Co-Operators Life Insurance Company Pooled Investment Funds

Co-operators Life Insurance Company Pooled Investment Funds

Financial Statements

December 31, 2020 Co-operators Life Insurance Company Pooled Investment Funds

Table of Contents

Auditor's Report 1 Board Approval 4

Co-operators Balanced Fund 5 Co-operators Canadian Equity Fund 10 Co-operators Canadian Fixed Income Fund 14 Co-operators Canadian Resource Fund 20 Co-operators Money Market Fund 24 Co-operators U.S. Equity Fund 28 Co-operators Global Equity Fund 32 Co-operators Bissett Canadian Dividend Fund 36 Co-operators Ethical Canadian Equity Fund 40 Co-operators Ethical International Equity Fund 44 Co-operators Ethical Select Balanced Portfolio 47 Co-operators Ethical Select Conservative Portfolio 51 Co-operators Ethical Select Growth Portfolio 55 Co-operators Ethical Select Income Portfolio 59 Co-operators Fidelity Canadian Bond Fund 63 Co-operators Fidelity Global Fund 67 Co-operators Fidelity True North® Fund 71 Co-operators Mawer Balanced Fund 75 Co-operators Mawer Canadian Equity Fund 79 Co-operators Mawer International Equity Fund 83 Co-operators Aggressive Balanced Fund 87 Co-operators Conservative Balanced Fund 90 Co-operators Aggressive Portfolio 93 Co-operators Conservative Portfolio 97 Co-operators Moderate Portfolio 101 Co-operators Very Aggressive Portfolio 105 Co-operators Very Conservative Portfolio 109 Co-operators Aviator™ Diversified Portfolio 113 Co-operators Aviator™ Growth Portfolio 117 Co-operators Aviator™ Income Plus Portfolio 120

Notes to the Financial Statements 123

Schedule 1 137 Schedule 2 141

BlackRock® is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used with permission. Fidelity Investments® and True North® are registered trademarks of FMR LLC. Franklin Bissett Investment Management is part of Franklin Templeton Investments Corp. Northwest Funds, NEI Investments and Ethical Funds are divisions of Northwest & Ethical Investments L.P. Northwest Funds, NEI Investments and Ethical Funds are registered marks and trademarks of Northwest & Ethical Investments L.P. Independent auditor’s report

To the Unitholders of

Co-operators Balanced Fund Co-operators Fidelity Global Fund Co-operators Canadian Equity Fund Co-operators Fidelity True North® Fund Co-operators Canadian Fixed Income Fund Co-operators Mawer Balanced Fund Co-operators Canadian Resource Fund Co-operators Mawer Canadian Equity Fund Co-operators Money Market Fund Co-operators Mawer International Equity Fund Co-operators U.S. Equity Fund Co-operators Aggressive Balanced Fund Co-operators Global Equity Fund Co-operators Conservative Balanced Fund Co-operators Bissett Canadian Dividend Fund Co-operators Aggressive Portfolio Co-operators Ethical Canadian Equity Fund Co-operators Conservative Portfolio Co-operators Ethical International Equity Fund Co-operators Moderate Portfolio Co-operators Ethical Selected Balanced Portfolio Co-operators Very Aggressive Portfolio Co-operators Ethical Select Conservative Portfolio Co-operators Very Conservative Portfolio Co-operators Ethical Select Growth Portfolio Co-operators Aviator™ Diversified Portfolio Co-operators Ethical Select Income Portfolio Co-operators Aviator™ Growth Portfolio Co-operators Fidelity Canadian Bond Fund Co-operators Aviator™ Income Plus Portfolio

(collectively, the Funds, individually the Fund)

Our opinion

In our opinion, the accompanying financial statements of each Fund present fairly, in all material respects, the financial position of each Fund as at December 31, 2020 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS).

What we have audited The financial statements of each Fund comprise:

● the statement of financial position as at December 31, 2020;

● the statement of comprehensive income for the year then ended;

● the statement of changes in net assets attributable to unitholders for the year then ended;

● the statement of cash flows for the year then ended; and

● the notes to the financial statements, which include significant accounting policies and other explanatory information.

PricewaterhouseCoopers LLP One Lombard Place, Suite 2300, Winnipeg, Manitoba, Canada R3B 0X6 T: +1 204 926 2400, F: +1 204 944 1020

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of each Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Other matter − unaudited information

We have not audited, reviewed, or attempted to verify the accuracy or completeness of the Top Holdings of Underlying Funds of each of the Funds (as applicable) as of December 31, 2020, the Financial Highlights of each of the Funds, Schedule 1 and Schedule 2 for the year then ended. Accordingly, we do not express an opinion thereon.

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 of each Fund in accordance with IFRS, 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 ability of each Fund 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 any Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the financial reporting process of each Fund.

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 for each Fund 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 the financial statements of each Fund. 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 of each Fund, 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 internal control of each Fund.

● 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 ability of each Fund 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 of each Fund 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 any Fund to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the financial statements of each Fund, 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

Winnipeg, Manitoba February 12, 2021 Co-operators Life Insurance Company Pooled Investment Funds

Board Approval

Statements of Financial Position As at December 31, 2020 with comparatives at December 31, 2019

Statements of Comprehensive Income For the year or period ended December 31, 2020 with comparatives for December 31, 2019

Statements of Changes in Net Assets Attributable to Unitholders For the year or period ended December 31, 2020 with comparatives for December 31, 2019

Statements of Cash Flows For the year or period ended December 31, 2020 with comparatives for December 31, 2019

Schedules of Investment Portfolio As at December 31, 2020

Top Holdings of Underlying Funds Co-operators Global Equity Fund Co-operators Bissett Canadian Dividend Fund Co-operators Ethical Canadian Equity Fund Co-operators Ethical International Equity Fund Co-operators Ethical Select Balanced Portfolio Co-operators Ethical Select Conservative Portfolio Co-operators Ethical Select Growth Portfolio Co-operators Ethical Select Income Portfolio Co-operators Fidelity Canadian Bond Fund Co-operators Fidelity Global Fund Co-operators Fidelity True North® Fund Co-operators Mawer Balanced Fund Co-operators Mawer Canadian Equity Fund Co-operators Mawer International Equity Fund Co-operators Aggressive Balanced Fund Co-operators Conservative Balanced Fund Co-operators Aggressive Portfolio Co-operators Conservative Portfolio Co-operators Moderate Portfolio Co-operators Very Aggressive Portfolio Co-operators Very Conservative Portfolio Co-operators Aviator™ Diversified Portfolio Co-operators Aviator™ Growth Portfolio Co-operators Aviator™ Income Plus Portfolio

Financial Highlights

Notes to the Financial Statements

Schedule 1 Schedule 2

The policies applied in these financial statements are based on IFRS effective February 12, 2021, the date the Board of Directors approved the financial statements.

Approved by the Board of Directors

John Harvie February 12, 2021 9:27 AM Robert Wesseling February 12, 2021 11:18 AM Chairperson President and Chief Executive Officer

See accompanying notes to the financial statements. 4 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Balanced Fund Fund managed by Addenda Capital Inc.

Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders As at December 31 2020 2019 (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 (in thousands of dollars) $ $ Assets Current assets Net assets attributable to unitholders at Cash and cash equivalents 26 (68) beginning of year 135,473 120,263 Short-term notes 2,069 4,853 Investment income receivable 390 434 Increase (decrease) in net assets attributable to Receivables from investments sold 376 250 unitholders 8,930 18,621 Bonds and debentures 59,345 48,584 Stocks 80,204 81,830 Transactions with unitholders 142,410 135,883 Unitholders' contributions 11,032 9,768 Unitholders' withdrawals (12,882) (12,492) Liabilities Transfers (to) from other funds (726) (687) Current liabilities Net increase (decrease) from unitholders' Payments for investments purchased 418 240 transactions (2,576) (3,411) Accounts payable for management and audit fees (note 8) 165 170 Net increase (decrease) in net assets 583 410 attributable to unitholders 6,354 15,210

Net assets attributable to unitholders 141,827 135,473 Net assets attributable to unitholders at end of year 141,827 135,473

Net assets attributable to unitholders per unit 296.74 284.71 Statement of Cash Flows

Statement of Comprehensive Income For the years ended December 31 2020 2019 (in thousands of dollars) $ $ For the years ended December 31 2020 2019 (in thousands of dollars except per unit amounts) $ $ Cash flows from operating activities Increase (decrease) in net assets attributable to Investment income and gains unitholders 8,930 18,621 Dividend income 2,103 1,930 Adjustments for: Interest income for allocation purposes 1,491 1,498 Realized (gains) losses on sale of investments (6,113) (2,588) Foreign exchange gain (loss) 19 6 Unrealized (gains) losses (1,122) (14,494) Other income 12 23 Current receivables (82) (261) Realized gains (losses) on sale of investments 6,113 2,588 Current liabilities 173 256 Unrealized gains (losses) 1,163 14,531 Purchases of investments (161,547) (180,771) 10,901 20,576 Proceeds from the sale of investments 162,431 182,705 Net cash from operating activities 2,670 3,468 Expenses Management fees (notes 8 and 10) 1,910 1,897 Cash flows from financing activities Audit, legal and other fees (note 10) 20 21 Proceeds from the issuance of units 11,032 9,768 Transaction costs 41 37 Amounts paid on redemption of units (13,608) (13,179) 1,971 1,955 Net cash from financing activities (2,576) (3,411)

