliance Global Asset Allocation (iAGP) 11 .07 69 .2 (0 .3) 3 .8 2 .7 5 .4* - - - 1 .51 Industrial Alliance Global Asset Allocation Opportunity (iAGP) 11 .14 22 .3 (0 .3) 4 .7 2 .2 5 .9* - - - 1 .62 Industrial Alliance Canadian Hybrid Funds5 Strategic Equity Income Hybrid 75/25 15 .03 19 .1 (0 .3) 4 .2 (3 .9) (1 .4)* 3 .0* 4 .9* - 0 .96 iA Clarington Dividend Growth Hybrid 75/25 15 .08 49 .0 (0 .7) 3 .9 (4 .3) (3 .0)* 3 .2* 5 .9* - 1 .02 Industrial Alliance Dividend Growth (iAIM) Hybrid 75/25 12 .30 6 .7 (0 .6) 3 .7 (10 .1) (7 .5)* 1 .5* 4 .4* - 1 .03 Industrial Alliance Canadian Equity Index Hybrid 75/25 13 .50 3 .7 (1 .5) 3 .1 0 .4 1 .7* 4 .4* 5 .9* - 1 .17 Industrial Alliance Fidelity True North® Hybrid 75/25 15 .58 16 .9 (0 .7) 3 .1 3 .4 4 .4* 5 .7* 5 .4* - 1 .67 Fidelity Canadian Equity Growth Hybrid 75/25 14 .12 11 .1 (1 .4) 4 .1 0 .0 2 .2* 4 .2* 5 .9* - 1 .18 Industrial Alliance Fidelity Canadian Opportunities Hybrid 75/25 17 .14 18 .3 1 .6 8 .1 13 .0 15 .9* 11 .1* 10 .5* - 1 .49 Fidelity Canadian Equity Small Cap (QV) Hybrid 75/25 16 .24 17 .1 (1 .1) 4 .4 (6 .3) (2 .9)* 0 .2* 3 .7* - 1 .70 QV Investors Inc . North American Equity Hybrid 75/25 12 .93 2 .2 (0 .7) 5 .1 2 .0 5 .0* 4 .4* 5 .5* - 1 .30 Industrial Alliance Global Hybrid Funds5 Global Dividend (Dynamic) Hybrid 75/25 23 .32 139 .9 (0 .3) 5 .7 8 .6 12 .0* 12 .0* 11 .8* - 1 .68 Dynamic Global Equity Hybrid 75/25 19 .05 10 .8 (1 .0) 3 .6 6 .0 11 .3* 6 .7* 6 .2* - 1 .41 Industrial Alliance Global Equity (QV) Hybrid 75/25 15 .57 6 .3 (0 .9) (0 .9) (7 .7) (3 .4)* (0 .7)* 2 .1* - 1 .63 QV Investors Inc . Global Opportunities (Loomis Sayles) Hybrid 75/25 13 .42 2 .5 (0 .3) 3 .7 (6 .8) (0 .4)* (2 .9)* 0 .0* - 1 .37 Loomis Sayles

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 133 - Industrial Alliance Table of net returns as at September 30, 2020

