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Audited Annual Financial Statements for the Year Ended December 31, 2019

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Audited Annual Financial Statements for the Year Ended December 31, 2019 Audited Annual Financial Statements For the year ended December 31, 2019 Tangerine® Balanced Portfolio Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2019 (In Canadian dollars, unless otherwise indicated) Independent Auditor’s Report To the Unitholders of Tangerine Balanced Portfolio (the “Fund”) Opinion We have audited the financial statements of the Fund, which comprise the statements of financial position as at December 31, 2019 and 2018, and the statements of comprehensive income, statements of changes in net assets attributable to holders of redeemable units and statements of cash flows for the years then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at December 31, 2019 and 2018, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for the other information. The other information comprises the Management Report of Fund Performance. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. We obtained the Management Report of Fund Performance prior to the date of this auditor’s report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Fund’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 2 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2019 (In Canadian dollars, unless otherwise indicated) As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern. • Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants Licensed Public Accountants Toronto, Canada April 14, 2020 3 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2019 (In Canadian dollars, unless otherwise indicated) Statements of Financial Position Statements of Comprehensive Income As at For the years ended December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Assets Income Current Assets Dividends (Note 3j) $ 25,733,219 $ 22,739,825 Investments (Notes 3c and 5) $ 1,452,636,996 $ 1,261,288,069 Interest for distribution purposes (Note 3j) 15,463,756 15,047,994 Cash (Note 3m) 1,212,037 704,808 Net realized gain on investments 2,181,087 22,714,347 Subscriptions receivable 3,092,664 2,759,473 Net realized loss on foreign exchange (61,426) (41,696) Receivable for securities sold 2,035 386,702 Change in unrealized appreciation (depreciation) on investments 153,542,114 (73,971,705) Accrued investment income 4,825,414 4,643,162 Change in unrealized appreciation Total assets 1,461,769,146 1,269,782,214 (depreciation) on foreign exchange (62,390) 55,784 Liabilities Total income 196,796,360 (13,455,451) Current Liabilities Expenses Payable for securities purchased 710,385 467,572 Management fees (Note 10a) 11,216,734 10,301,228 Redemptions payable 2,632,158 2,435,048 Administrative fees (Note 10a) 2,103,138 1,931,480 Accrued expenses 2,603,979 1,152,179 Other expenses including Total current liabilities 5,946,522 4,054,799 indirect taxes (Note 10a) 1,682,510 1,545,291 Independent Review Committee fees Net assets attributable to holders (Note 10a) 12,461 13,230 of redeemable units $ 1,455,822,624 $ 1,265,727,415 Foreign withholding taxes (Note 6) 1,789,993 1,621,205 Number of redeemable units outstanding (Note 7) 95,330,341 92,957,588 Transaction costs (Note 3g) 49,487 59,535 Net assets attributable to holders of Total expenses 16,854,323 15,471,969 redeemable units per unit (Note 3e) $ 15.27 $ 13.62 Less: Rebated and absorbed expenses (Note 10a) (12,461) (13,230) Net expenses 16,841,862 15,458,739 Increase (decrease) in net assets attributable to holders of redeemable units from operations $ 179,954,498 $ (28,914,190) Approved by the board of directors of Tangerine Investment Increase (decrease) in net assets Management Inc. attributable to holders of redeemable units from operations per unit (Note 3l) $ 1.91 $ (0.32) Ramy Dimitry, Director Timothy Morris, Director 4 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2019 (In Canadian dollars, unless otherwise indicated) Statements of Changes in Statements of Cash Flows Net Assets Attributable to For the years ended Holders of Redeemable Units December 31, December 31, For the years ended 2019 2018 Cash flows from operating activities December 31, December 31, 2019 2018 Increase (decrease)
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