Increase (decrease) in net assets attributable to Net increase (decrease) in cash 94 57 unitholders 8,930 18,621 Cash at beginning of year (68) (125) Cash at end of year 26 (68) Increase (decrease) in net assets attributable to unitholders per unit (note 13) 18.59 39.48 Dividends received, net of withholding taxes 2,118 1,967 Interest received 1,488 1,189

5 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Balanced Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS 250,000 ENBRIDGE INC, 2.99%, 2029-10-03 263,278 269,480 18,952 CANADIAN DOLLAR 18,952 18,952 150,000 ENBRIDGE INC, 5.375%, 2077-09-27 147,262 158,553 6,339 US DOLLARS 8,076 8,076 58,335 ENBRIDGE STHRN LIGHT, 4.014%, 2040-06-30 58,335 65,673 25,291 27,028 27,028 200,000 ENERGIR INC, 2.1%, 2027-04-16 203,755 212,028 64,578 FIRST NATIONS FIN, 4.136%, 2041-12-31 64,578 72,315 SHORT TERM NOTES 75,000 FORTISBC ENERGY INC, 2.54%, 2050-07-13 74,159 75,348 DISCOUNT NOTES 1.46% 100,000 GIBSON ENERGY, 2.85%, 2027-07-14 103,848 105,415 2,070,000 CANADA T BILLS T/B, 2021-06-10 2,068,682 2,068,682 85,000 GIBSON ENERGY INC, 3.6%, 2029-09-17 84,745 92,790 2,070,000 2,068,682 2,068,682 210,000 HUSKY ENERGY INC, 3.5%, 2028-02-07 210,252 213,788 285,000 KEYERA CORP, 3.959%, 2030-05-29 298,178 315,492 BONDS AND DEBENTURES 89,522 NORTH BATTLEFORD PWR, 4.958%, 2032-12-31 89,528 106,815 CANADA 79,036 NORTHERN COURRIER PP, 3.365%, 2042-06-30 79,036 84,911 FEDERAL GOVERNMENT 7.26% 175,000 NORTHWESTERN HYDRO, 3.94%, 2038-12-31 175,000 204,528 REGULAR BONDS 60,000 ONTARIO POWER GEN, 4.248%, 2049-01-18 74,815 77,278 850,000 CANADA GOVT, 2030-12-01 829,158 831,513 185,000 PEMBINA PIPELINE, 3.31%, 2030-02-01 183,329 199,939 3,240,000 CANADA GOVT, 2051-12-01 3,963,673 3,896,003 260,000 TRANSCANADA PIPELINE, 3.8%, 2027-04-05 261,944 292,440 2,900,000 CANADA HOUSING TRUST, 1.75%, 2022-06-15 2,963,822 2,963,916 95,000 TRANSCANADA TRUST, 4.65%, 2077-05-18 93,462 97,555 1,500,000 CANADA HOUSING TRUST, 1.95%, 2025-12-15 1,600,419 1,596,795 160,000 UNION GAS LTD, 2.76%, 2021-06-02 162,373 161,238 375,000 CANADA POST CORP, 4.36%, 2040-07-16 431,924 534,420 45,000 UNION GAS LTD, 2.81%, 2026-06-01 47,837 49,109 325,000 PSP CAPITAL INC, 0.9%, 2026-06-15 324,688 326,531 4,588,801 4,665,897 5,029,016 98,450 ROYAL OFFICE FINANCE, 5.209%, 2032-11-12 124,629 128,409 9,288,450 10,238,313 10,277,587 FINANCIAL PRODUCTS 8.30% REGULAR BONDS PROVINCIAL GUARANTEED AND NON-GUARANTEED 15.08% 540,000 BANK OF MONTREAL, 2.85%, 2024-03-06 545,272 574,906 REGULAR BONDS 135,000 BANK OF MONTREAL, 2.37%, 2025-02-03 134,999 142,698 550,000 55 SCHOOL BOARD TR, 5.9%, 2033-06-02 578,194 794,217 200,000 BANK OF NOVA SCOTIA, 2.36%, 2022-11-08 206,998 206,964 550,000 FAIR HYDRO TRUST, 3.357%, 2033-05-15 606,245 638,308 465,000 BANK OF NOVA SCOTIA, 2.49%, 2024-09-23 469,228 492,840 225,000 FAIR HYDRO TRUST, 3.52%, 2038-05-15 239,674 269,118 175,000 BANK OF NOVA SCOTIA, 2.16%, 2025-02-03 174,942 183,745 750,000 FINANCEMENT QUEBEC, 5.25%, 2034-06-01 967,193 1,066,133 110,000 CENTRAL 1 CREDIT, 2.584%, 2023-12-06 110,000 115,107 225,000 HOSP SICK CHILDREN, 3.416%, 2057-12-07 262,800 273,805 290,000 CI FINANCIAL CORP, 3.759%, 2025-05-26 297,190 310,175 2,325,000 HYDRO QUEBEC, 6%, 2040-02-15 3,720,230 3,841,109 425,000 CIBC, 2.35%, 2024-08-28 444,592 447,436 1,225,000 MANITOBA PROV, 2.85%, 2046-09-05 1,357,244 1,380,281 375,000 CIBC, 2%, 2025-04-17 387,788 391,118 425,000 NFLD & LABRADOR HYDR, 3.6%, 2045-12-01 467,543 516,384 195,000 CIBC, 2.01%, 2030-07-21 194,926 200,616 86,850 ONT SCHL FIN, 5.8%, 2028-11-07 100,360 103,788 500,000 CIBC BANK FF, 2.95%, 2029-06-19 506,029 530,910 3,700,000 ONTARIO PROV, 1.35%, 2030-12-02 3,671,745 3,702,072 125,000 FED CAISSE DESJARDIN, 2.417%, 2024-10-04 125,000 131,994 2,600,000 ONTARIO PROV, 6.2%, 2031-06-02 3,782,526 3,815,370 90,000 FED CAISSE DESJARDIN, 2.856%, 2030-05-26 90,000 95,744 1,600,000 ONTARIO PROV, 4.6%, 2039-06-02 2,286,179 2,280,640 200,000 GENWORTH MI CANADA, 4.242%, 2024-04-01 212,778 215,610 1,125,000 ONTARIO PROV, 3.5%, 2043-06-02 1,444,425 1,432,451 150,000 GENWORTH MI CANADA, 2.955%, 2027-03-01 149,999 155,340 300,000 ONTARIO PROV, 2.9%, 2049-06-02 348,528 356,415 110,000 GM FINANCIAL CANADA, 3.25%, 2023-11-07 110,107 115,711 875,000 OPB FINANCE TRUST, 1.88%, 2022-02-24 873,909 890,190 125,000 HONDA CANADA FINANCE, 1.337%, 2026-03-17 125,496 125,989 16,561,850 20,706,795 21,360,281 210,000 IA FINANCIAL CORP FF, 3.072%, 2031-09-24 210,434 227,457 110,000 IGM FINANCIAL, 4.206%, 2050-03-21 110,000 132,307 PROVINCIAL GUARANTEED AND NON-GUARANTEED 0.95% 180,000 IND.ORDER FORES, 2.885%, 2035-10-15 180,658 186,028 FOREIGN PAY 150,000 JOHN DEERE FINAN, 1.34%, 2027-09-08 149,970 151,272 1,025,000 ONTARIO PROV US, 2.25%, 2022-05-18 1,399,445 1,340,977 210,000 MANULIFE FIN CORP, 3.317%, 2028-05-09 210,000 221,823 1,025,000 1,399,445 1,340,977 240,000 MANULIFE FIN CORP, 3.049%, 2029-08-20 238,441 256,800 255,000 MANULIFE FIN CORP, 2.237%, 2030-05-12 255,000 265,820 MUNICIPAL 0.96% 100,000 MANULIFE FIN CORP, 2.818%, 2035-05-13 107,081 106,468 REGULAR BONDS 75,000 NATIONAL BK CANADA, 2.545%, 2024-07-12 75,000 79,419 200,000 CITY OF OTTAWA, 3.25%, 2047-11-10 223,100 238,262 130,000 NATIONAL BK CANADA, 1.573%, 2026-08-18 129,999 132,683 300,000 CITY OF TORONTO, 2.6%, 2039-09-24 304,793 325,131 490,000 ROYAL BANK CANADA, 2.609%, 2024-11-01 496,674 522,090 325,000 CITY OF TORONTO, 3.2%, 2048-08-01 320,106 387,111 800,000 ROYAL BANK CANADA, 2.088%, 2030-06-30 813,717 828,240 350,000 SOUTH COAST BC TRAN, 3.25%, 2028-11-23 349,496 404,912 250,000 ROYAL BANK CANADA FF, 3.31%, 2026-01-20 250,963 250,305 1,175,000 1,197,495 1,355,416 500,000 ROYAL BANK CANADA FF, 2.74%, 2029-07-25 507,239 529,030 135,000 ROYAL BK OF CANADA, 2.352%, 2024-07-02 141,735 142,131 CORPORATE 285,000 SUN LIFE FIN, 2.38%, 2029-08-13 281,191 299,022 COMMUNICATION 0.75% 130,000 SUN LIFE FIN, 2.58%, 2032-05-10 129,951 139,234 REGULAR BONDS 900,000 TD BANK, 2.621%, 2021-12-22 920,961 919,953 45,000 BELL CANADA, 1.65%, 2027-08-16 44,997 45,511 525,000 TD BANK, 2.496%, 2024-12-02 546,965 558,086 95,000 BELL CANADA, 3.6%, 2027-09-29 105,906 107,342 105,000 TD BANK, 1.128%, 2025-12-09 105,000 105,434 275,000 BELL CANADA, 2.9%, 2029-09-10 272,259 297,979 1,000,000 TD BANK, 3.105%, 2030-04-22 1,047,358 1,079,390 100,000 ROGERS COMM INC, 3.65%, 2027-03-31 99,511 112,705 90,000 TOYOTA CREDIT CANADA, 2.31%, 2024-10-23 89,973 94,833 140,000 ROGERS COMM INC, 3.25%, 2029-05-01 141,251 155,256 80,000 TOYOTA CREDIT CANADA, 2.11%, 2025-02-26 79,974 83,811 55,000 ROGERS COMM INC, 6.68%, 2039-11-04 65,534 81,771 11,160,000 11,363,628 11,748,539 145,000 SHAW COMMUNICATIONS, 2.9%, 2030-12-09 148,067 153,977 100,000 THOMSON REUTERS, 2.239%, 2025-05-14 100,000 104,489 MAPLES 0.23% 955,000 977,525 1,059,030 160,000 BANK OF AMERICA CO, 3.407%, 2025-09-20 160,000 173,536 140,000 GOLDMAN SACHS GROUP, 3.307%, 2025-10-31 140,815 151,439 ENERGY 3.55% 300,000 300,815 324,975 REGULAR BONDS 100,000 ALGONQUIN PWR CO, 4.6%, 2029-01-29 99,952 118,643 INDUSTRIAL PRODUCTS 0.83% 210,000 ALTAGAS CANADA INC, 3.15%, 2026-04-06 209,987 229,322 REGULAR BONDS 145,000 ALTAGAS CANADA INC, 4.26%, 2028-12-05 146,097 171,789 65,000 BROOKFIELD ASSET MGT, 3.8%, 2027-03-16 64,978 72,987 225,000 ALTAGAS LTD, 2.157%, 2025-06-10 226,481 233,381 90,000 BROOKFIELD ASSET MGT, 5.95%, 2035-06-14 93,788 120,290 105,000 ALTAGAS LTD, 2.075%, 2028-05-30 105,000 106,385 50,000 CCL INDUSTRIES INC, 3.864%, 2028-04-13 50,000 56,193 125,000 ATCO Ltd, 5.5%, 2078-11-01 126,800 141,510 100,000 LOBLAW COST LTD, 6.45%, 2039-03-01 139,715 144,657 205,000 BROOKFIELD REN ENG, 3.63%, 2027-01-15 215,384 230,352 90,000 METRO INC, 5.03%, 2044-12-01 113,081 117,449 125,000 BROOKFIELD RENEW, 4.25%, 2029-01-15 124,924 148,030 155,000 RELIANCE LP, 3.75%, 2026-03-15 156,529 169,713 125,000 BROOKFIELD RENEW, 3.38%, 2030-01-15 124,971 140,348 95,000 RELIANCE LP, 2.68%, 2027-12-01 94,983 99,673 75,000 BRUCE POWER L.P., 4%, 2030-06-21 74,948 86,651 140,000 SAPUTO INC, 1.415%, 2026-06-19 140,000 140,697 165,000 CANADIAN NAT RES LTD, 2.5%, 2028-01-17 164,970 170,349 160,000 SAPUTO INC, 2.242%, 2027-06-16 160,000 167,216 202,330 CORDELIO POWER INC, 4.087%, 2034-06-30 202,330 228,560 80,000 SIENNA SENIOR, 3.109%, 2024-11-04 80,000 81,950 155,000 ENBRIDGE INC, 3.2%, 2027-06-08 168,339 169,001 1,025,000 1,093,074 1,170,825