iAG Savings and Retirement Plan – Series 75/100 Prestige | F-Class6

2 Unit Net assets1 Simple returns Compound annual returns Investment Value in millions 1 month 3 months YTD 1 year 3 years 5 years 10 years MER3 Advisor $ $ % % % % % % % % Global Hybrid Funds5 (continued) Global True Conviction Hybrid 75/25 17 .88 7 .3 (0 .9) 3 .1 5 .6 9 .5* 7 .0* 6 .3* - 1 .35 Industrial Alliance Fidelity NorthStar® Hybrid 75/25 18 .37 22 .2 0 .5 4 .1 7 .7 12 .7* 4 .4* 3 .2* - 1 .82 Fidelity Thematic Innovation Hybrid 75/25 16 .80 17 .0 (0 .9) 6 .0 16 .0 22 .1* 6 .4* 6 .6* - 1 .55 Industrial Alliance Canadian Equity Funds Strategic Equity Income 19 .22 155 .9 (0 .4) 5 .4 (8 .1) (4 .5)* 1 .8* 4 .9* 6 .0* 1 .09 iA Clarington Dividend Growth 23 .68 808 .8 (1 .0) 5 .0 (8 .7) (7 .0)* 2 .1* 6 .2* 6 .2* 1 .17 Industrial Alliance Dividend Growth (iAIM) 21 .04 81 .3 (0 .9) 4 .8 (16 .3) (12 .9)* (0 .4)* 4 .0* 3 .6* 1 .17 Industrial Alliance Canadian Equity Index 30 .97 445 .9 (2 .1) 4 .0 (2 .7) (0 .8)* 3 .7* 6 .3* 4 .9* 1 .24 Industrial Alliance Fidelity True North® 55 .38 231 .5 (1 .0) 4 .0 1 .7 3 .4* 5 .7* 6 .0* 7 .3* 1 .76 Fidelity Canadian Equity Growth 41 .78 749 .2 (1 .9) 5 .2 (3 .2) (0 .1)* 3 .3* 6 .3* 5 .8* 1 .31 Industrial Alliance Fidelity Canadian Opportunities 74 .83 234 .7 2 .1 10 .7 14 .1 18 .4* 12 .8* 12 .5* 9 .1* 1 .68 Fidelity Canadian Equity Small Cap (QV) 20 .97 106 .8 (1 .4) 5 .7 (11 .8) (7 .3)* (2 .0)* 3 .3* 7 .5* 1 .83 QV Investors Inc . North American Equity 52 .11 108 .5 (1 .0) 6 .6 (0 .7) 3 .5* 3 .7* 5 .8* 4 .5* 1 .43 Industrial Alliance U.S. & International Equity Funds Global Equity Index ACWI (BlackRock) 26 .98 66 .4 (0 .8) 5 .4 2 .6 9 .2* 7 .9* 8 .8* 10 .1* 1 .40 BlackRock Global Dividend (Dynamic) 32 .16 1,017 .0 (0 .4) 7 .5 9 .0 13 .9* 14 .2* 14 .6* 13 .1* 1 .78 Dynamic Global Equity (QV) 21 .94 30 .3 (1 .3) (1 .2) (12 .9) (6 .8)* (0 .8)* 3 .5* 6 .6* 1 .84 QV Investors Inc . Global Equity 25 .94 87 .2 (1 .3) 4 .7 5 .3 12 .7* 6 .9* 6 .9* 9 .8* 1 .49 Industrial Alliance Global Opportunities 13 .41 10 .6 (0 .5) 4 .8 (12 .0) (3 .8)* (6 .2)* (1 .9)* - 1 .75 Loomis Sayles Global True Conviction 19 .52 137 .2 (1 .3) 4 .0 4 .6 10 .0* 7 .2* 7 .0* - 1 .45 Industrial