See accompanying notes to the financial statements. 6 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Balanced Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($)

INDUSTRIAL PRODUCTS 0.16% INDUSTRIALS 6.05% PRINCIPAL STRIPS 11,230 AIR CANADA 273,107 255,707 230,000 STANTEC INC, 2.048%, 2027-10-08 230,223 232,431 2,204 BOYD GROUP SVCS 457,972 480,472 230,000 230,223 232,431 19,710 CDN NATL RAILWAY 1,652,594 2,749,545 3,544 CDN PACIFIC RAILWAY 564,947 1,559,360 INFRASTRUCTURE 2.02% 12,495 TOROMONT INDS LTD 443,174 1,110,181 REGULAR BONDS 7,784 WASTE CONNECTIONS 622,298 1,011,297 105,000 407 INTERNATIONAL, 3.35%, 2024-05-16 112,183 113,559 11,640 WSP GLOBAL INC 490,652 1,398,313 75,000 407 INTERNATIONAL, 1.8%, 2025-05-22 74,975 78,183 68,607 4,504,744 8,564,875 225,000 407 INTERNATIONAL, 3.43%, 2033-06-01 254,858 260,179 173,251 ALBERTA POWERLINE, 4.065%, 2054-03-01 181,935 211,740 CONSUMER DISCRETIONARY 2.10% 205,000 ALTALINK LP, 3.668%, 2023-11-06 221,732 223,065 23,266 DOLLARAMA 536,796 1,204,016 105,000 ALTALINK LP, 3.99%, 2042-06-30 128,465 130,550 8,680 MAGNA INTL INC 616,361 781,200 99,504 HEALTH MTL COLL LP, 6.721%, 2049-09-30 134,163 145,646 12,690 RESTAURANT BRANDS 948,081 985,379 375,000 HYDRO ONE INC, 2.77%, 2026-02-24 404,491 407,880 44,636 2,101,238 2,970,595 275,000 HYDRO ONE INC, 1.69%, 2031-10-16 277,005 278,314 75,000 HYDRO ONE INC, 3.63%, 2049-06-25 89,722 91,418 CONSUMER STAPLES 1.85% 115,000 LIBERTY UTILITIE, 3.315%, 2050-02-14 121,028 117,506 39,852 ALIMENT COUCHE-TARD 949,890 1,721,606 85,000 LOWER MATTAGAMI ENER, 3.416%, 2024-06-20 89,745 92,925 10,440 LOBLAW COS LTD 688,577 655,319 144,713 NOUV AUTO 30 FINAN, 4.115%, 2042-06-30 144,713 171,817 8,840 MAPLE LEAF FOODS 265,599 248,934 181,109 SNC-LAVALIN MCGILL, 6.632%, 2044-06-30 181,109 260,219 59,132 1,904,066 2,625,859 150,000 VAN ARPT FUELS FAC, 2.168%, 2025-06-23 150,000 150,147 125,000 VANCOUVER AIRPORT AU, 1.76%, 2030-09-20 125,000 127,554 FINANCIALS 13.04% 2,513,577 2,691,124 2,860,702 44,816 BANK OF NOVA SCOTIA 2,815,934 3,078,859 73,342 BROOKFIELD ASSET MGT 1,736,889 3,845,321 INFRASTRUCTURE 0.08% 46,190 ELEMENT FLEET MGT 490,625 614,789 MAPLES 8,630 IA FINANCIAL CORP 421,089 475,254 110,000 HEATHROW FUNDING LTD, 3.782%, 2030-09-04 110,000 118,227 1,860 INTACT FINANCIAL 271,741 279,521 110,000 110,000 118,227 2,750 INTACT FINANCIAL 369,875 369,875 91,580 MANULIFE FINCL CORP 1,864,709 2,072,455 REAL ESTATE 1.41% 35,033 ROYAL BANK CDA 2,438,569 3,652,891 REGULAR BONDS 56,910 TORONTO DOMINION BK 2,343,994 4,081,585 73,710 BANKERS HALL LP, 4.377%, 2023-11-20 73,710 76,828 361,111 12,753,425 18,470,550 130,000 CHOICE PRO REIT, 3.532%, 2029-06-11 130,427 144,252 115,000 CT REAL EST INV TRST, 3.865%, 2027-12-07 121,300 129,511 INFORMATION TECHNOLOGY 6.04% 87,824 FIFTH AVENUE LP, 4.71%, 2021-08-05 94,343 89,239 15,060 CGI INC 698,975 1,518,199 110,000 FIRST CAP REAL EST, 3.447%, 2028-03-01 110,000 116,094 1,181 CONSTELLATION SFTWR 452,150 1,946,713 205,000 FIRST CAP REALTY, 3.456%, 2027-01-22 205,545 216,646 11,830 DESCARTES SYSTEMS 185,179 878,378 90,000 GRANITE REIT HLD LP, 3.062%, 2027-06-04 90,000 97,592 20,120 OPEN TEXT CORP 831,900 1,161,930 65,000 GRANITE REIT HLD LP, 2.378%, 2030-12-18 65,000 65,844 2,124 SHOPIFY INC 847,989 3,049,108 135,000 HCN CANADA HLDGS, 2.95%, 2027-01-15 134,853 142,390 50,315 3,016,193 8,554,328 80,000 RIOCAN REIT, 1.974%, 2026-06-15 80,000 80,262 100,000 RIOCAN REIT, 2.361%, 2027-03-10 100,000 101,738 COMMUNICATION SERVICES 2.24% 66,723 SEC LP AND ARCI LTD, 5.188%, 2033-08-29 66,723 72,144 28,055 BCE INC 1,612,023 1,526,192 160,000 SMARTCENTERS REIT, 2.757%, 2021-06-23 160,717 161,581 21,460 ROGERS COMMUNICATION 1,116,632 1,268,071 125,000 SMARTCENTERS REIT, 3.526%, 2029-12-20 125,000 135,586 17,130 SHAW COMMUNICATIONS 434,559 382,342 240,000 VENTAS CAD FI, 2.8%, 2024-04-12 241,392 251,506 66,645 3,163,214 3,176,605 115,069 WEM PROPERTY INC., 4.056%, 2024-02-13 115,069 115,978 1,898,326 1,914,079 1,997,191 UTILITIES 1.58% 19,300 EMERA INC 979,840 1,043,165 SECURITIZATION 0.33% 22,915 FORTIS INC 1,228,126 1,188,830 REGULAR BONDS 42,215 2,207,966 2,231,995 82,425 MCAP RMBS SER 18-1 A, 2.4%, 2022-10-01 81,057 83,213 75,848 MCAP RMBS SER 18-2 A, 2.75%, 2023-05-01 76,289 77,400 REAL ESTATE 0.56% 200,000 REALT 2017-1 A2, 3.636%, 2027-06-12 200,892 215,544 49,900 CHOICE PROPERTIES 645,270 646,205 90,000 WTH CAR RENTAL ULC, 2.781%, 2024-07-20 90,000 93,839 1,346 COLLIERS INTL 108,808 151,896 448,273 448,238 469,996 51,246 754,078 798,101

51,279,277 TOTAL BONDS AND DEBENTURES 57,336,651 59,345,193 1,086,490 TOTAL CANADIAN COMMON STOCKS 44,794,907 61,104,370

STOCKS U.S. POOLED FUNDS 13.49% CANADIAN COMMON STOCKS 1,552,888 ADDENDA POOLED FUND 12,960,861 19,099,281 ENERGY 4.15% 1,552,888 12,960,861 19,099,281 24,260 CDN NATURAL RES 602,628 741,386 62,080 ENBRIDGE INC 3,006,959 2,524,173 1,552,888 TOTAL FOREIGN STOCKS (INCLUDING U.S) 12,960,861 19,099,281 30,590 PEMBINA PIPELINE 1,155,283 920,147 17,760 SUNCOR ENERGY INC 664,569 378,466 2,639,378 TOTAL STOCKS 57,755,768 80,203,651 25,401 TC ENERGY 1,184,077 1,313,486 160,091 6,613,516 5,877,658 56,013,946 TOTAL INVESTMENTS 117,188,129 141,644,554 INVESTMENT INCOME RECEIVABLE 390,277 390,277 MATERIALS 5.53% RECEIVABLES FROM INVESTMENTS SOLD 375,817 375,817 8,750 AGNICO EAGLE MINES 796,944 783,650 PAYABLES FOR INVESTMENTS PURCHASED (417,980) (417,980) 63,702 BARRICK GOLD CORP 2,038,172 1,844,173 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (165,400) (165,400) 9,651 CCL INDUSTRIES INC 488,858 555,126 NET ASSETS 117,370,843 141,827,268 99 FRANCO NEVADA CORP 11,546 15,761 37,054 INTERFOR CORPORATION 598,735 877,809 1.00 US = 1.274000 CA DECEMBER 31, 2020 5,007 INTERTAPE POLYMER 104,696 120,468 20,770 KIRKLAND LAKE GOLD 1,251,291 1,089,387 19,609 WEST FRASER TIMBER 1,414,382 1,600,487 17,850 WHEATON PRECIOUS MET 1,071,843 946,943 182,492 7,776,467 7,833,804

7 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Balanced Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 362.32 339.49 294.97 313.78 298.32 Segment 4 Versatile Asset® Participants 581.39 549.15 478.89 505.89 480.60 Segment 5 Versatile Asset® II Participants 261.61 247.82 216.75 229.64 218.79 Segment 6 Versatile Asset® III Participants 236.39 224.50 196.82 208.89 199.59 Segment 7 Versatile Asset® IV Participants 264.64 248.98 217.91 230.22 218.74 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 225.81 214.31 187.80 199.35 190.30 Segment 9 Versatile Portfolios™ Participants (No-Load) 220.32 209.44 183.80 195.42 186.84 Segment 10 Group Retirement Income Product 167.39 157.35 136.72 143.92 136.22 Segment 11 Versatile Portfolios™ TFSA 191.93 182.41 160.09 170.16 162.69 Segment 12 Versatile Portfolios™ Education Savings Plan 187.74 177.54 155.00 163.93 155.91 Segment 13 Versatile Portfolios Navigator™ 100/100 127.94 122.01 107.41 114.56 109.99 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 127.31 121.40 106.89 114.00 109.62 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 127.80 122.01 107.41 114.59 109.85 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 127.33 121.42 106.87 114.00 109.63 Segment 17 Versatile Portfolios Navigator™ 75/100 132.62 125.71 110.02 116.65 111.33 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 131.96 125.09 109.48 116.07 110.96 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 132.73 125.61 110.06 116.58 111.44 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 131.95 125.08 109.48 116.07 110.92 Segment 21 Versatile Portfolios Navigator™ 75/75 133.92 126.74 110.75 117.22 111.70 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 133.25 126.12 110.20 116.64 111.32 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 133.87 126.70 110.74 117.26 111.63 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 133.25 126.12 110.21 116.64 111.40

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 93,734,579 89,411,465 78,367,195 84,826,861 80,588,454 Segment 4 Versatile Asset® Participants 15,141,190 15,550,327 15,602,330 18,821,141 19,494,990 Segment 5 Versatile Asset® II Participants 6,285,886 6,470,877 6,280,243 7,357,380 7,465,043 Segment 6 Versatile Asset® III Participants 394,541 358,532 347,783 279,707 324,728 Segment 7 Versatile Asset® IV Participants 49,752 53,779 60,580 64,001 60,809 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 6,682,483 6,621,101 6,780,919 8,439,946 8,373,017 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,898,078 2,067,794 1,768,707 2,035,738 2,097,846 Segment 10 Group Retirement Income Product 1,165,514 1,068,743 974,277 483,587 289,459 Segment 11 Versatile Portfolios™ TFSA 890,173 638,986 596,971 796,868 862,106 Segment 12 Versatile Portfolios™ Education Savings Plan 1,231,982 990,127 784,779 708,676 637,190 Segment 13 Versatile Portfolios Navigator™ 100/100 1,290,032 1,334,651 1,293,382 1,324,414 735,613 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1,997,499 1,705,598 1,104,478 1,135,183 506,233 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 56,616 46,608 51,556 62,452 21,969 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 488,550 413,190 292,295 388,299 211,469 Segment 17 Versatile Portfolios Navigator™ 75/100 1,489,696 1,412,308 1,198,337 1,513,842 739,989 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3,902,605 3,266,090 2,000,561 1,250,192 626,507 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 57,073 49,363 46,115 50,597 28,194 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 761,100 640,650 460,901 275,554 65,441 Segment 21 Versatile Portfolios Navigator™ 75/75 1,234,360 1,514,092 1,318,795 1,327,976 689,864 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2,446,014 1,541,973 808,755 728,167 328,390 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 53,814 70,320 51,824 67,661 62,179 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 787,237 405,464 305,934 234,103 73,526