Alliance Fidelity Global Concentrated Equity 10 .29 29 .5 (1 .4) 3 .1 (6 .5) 2 .7* - - - 1 .93 Fidelity Fidelity NorthStar® 25 .13 112 .9 0 .6 5 .4 7 .4 14 .4* 4 .1* 3 .0* 9 .5* 1 .93 Fidelity International Equity Index (BlackRock) 14 .28 159 .3 (0 .3) 2 .4 (5 .2) 0 .2* 1 .7* 3 .9* 6 .1* 1 .39 BlackRock International Equity 21 .79 479 .8 0 .3 3 .3 (0 .2) 6 .3* 3 .3* 4 .7* 6 .8* 1 .53 Industrial Alliance Fidelity European Equity 18 .02 40 .6 (1 .4) 0 .5 (10 .2) (2 .6)* (1 .4)* 1 .0* 5 .5* 1 .89 Fidelity U .S . Equity Index (BlackRock) 34 .47 285 .5 (1 .5) 6 .4 7 .4 14 .2* 12 .8* 12 .1* 14 .7* 1 .47 BlackRock Fidelity Insights 13 .29 83 .1 (1 .6) 9 .5 24 .6 31 .5* 18 .9* - - 1 .72 Fidelity Thematic Innovation 19 .86 514 .8 (1 .4) 7 .6 18 .9 26 .1* 15 .2* - - 1 .28 Industrial Alliance American (Dynamic) 12 .02 49 .2 (1 .5) 9 .5 16 .7 20 .0* 19 .7* 16 .4* 14 .2* 1 .62 Dynamic U .S . Equity 23 .11 108 .5 (1 .9) 6 .0 9 .1 15 .5* 8 .5* 7 .6* 12 .5* 1 .50 Industrial Alliance U .S . Dividend Growth 25 .42 187 .2 1 .0 7 .7 3 .8 8 .4* 7 .6* 7 .3* 11 .2* 1 .44 Industrial Alliance Specialty Funds Asian Pacific (Dynamic) 5 .18 123 .5 3 .2 11 .8 25 .6 38 .0* 16 .1* 13 .1* 8 .2* 1 .85 Dynamic Emerging Markets (Jarislowsky Fraser) 11 .03 27 .9 2 .1 11 .5 4 .0 9 .7* 4 .7* 7 .5* - 1 .92 Jarislowsky Fraser Global Health Care (Renaissance) 59 .50 248 .1 1 .2 3 .1 8 .8 22 .9* 11 .0* 7 .8* 16 .0* 2 .13 Renaissance Global Infrastructure (Dynamic) 9 .65 45 .6 1 .3 6 .2 (6 .1) (4 .1)* 5 .2* 7 .8* 10 .0* 1 .70 Dynamic Real Estate Income 37 .94 68 .1 (0 .4) 1 .5 (17 .5) (17 .3)* 1 .4* 4 .1* 6 .1* 1 .44 Industrial Alliance U .S . DAQ Index 33 .02 462 .5 (3 .4) 9 .9 33 .8 47 .4* 25 .9* 21 .4* 21 .4* 1 .43 Industrial Alliance Indexia Funds Indexia Prudent 11 .08 122 .6 (0 .2) 1 .5 5 .0 5 .2* 5 .0* 4 .4* - 1 .31 Industrial Alliance Indexia Moderate 11 .07 83 .3 (0 .4) 2 .2 4 .0 5 .1* 5 .2* 5 .1* - 1 .31 Industrial Alliance Indexia Balanced 11 .09 98 .9 (0 .6) 2 .8 2 .9 5 .0* 5 .4* 5 .7* - 1 .31 Industrial Alliance Indexia Growth 11 .09 45 .4 (0 .8) 3 .5 2 .0 5 .1* 5 .6* 6 .4* - 1 .31 Industrial Alliance Indexia Aggressive 11 .01 19 .4 (1 .4) 3 .7 0 .2 4 .4* 5 .6* 7 .0* - 1 .31 Industrial Alliance