See accompanying notes to the financial statements. 8 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Balanced Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 258,704 263,372 265,682 270,337 270,142 Segment 4 Versatile Asset® Participants 26,043 28,317 32,580 37,204 40,564 Segment 5 Versatile Asset® II Participants 24,028 26,111 28,975 32,039 34,119 Segment 6 Versatile Asset® III Participants 1,669 1,597 1,767 1,339 1,627 Segment 7 Versatile Asset® IV Participants 188 216 278 278 278 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 29,594 30,895 36,108 42,337 44,000 Segment 9 Versatile Portfolios™ Participants (No-Load) 8,615 9,873 9,623 10,417 11,228 Segment 10 Group Retirement Income Product 6,963 6,792 7,126 3,360 2,125 Segment 11 Versatile Portfolios™ TFSA 4,638 3,503 3,729 4,683 5,299 Segment 12 Versatile Portfolios™ Education Savings Plan 6,562 5,577 5,063 4,323 4,087 Segment 13 Versatile Portfolios Navigator™ 100/100 10,083 10,939 12,041 11,561 6,688 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 15,690 14,049 10,333 9,958 4,618 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 443 382 480 545 200 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3,837 3,403 2,735 3,406 1,929 Segment 17 Versatile Portfolios Navigator™ 75/100 11,233 11,235 10,892 12,978 6,647 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 29,575 26,110 18,273 10,771 5,646 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 430 393 419 434 253 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 5,768 5,122 4,210 2,374 590 Segment 21 Versatile Portfolios Navigator™ 75/75 9,217 11,946 11,908 11,329 6,176 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 18,356 12,226 7,339 6,243 2,950 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 402 555 468 577 557 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 5,908 3,215 2,776 2,007 660 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.22% 2.22% 2.22% 2.21% 2.22% Segment 5 Versatile Asset® II Participants 2.51% 2.51% 2.51% 2.51% 2.51% Segment 6 Versatile Asset® III Participants 2.76% 2.76% 2.75% 2.75% 2.74% Segment 7 Versatile Asset® IV Participants 2.22% 2.23% 2.23% 2.23% 2.24% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.71% 2.71% 2.71% 2.71% 2.71% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.86% 2.87% 2.88% 2.87% 2.86% Segment 11 Versatile Portfolios™ TFSA 2.85% 2.86% 2.86% 2.85% 2.85% Segment 12 Versatile Portfolios™ Education Savings Plan 2.34% 2.34% 2.33% 2.33% 2.33% Segment 13 Versatile Portfolios Navigator™ 100/100 3.19% 3.19% 3.19% 3.30% 3.29% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.19% 3.19% 3.19% 3.45% 3.45% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.19% 3.19% 3.19% 3.30% 3.29% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.19% 3.19% 3.19% 3.45% 3.45% Segment 17 Versatile Portfolios Navigator™ 75/100 2.58% 2.58% 2.58% 2.69% 2.68% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.58% 2.58% 2.58% 2.84% 2.85% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.58% 2.58% 2.58% 2.69% 2.68% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.58% 2.58% 2.58% 2.84% 2.85% Segment 21 Versatile Portfolios Navigator™ 75/75 2.42% 2.42% 2.42% 2.53% 2.52% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.42% 2.42% 2.42% 2.68% 2.68% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.42% 2.42% 2.42% 2.53% 2.52% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.42% 2.42% 2.42% 2.68% 2.68% Portfolio turnover rate (note 11) 95.45% 95.73% 96.27% 45.21% 71.88%

9 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Equity Fund Fund managed by Addenda Capital Inc.

Statement of Financial Position Statement of Changes in Net Assets Attributable to Unitholders As at December 31 2020 2019 (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 (in thousands of dollars) $ $ Assets Current assets Net assets attributable to unitholders at Cash and cash equivalents 888 419 beginning of year 182,699 159,293 Short-term notes 3,408 6,213 Investment income receivable 336 378 Increase (decrease) in net assets attributable to Stocks 187,385 176,090 unitholders 3,247 31,601 192,017 183,100 Fund of funds rebalancing (note 2) 5,397 (9,496) Liabilities Current liabilities Transactions with unitholders Payments for investments purchased 106 - Unitholders' contributions 23,777 24,613 Accounts payable for management and audit fees Unitholders' withdrawals (18,926) (19,444) (note 8) 405 401 Transfers (to) from other funds (4,688) (3,868) 511 401 Net increase (decrease) from unitholders' transactions 163 1,301 Net assets attributable to unitholders 191,506 182,699 Net increase (decrease) in net assets attributable to unitholders 8,807 23,406 Net assets attributable to unitholders per unit 188.62 194.44 Net assets attributable to unitholders at end of year 191,506 182,699 Statement of Comprehensive Income

For the years ended December 31 2020 2019 Statement of Cash Flows (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 Investment income and gains (in thousands of dollars) $ $ Dividend income 5,475 4,995 Interest income for allocation purposes 51 97 Cash flows from operating activities Other income 10 20 Increase (decrease) in net assets attributable to Realized gains (losses) on sale of investments 6,754 1,554 unitholders 3,247 31,601 Unrealized gains (losses) (4,384) 29,460 Adjustments for: 7,906 36,126 Realized (gains) losses on sale of investments (6,754) (1,554) Unrealized (gains) losses 4,504 (29,358) Expenses Current receivables 42 47 Management fees (notes 8 and 10) 4,517 4,404 Current liabilities 110 70 Audit, legal and other fees (note 10) 22 19 Purchases of investments (151,926) (124,185) Transaction costs 120 102 Proceeds from the sale of investments 145,686 129,150 4,659 4,525 Net cash from operating activities (5,091) 5,771

Increase (decrease) in net assets attributable to Cash flows from financing activities unitholders 3,247 31,601 Proceeds from the issuance of units 29,174 24,613 Amounts paid on redemption of units (23,614) (32,808) Increase (decrease) in net assets attributable to Net cash from financing activities 5,560 (8,195) unitholders per unit (note 13) 3.21 34.55 Net increase (decrease) in cash 469 (2,424) Cash at beginning of year 419 2,843 Cash at end of year 888 419

Dividends received, net of withholding taxes 5,509 5,040

See accompanying notes to the financial statements. 10 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Equity Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS FINANCIALS 29.57% 884,639 CANADIAN DOLLAR 884,639 884,639 137,573 BANK OF NOVA SCOTIA 8,593,257 9,451,265 2,921 US DOLLAR 3,721 3,721 225,175 BROOKFIELD ASSET MGT 5,568,725 11,805,925 887,560 888,360 888,360 141,740 ELEMENT FLEET MGT 1,521,140 1,886,559 26,480 IA FINANCIAL CORP 1,300,865 1,458,254 SHORT TERM NOTES 8,070 INTACT FINANCIAL 1,085,415 1,085,415 DISCOUNT NOTES 1.78% 5,960 INTACT FINANCIAL 870,740 895,669 3,410,000 CANADA T BILLS T/B, DISC. 2021-06-10 3,407,663 3,407,663 280,580 MANULIFE FINCL CORP 5,916,421 6,349,525 3,410,000 3,407,663 3,407,663 107,537 ROYAL BANK CDA 7,573,137 11,212,883 174,455 TORONTO DOMINION BK 7,339,704 12,511,913 STOCKS 1,107,570 39,769,404 56,657,408 CANADIAN COMMON STOCKS ENERGY 9.44% INFORMATION TECHNOLOGY 13.62% 74,500 CDN NATURAL RES 1,850,590 2,276,720 46,320 CGI INC 2,218,671 4,669,519 190,620 ENBRIDGE INC 9,213,642 7,750,609 3,568 CONSTELLATION SFTWR 1,475,093 5,881,348 93,790 PEMBINA PIPELINE 3,540,558 2,821,203 36,060 DESCARTES SYSTEMS 602,892 2,677,455 54,460 SUNCOR ENERGY INC 2,009,133 1,160,543 61,770 OPEN TEXT CORP 2,565,389 3,567,218 78,947 TC ENERGY 3,718,817 4,082,349 6,480 SHOPIFY INC 2,655,599 9,302,364 492,317 20,332,740 18,091,424 154,198 9,517,644 26,097,904

MATERIALS 12.55% COMMUNICATION SERVICES 5.09% 26,860 AGNICO EAGLE MINES 2,445,263 2,405,582 86,021 BCE INC 4,947,753 4,679,542 195,440 BARRICK GOLD CORP 6,250,332 5,657,988 65,950 ROGERS COMMUNICATION 3,451,722 3,896,986 29,316 CCL INDUSTRIES INC 1,480,170 1,686,256 52,600 SHAW COMMUNICATIONS 1,332,737 1,174,032 307 FRANCO NEVADA CORP 36,116 48,874 204,571 9,732,212 9,750,560 113,943 INTERFOR CORPORATION 1,840,834 2,699,310 15,600 INTERTAPE POLYMER 326,197 375,336 UTILITIES 3.58% 63,770 KIRKLAND LAKE GOLD 3,842,035 3,344,737 59,220 EMERA INC 3,008,309 3,200,841 60,333 WEST FRASER TIMBER 4,350,735 4,924,379 70,350 FORTIS INC 3,764,485 3,649,758 54,830 WHEATON PRECIOUS MET 3,292,330 2,908,732 129,570 6,772,794 6,850,599 560,399 23,864,012 24,051,194 REAL ESTATE 1.28% INDUSTRIALS 13.70% 153,080 CHOICE PROPERTIES 1,976,142 1,982,386 34,485 AIR CANADA 838,724 785,223 4,217 COLLIERS INTL 340,896 475,888 6,356 BOYD GROUP SVCS 1,320,290 1,385,608 157,297 2,317,038 2,458,274 60,610 CDN NATL RAILWAY 5,175,595 8,455,095 10,954 CDN PACIFIC RAILWAY 1,830,348 4,819,760 3,334,731 TOTAL CANADIAN COMMON STOCKS 138,724,324 187,384,659 38,310 TOROMONT INDS LTD 1,386,521 3,403,844 23,870 WASTE CONNECTIONS 1,933,115 3,101,190 7,632,291 TOTAL INVESTMENTS 143,020,347 191,680,682 35,750 WSP GLOBAL INC 1,539,615 4,294,648 INVESTMENT INCOME RECEIVABLE 335,762 335,762 210,335 14,024,208 26,245,368 PAYABLES FOR INVESTMENTS PURCHASED (105,509) (105,509) ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (405,231) (405,231) CONSUMER DISCRETIONARY 4.77% NET ASSETS 142,845,369 191,505,704 71,430 DOLLARAMA 1,697,708 3,696,503 26,760 MAGNA INTL INC 1,897,795 2,408,400 1.00 US = 1.274000 CA DECEMBER 31, 2020 38,950 RESTAURANT BRANDS 2,917,958 3,024,468 137,140 6,513,461 9,129,371

CONSUMER STAPLES 4.20% 122,114 ALIMENT COUCHE-TARD 2,966,482 5,275,325 32,060 LOBLAW COS LTD 2,112,994 2,012,406 27,160 MAPLE LEAF FOODS 801,335 764,826 181,334 5,880,811 8,052,557

11 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 294.45 302.61 259.78 315.81 328.18 Segment 4 Versatile Asset® Participants 478.49 483.31 409.48 486.03 464.36 Segment 5 Versatile Asset® II Participants 313.11 313.22 258.75 299.58 282.33 Segment 6 Versatile Asset® III Participants 244.84 243.81 203.05 234.57 222.29 Segment 7 Versatile Asset® IV Participants 290.20 287.70 237.61 270.97 252.80 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 232.24 231.99 193.58 222.65 209.13 Segment 9 Versatile Portfolios™ Participants (No-Load) 210.82 211.10 176.15 203.12 191.06 Segment 10 Group Retirement Income Product 156.77 153.75 126.24 142.78 131.59 Segment 11 Versatile Portfolios™ TFSA 196.51 196.36 163.95 188.70 177.50 Segment 12 Versatile Portfolios™ Education Savings Plan 169.73 168.98 140.69 161.21 150.95 Segment 13 Versatile Portfolios Navigator™ 100/100 127.49 127.62 106.87 123.10 116.07 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 127.13 127.14 106.33 122.58 115.87 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 127.52 127.42 106.69 122.92 116.01 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 127.26 127.28 106.50 122.62 115.96 Segment 17 Versatile Portfolios Navigator™ 75/100 132.32 131.63 109.50 125.40 117.54 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 132.02 131.18 109.12 124.98 117.38 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 132.31 131.65 109.51 125.43 117.63 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 132.02 131.16 109.03 124.93 117.27 Segment 21 Versatile Portfolios Navigator™ 75/75 133.41 132.53 110.12 125.90 117.82 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 132.90 132.00 109.70 125.44 117.44 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 133.70 132.82 110.26 126.05 117.86 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 133.14 132.16 109.71 125.43 117.54

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 29,237,409 29,353,289 25,940,056 31,358,095 28,909,453 Segment 4 Versatile Asset® Participants 14,590,671 15,386,558 15,554,900 18,286,521 18,435,288 Segment 5 Versatile Asset® II Participants 10,579,967 11,200,515 10,493,970 13,114,052 13,095,158 Segment 6 Versatile Asset® III Participants 646,128 653,667 681,246 851,472 957,610 Segment 7 Versatile Asset® IV Participants 53,396 66,746 55,364 72,891 84,435 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 40,192,798 41,031,411 39,141,639 44,588,608 43,334,509 Segment 9 Versatile Portfolios™ Participants (No-Load) 10,660,252 10,699,322 10,014,276 11,270,883 11,086,227 Segment 10 Group Retirement Income Product 8,267,187 7,786,632 6,243,495 5,958,341 4,439,574 Segment 11 Versatile Portfolios™ TFSA 4,527,033 4,273,282 3,947,700 4,156,200 3,816,706 Segment 12 Versatile Portfolios™ Education Savings Plan 5,196,730 4,402,656 3,498,857 3,067,419 2,304,937 Segment 13 Versatile Portfolios Navigator™ 100/100 7,190,778 7,721,786 7,411,029 7,921,933 4,963,400 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 8,858,900 7,438,245 4,973,390 3,613,098 1,935,914 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 334,347 314,468 279,211 276,581 179,463 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,679,394 2,117,770 1,713,323 1,248,025 596,397 Segment 17 Versatile Portfolios Navigator™ 75/100 7,389,600 7,188,993 6,769,009 6,665,353 3,975,879 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 13,556,838 11,133,840 6,908,340 3,678,731 1,499,676 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 331,975 354,395 330,731 358,099 229,845 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3,384,243 2,724,676 1,856,401 1,117,642 484,339 Segment 21 Versatile Portfolios Navigator™ 75/75 5,962,966 5,874,629 5,457,724 5,545,503 2,872,765 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 14,017,088 10,104,840 6,076,594 3,087,457 2,221,305 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 335,978 317,717 283,367 278,325 181,972 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3,961,859 2,873,657 1,978,596 1,278,983 592,032

See accompanying notes to the financial statements. 12 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 99,294 97,001 99,855 99,294 88,089 Segment 4 Versatile Asset® Participants 30,493 31,836 37,987 37,624 39,700 Segment 5 Versatile Asset® II Participants 33,790 35,759 40,557 43,775 46,383 Segment 6 Versatile Asset® III Participants 2,639 2,681 3,355 3,630 4,308 Segment 7 Versatile Asset® IV Participants 184 232 233 269 334 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 173,065 176,868 202,202 200,259 207,209 Segment 9 Versatile Portfolios™ Participants (No-Load) 50,566 50,683 56,851 55,488 58,024 Segment 10 Group Retirement Income Product 52,735 50,646 49,457 41,732 33,739 Segment 11 Versatile Portfolios™ TFSA 23,037 21,762 24,078 22,026 21,503 Segment 12 Versatile Portfolios™ Education Savings Plan 30,617 26,054 24,870 19,028 15,270 Segment 13 Versatile Portfolios Navigator™ 100/100 56,404 60,507 69,347 64,352 42,761 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 69,683 58,503 46,774 29,476 16,707 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,622 2,468 2,617 2,250 1,547 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 21,055 16,639 16,088 10,178 5,143 Segment 17 Versatile Portfolios Navigator™ 75/100 55,847 54,616 61,818 53,154 33,826 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 102,691 84,873 63,307 29,434 12,776 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,509 2,692 3,020 2,855 1,954 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 25,635 20,774 17,026 8,946 4,130 Segment 21 Versatile Portfolios Navigator™ 75/75 44,698 44,326 49,563 44,047 24,382 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 105,470 76,550 55,393 24,613 18,915 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,513 2,392 2,570 2,208 1,544 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 29,758 21,744 18,034 10,197 5,037 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.21% 2.21% 2.21% 2.21% 2.21% Segment 5 Versatile Asset® II Participants 2.51% 2.51% 2.51% 2.51% 2.51% Segment 6 Versatile Asset® III Participants 2.76% 2.76% 2.74% 2.74% 2.73% Segment 7 Versatile Asset® IV Participants 2.22% 2.22% 2.22% 2.22% 2.23% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.71% 2.70% 2.70% 2.70% 2.70% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.86% 2.86% 2.87% 2.86% 2.86% Segment 11 Versatile Portfolios™ TFSA 2.85% 2.85% 2.85% 2.85% 2.85% Segment 12 Versatile Portfolios™ Education Savings Plan 2.33% 2.33% 2.33% 2.33% 2.32% Segment 13 Versatile Portfolios Navigator™ 100/100 3.73% 3.73% 3.73% 3.84% 3.82% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.73% 3.73% 3.73% 3.98% 3.99% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.73% 3.73% 3.73% 3.84% 3.82% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.73% 3.73% 3.73% 3.98% 3.99% Segment 17 Versatile Portfolios Navigator™ 75/100 2.95% 2.95% 2.95% 3.06% 3.05% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.96% 2.95% 2.95% 3.21% 3.21% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.95% 2.95% 2.95% 3.06% 3.05% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.96% 2.95% 2.95% 3.21% 3.21% Segment 21 Versatile Portfolios Navigator™ 75/75 2.73% 2.73% 2.73% 2.84% 2.83% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.74% 2.73% 2.73% 2.99% 2.99% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.73% 2.73% 2.73% 2.84% 2.83% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.74% 2.73% 2.73% 2.99% 2.99% Portfolio turnover rate (note 11) 40.01% 32.05% 18.53% 24.37% 35.68%

13 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Fixed Income Fund Fund managed by Addenda Capital Inc.