Returns after deduction of MER (Management expense ratio). Past performance is not a guarantee of future returns.

1 Total net assets of the fund including individual and group contracts . 5 For more information on F-Class funds refer to the IAG Savings and Retirement Plan Fund Facts or 2 The rates for the period are non-annualized . Information Folder and Individual Variable Annuity Contract . 3 Management expense ratio (GST and HST included) . These fees may change at any time . * Simulation of past returns as if the Fund or series had been in effect for these periods . Index funds: Simulation of past returns from the return of the index that the fund aims to reproduce . 4 75% of this funds are invested in the fund stated and 25% are invested in the Industrial Alliance Bond Fund .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 134 - Industrial Alliance Total Return Reference indexes2

Returns as at September 30, 2020

Simple returns1 Compound annual returns 1 month 3 months YTD 1 year 3 years 5 years 10 years % % % % % % % Indexes related to Income Funds FTSE Canada 91 Day T-Bill Index 0 .0 0 .1 0 .8 1 .3 1 .4 1 .0 1 .0 FTSE Canada Short Term Bond Index 0 .2 0 .7 4 .8 4 .9 3 .4 2 .3 2 .5 FTSE Canada Universe Bond Index 0 .3 0 .4 8 .0 7 .1 6 .1 4 .3 4 .4 SB - World Government Bonds (Can . $) 2 .3 1 .0 10 .4 7 .7 6 .7 3 .9 4 .5 Indexes related to Canadian Equity Funds S&P/TSX 60 (2 .0) 4 .4 (2 .1) 0 .3 5 .0 7 .6 6 .2 S&P/TSX Completion Index (2 .2) 6 .1 (6 .4) (1 .1) 1 .9 5 .7 4 .5 S&P/TSX Composite Index (2 .1) 4 .7 (3 .1) 0 .0 4 .3 7 .2 5 .8 S&P/TSX Capped Composite Index (2 .1) 4 .7 (3 .1) 0 .0 4 .3 7 .2 5 .8 S&P/TSX SmallCap Index (4 .6) 6 .6 (8 .6) (2 .9) (3 .2) 4 .5 0 .8 Indexes related to U.S. & International Equity Funds S&P 500 (Can . $) (Reuters) (1 .4) 6 .8 8 .7 16 .2 14 .8 14 .1 16 .8 MSCI - World (Can . $) (1 .0) 5 .8 4 .8 11 .4 10 .1 10 .4 12 .3 MSCI - EAFE (Can . $) (0 .1) 2 .8 (4 .3) 1 .4 2 .8 5 .2 7 .4 MSCI - EAFE (Can . $) (Reuters) (0 .1) 2 .8 (4 .3) 1 .4 2 .8 5 .2 7 .4 MSCI - Europe (Can . $) (0 .9) 2 .6 (5 .7) 0 .6 2 .2 4 .8 7 .6 Index related to Specialty Funds MSCI - AC Asian Pacific Free (Can . $) 1 .4 6 .6 4 .9 12 .5 6 .9 9 .4 8 .7 MSCI - Emerging Markets (Can . $) 0 .9 7 .6 2 .1 11 .9 5 .1 9 .3 5 .6 MSCI - World Health Care (Can . $) 1 .1 2 .9 9 .9 22 .5 13 .7 10 .4 16 .7 NASDAQ 100 (Can . $) (3 .3) 10 .3 34 .7 48 .6 26 .8 22 .2 22 .2 S&P/TSX Capped REIT Index (0 .8) (1 .5) (22 .4) (23 .0) 2 .3 4 .8 6 .1

Variation Compound annual variation 1 month 3 months YTD 1 year 3 years 5 years 10 years % % % % % % % Exchange Rate (Can. $ / US $) As at September 30, 2020: 1 .3358 2 .5 (1 .9) 3 .0 0 .9 2 .2 (0 .1) 2 .7 Exchange Rate (US $ / Can. $) As at September 30, 2020: 0 .7486 (2 .5) 2 .0 (2 .9) (0 .9) (2 .2) 0 .1 (2 .6)

1 The rates for the period are non-annualized . 2 Please refer to the Legal Notices on page 24 for more information about these indexes .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 135 - 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 .

FTSE Where FTSE indexes are used, or referenced: FTSE International Limited (“FTSE”) © FTSE [2020] . FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE under licence . “NAREIT®” is a trade mark of the National Association of Real Estate Investments Trusts and “EPRA®” is a trademark of the European Public Real Estate Association and all are used by FTSE under licence .

NASDAQ Nasdaq®, OMXTM, NASDAQ-100®, and NASDAQ-100 Index®, are registered trademarks of NASDAQ, Inc . and are licensed for use by iA Financial Group .

GICS Classification Where the Global Industry Classification Standard (“GICS”) is used, or referenced: the GICS was developed by and is the exclusive property and a service mark of MSCI Inc . (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”) and is licensed for use by iA Financial Group .

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 .

IAG Savings and Retirement Plan/My Education+ Third quarter, ending September 30, 2020 - 136 - Industrial Alliance

Eco Strategist

iAG Savings and Retirement Plan

My Education+

The EcoStrategist economic and financial bulletin is designed and produced by the Middle Office – Investment, Marketing, Individual Insurance and Annuities and Communications Departments of iA Financial Group. F95-22A-15(20-10)

You may contact us at the following address : Cette publication est aussi disponible en français. Industrial Alliance Insurance and Financial Services Inc. Individual Savings and Retirement 1080 Grande Allée West PO Box 1907, Station Terminus Quebec City, Quebec G1K 7M3

Phone number: 1 844 442-4636 Email address: [email protected] Information about iA Financial Group and the products and services we provide is on our website at ia.ca.

iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services Inc. ia.ca