Liabilities Transactions with unitholders Current liabilities Unitholders' contributions 41,582 40,280 Payments for investments purchased 2,639 3,407 Unitholders' withdrawals (33,848) (28,349) Accounts payable for management and audit fees Transfers (to) from other funds 3,610 (1,614) (note 8) 535 495 Net increase (decrease) from unitholders' 3,174 3,902 transactions 11,344 10,317

Net assets attributable to unitholders 256,840 228,151 Net increase (decrease) in net assets attributable to unitholders 28, 689 31,179

Net assets attributable to unitholders per unit 132.09 125.72 Net assets attributable to unitholders at end of year 256,840 228,151

Statement of Comprehensive Income Statement of Cash Flows For the years ended December 31 2020 2019 (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 (in thousands of dollars) $ $ Investment income and gains Interest income for allocation purposes 6,496 6,167 Cash flows from operating activities Foreign exchange gain (loss) 120 49 Increase (decrease) in net assets attributable to Other income 22 29 unitholders 15,662 9,864 Realized gains (losses) on sale of investments 8,884 6,171 Adjustments for: Unrealized gains (losses) 6,128 2,868 Realized (gains) losses on sale of investments (8,884) (6,171) 21,650 15,284 Unrealized (gains) losses (6,128) (2,868) Current receivables (1,278) (306) Expenses Current liabilities (728) 3,479 Management fees (notes 8 and 10) 5,964 5,397 Purchases of investments (470,860) (515,503) Audit, legal and other fees (note 10) 24 23 Proceeds from the sale of investments 458,999 491,807 5,988 5,420 Net cash from operating activities (13,217) (19,698)

Increase (decrease) in net assets attributable to Cash flows from financing activities unitholders 15,662 9,864 Proceeds from the issuance of units 46,875 51,278 Amounts paid on redemption of units (33,848) (29,963) Increase (decrease) in net assets attributable to Net cash from financing activities 13,027 21,315 unitholders per unit (note 13) 8.54 5.80 Net increase (decrease) in cash (190) 1,617 Cash at beginning of year 1,163 (454) Cash at end of year 973 1,163

Interest received 6,731 5,282

See accompanying notes to the financial statements. 14 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Fixed Income Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS 899,244 CORDELIO POWER INC, 4.087%, 2034-06-30 899,244 1,015,822 973,433 CANADIAN DOLLAR 973,433 973,433 700,000 ENBRIDGE INC, 3.2%, 2027-06-08 760,242 763,231 973,433 973,433 973,433 990,000 ENBRIDGE INC, 2.99%, 2029-10-03 987,301 1,067,141 535,000 ENBRIDGE INC, 5.375%, 2077-09-27 528,360 565,506 SHORT TERM NOTES 127,607 ENBRIDGE STHRN LIGHT, 4.014%, 2040-06-30 127,607 143,660 DISCOUNT NOTES 0.22% 890,000 ENERGIR INC, 2.1%, 2027-04-16 906,585 943,525 260,000 CANADA T BILLS T/B, 2021-05-13 259,823 259,823 258,313 FIRST NATIONS FIN, 4.136%, 2041-12-31 258,313 289,261 300,000 CANADA T BILLS T/B, 2021-06-10 299,880 299,880 315,000 FORTISBC ENERGY INC, 2.54%, 2050-07-13 311,469 316,462 560,000 559,703 559,703 500,000 GIBSON ENERGY, 2.85%, 2027-07-14 519,240 527,075 405,000 GIBSON ENERGY INC, 3.6%, 2029-09-17 403,785 442,118 BONDS AND DEBENTURES 880,000 HUSKY ENERGY INC, 3.5%, 2028-02-07 881,006 895,875 CANADA 1,220,000 KEYERA CORP, 3.959%, 2030-05-29 1,275,325 1,350,528 FEDERAL GOVERNMENT 18.06% 284,134 NORTH BATTLEFORD PWR, 4.958%, 2032-12-31 284,154 339,023 REGULAR BONDS 367,286 NORTHERN COURRIER PP, 3.365%, 2042-06-30 367,286 394,586 675,000 CANADA GOVT, 0.5%, 2030-12-01 658,658 660,319 775,000 NORTHWESTERN HYDRO, 3.94%, 2038-12-31 775,000 905,766 14,600,000 CANADA GOVT, 2%, 2051-12-01 17,751,452 17,556,062 260,000 ONTARIO POWER GEN, 4.248%, 2049-01-18 324,197 334,870 12,250,000 CANADA HOUSING TRUST, 1.75%, 2022-06-15 12,520,286 12,519,990 870,000 PEMBINA PIPELINE, 3.31%, 2030-02-01 861,974 940,253 10,000,000 CANADA HOUSING TRUST, 1.95%, 2025-12-15 10,669,618 10,645,300 1,165,000 TRANSCANADA PIPELINE, 3.8%, 2027-04-05 1,174,150 1,310,357 1,950,000 CANADA POST CORP, 4.36%, 2040-07-16 2,487,147 2,778,984 415,000 TRANSCANADA TRUST, 4.65%, 2077-05-18 407,956 426,159 1,500,000 PSP CAPITAL INC, 0.9%, 2026-06-15 1,498,560 1,507,065 710,000 UNION GAS LTD, 2.76%, 2021-06-02 720,529 715,495 462,285 ROYAL OFFICE FINANCE, 5.209%, 2032-11-12 585,215 602,962 205,000 UNION GAS LTD, 2.81%, 2026-06-01 217,925 223,721 41,437,285 46,170,936 46,270,682 20,321,584 20,547,070 22,261,493

PROVINCIAL GUARANTEED AND NON-GUARANTEED 35.92% FINANCIAL PRODUCTS 17.83% REGULAR BONDS REGULAR BONDS 1,700,000 55 SCHOOL BOARD TR, 5.9%, 2033-06-02 2,062,228 2,454,851 2,250,000 BANK OF MONTREAL, 2.85%, 2024-03-06 2,297,427 2,395,440 2,500,000 FAIR HYDRO TRUST, 3.357%, 2033-05-15 2,713,655 2,901,400 630,000 BANK OF MONTREAL, 2.37%, 2025-02-03 629,994 665,923 975,000 FAIR HYDRO TRUST, 3.52%, 2038-05-15 1,075,116 1,166,178 500,000 BANK OF NOVA SCOTIA, 2.36%, 2022-11-08 517,495 517,410 3,250,000 FINANCEMENT QUEBEC, 5.25%, 2034-06-01 4,262,589 4,619,908 2,000,000 BANK OF NOVA SCOTIA, 2.49%, 2024-09-23 2,015,820 2,119,740 1,000,000 HOSP SICK CHILDREN, 3.416%, 2057-12-07 1,168,000 1,216,910 800,000 BANK OF NOVA SCOTIA, 2.16%, 2025-02-03 799,736 839,976 8,750,000 HYDRO QUEBEC, 6%, 2040-02-15 13,784,373 14,455,788 545,000 CENTRAL 1 CREDIT, 2.584%, 2023-12-06 545,000 570,304 1,250,000 MANITOBA PROV, 4.6%, 2038-03-05 1,747,905 1,727,650 1,580,000 CI FINANCIAL CORP, 3.759%, 2025-05-26 1,632,303 1,689,921 4,000,000 MANITOBA PROV, 2.85%, 2046-09-05 4,425,728 4,507,040 1,340,000 CIBC, 2.35%, 2024-08-28 1,341,703 1,410,739 1,500,000 NFLD & LABRADOR HYDR, 3.6%, 2045-12-01 1,631,522 1,822,530 585,000 CIBC, 2%, 2025-04-17 604,949 610,143 275,025 ONT SCHL FIN, 5.8%, 2028-11-07 317,806 328,663 850,000 CIBC, 2.01%, 2030-07-21 849,677 874,480 19,500,000 ONTARIO PROV, 1.35%, 2030-12-02 19,372,985 19,510,920 805,000 CIBC BANK FF, 2.95%, 2029-06-19 804,960 854,765 11,070,000 ONTARIO PROV, 6.2%, 2031-06-02 15,975,438 16,244,672 585,000 FED CAISSE DESJARDIN, 2.417%, 2024-10-04 585,000 617,731 7,000,000 ONTARIO PROV, 4.6%, 2039-06-02 10,008,343 9,977,800 405,000 FED CAISSE DESJARDIN, 2.856%, 2030-05-26 405,000 430,847 3,000,000 ONTARIO PROV, 3.5%, 2043-06-02 3,826,545 3,819,870 350,000 GENWORTH MI CANADA, 4.242%, 2024-04-01 361,820 377,318 1,275,000 ONTARIO PROV, 2.9%, 2049-06-02 1,481,244 1,514,764 705,000 GENWORTH MI CANADA, 2.955%, 2027-03-01 704,993 730,098 2,000,000 OPB FINANCE TRUST, 1.88%, 2022-02-24 2,001,921 2,034,720 565,000 HONDA CANADA FINANCE, 1.337%, 2026-03-17 567,243 569,469 3,500,000 QUEBEC PROV, 1.85%, 2027-02-13 3,697,455 3,714,375 870,000 IA FINANCIAL CORP FF, 3.072%, 2031-09-24 870,000 942,323 72,545,025 89,552,853 92,018,039 525,000 IGM FINANCIAL, 4.206%, 2050-03-21 525,000 631,465 825,000 IND.ORDER FORES, 2.885%, 2035-10-15 828,173 852,629 PROVINCIAL GUARANTEED AND NON-GUARANTEED 2.41% 725,000 JOHN DEERE FINAN, 1.34%, 2027-09-08 724,855 731,148 FOREIGN PAY 1,010,000 MANULIFE FIN CORP, 3.317%, 2028-05-09 1,011,104 1,066,863 4,725,000 ONTARIO PROV US, 2.25%, 2022-05-18 6,441,697 6,181,579 1,025,000 MANULIFE FIN CORP, 3.049%, 2029-08-20 1,018,169 1,096,750 4,725,000 6,441,697 6,181,579 1,160,000 MANULIFE FIN CORP, 2.237%, 2030-05-12 1,160,000 1,209,219 1,325,000 MANULIFE FIN CORP, 2.818%, 2035-05-13 1,403,235 1,410,701 MUNICIPAL 2.66% 300,000 NATIONAL BK CANADA, 2.545%, 2024-07-12 300,000 317,676 REGULAR BONDS 570,000 NATIONAL BK CANADA, 1.573%, 2026-08-18 569,994 581,765 700,000 CITY OF OTTAWA, 3.25%, 2047-11-10 780,850 833,917 2,000,000 ROYAL BANK CANADA, 2.609%, 2024-11-01 2,024,906 2,130,980 1,075,000 CITY OF TORONTO, 2.6%, 2039-09-24 1,097,513 1,165,053 3,160,000 ROYAL BANK CANADA, 2.088%, 2030-06-30 3,187,157 3,271,548 2,100,000 CITY OF TORONTO, 3.2%, 2048-08-01 2,115,580 2,501,331 850,000 ROYAL BANK CANADA FF, 3.31%, 2026-01-20 853,273 851,037 2,000,000 SOUTH COAST BC TRAN, 3.25%, 2028-11-23 2,083,189 2,313,780 1,165,000 ROYAL BANK CANADA FF, 2.74%, 2029-07-25 1,166,561 1,232,640 5,875,000 6,077,132 6,814,081 600,000 ROYAL BK OF CANADA, 2.352%, 2024-07-02 629,934 631,692 1,510,000 SUN LIFE FIN, 2.38%, 2029-08-13 1,491,467 1,584,292 CORPORATE 580,000 SUN LIFE FIN, 2.58%, 2032-05-10 579,780 621,197 COMMUNICATION 1.74% 5,000,000 TD BANK, 2.621%, 2021-12-22 5,116,020 5,110,850 REGULAR BONDS 2,250,000 TD BANK, 2.496%, 2024-12-02 2,284,364 2,391,795 650,000 BELL CANADA, 3.55%, 2026-03-02 720,642 721,500 480,000 TD BANK, 1.128%, 2025-12-09 480,000 481,982 205,000 BELL CANADA, 1.65%, 2027-08-16 204,986 207,327 2,250,000 TD BANK, 3.105%, 2030-04-22 2,253,024 2,428,628 440,000 BELL CANADA, 3.6%, 2027-09-29 490,512 497,165 415,000 TOYOTA CREDIT CANADA, 2.31%, 2024-10-23 414,876 437,286 495,000 ROGERS COMM INC, 3.65%, 2027-03-31 492,579 557,890 370,000 TOYOTA CREDIT CANADA, 2.11%, 2025-02-26 369,878 387,627 400,000 ROGERS COMM INC, 3.25%, 2029-05-01 403,646 443,588 43,460,000 43,924,890 45,676,397 295,000 ROGERS COMM INC, 6.68%, 2039-11-04 366,551 438,588 1,055,000 SHAW COMMUNICATIONS, 2.9%, 2030-12-09 1,088,004 1,120,315 MAPLES 0.58% 445,000 THOMSON REUTERS, 2.239%, 2025-05-14 445,000 464,976 695,000 BANK OF AMERICA CO, 3.407%, 2025-09-20 695,000 753,797 3,985,000 4,211,920 4,451,349 670,000 GOLDMAN SACHS GROUP, 3.307%, 2025-10-31 673,816 724,746 1,365,000 1,368,816 1,478,543 ENERGY 8.69% REGULAR BONDS INDUSTRIAL PRODUCTS 2.20% 450,000 ALGONQUIN PWR CO, 4.6%, 2029-01-29 449,784 533,894 REGULAR BONDS 985,000 ALTAGAS CANADA INC, 3.15%, 2026-04-06 984,941 1,075,630 200,000 BROOKFIELD ASSET MGT, 3.8%, 2027-03-16 199,932 224,576 540,000 ALTAGAS CANADA INC, 4.26%, 2028-12-05 545,353 639,765 590,000 BROOKFIELD ASSET MGT, 5.95%, 2035-06-14 652,584 788,565 1,020,000 ALTAGAS LTD, 2.157%, 2025-06-10 1,026,666 1,057,995 350,000 CCL INDUSTRIES INC, 3.864%, 2028-04-13 350,277 393,348 470,000 ALTAGAS LTD, 2.075%, 2028-05-30 470,000 476,199 475,000 LOBLAW COST LTD, 6.45%, 2039-03-01 663,646 687,121 530,000 ATCO Ltd, 5.5%, 2078-11-01 537,900 600,002 420,000 METRO INC, 5.03%, 2044-12-01 527,709 548,096 950,000 BROOKFIELD REN ENG, 3.63%, 2027-01-15 931,170 1,067,487 675,000 RELIANCE LP, 3.75%, 2026-03-15 679,161 739,071 525,000 BROOKFIELD RENEW, 4.25%, 2029-01-15 524,680 621,726 415,000 RELIANCE LP, 2.68%, 2027-12-01 414,925 435,414 1,000,000 BROOKFIELD RENEW, 3.38%, 2030-01-15 1,005,294 1,122,780 725,000 SAPUTO INC, 1.415%, 2026-06-19 725,000 728,611 330,000 BRUCE POWER L.P., 4%, 2030-06-21 329,769 381,266 710,000 SAPUTO INC, 2.242%, 2027-06-16 710,000 742,021 750,000 CANADIAN NAT RES LTD, 2.5%, 2028-01-17 749,865 774,315 350,000 SIENNA SENIOR, 3.109%, 2024-11-04 350,000 358,533 4,910,000 5,273,234 5,645,356

15 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Fixed Income Fund Schedule of Investment Portfolio As at December 31 Shares or Average Fair Par Value Investment Cost ($) Value ($)

INDUSTRIAL PRODUCTS 0.41% PRINCIPAL STRIPS 1,035,000 STANTEC INC, 2.048%, 2027-10-08 1,036,003 1,045,940 1,035,000 1,036,003 1,045,940

INFRASTRUCTURE 4.74% REGULAR BONDS 1,000,000 407 INTERNATIONAL, 3.35%, 2024-05-16 1,077,280 1,081,510 205,000 407 INTERNATIONAL, 1.8%, 2025-05-22 204,932 213,700 625,000 407 INTERNATIONAL, 3.43%, 2033-06-01 702,354 722,719 628,654 ALBERTA POWERLINE, 4.065%, 2054-03-01 661,849 768,315 930,000 ALTALINK LP, 3.668%, 2023-11-06 1,005,907 1,011,952 665,000 ALTALINK LP, 3.99%, 2042-06-30 813,614 826,814 328,362 HEALTH MTL COLL LP, 6.721%, 2049-09-30 441,518 480,631 655,000 HYDRO ONE INC, 2.77%, 2026-02-24 700,745 712,430 1,290,000 HYDRO ONE INC, 1.69%, 2031-10-16 1,299,404 1,305,545 305,000 HYDRO ONE INC, 3.63%, 2049-06-25 364,868 371,768 580,000 LIBERTY UTILITIE, 3.315%, 2050-02-14 610,404 592,638 390,000 LOWER MATTAGAMI ENER, 3.416%, 2024-06-20 411,770 426,360 750,000 LOWER MATTAGAMI ENER, 4.944%, 2043-09-21 944,450 1,065,990 653,703 NOUV AUTO 30 FINAN, 4.115%, 2042-06-30 653,703 776,141 443,626 SNC-LAVALIN MCGILL, 6.632%, 2044-06-30 443,626 637,407 675,000 VAN ARPT FUELS FAC, 2.168%, 2025-06-23 675,000 675,662 475,000 VANCOUVER AIRPORT AU, 1.76%, 2030-09-20 475,000 484,704 10,599,345 11,486,424 12,154,286

MAPLES 0.19% 450,000 HEATHROW FUNDING LTD, 3.782%, 2030-09-04 450,000 483,656 450,000 450,000 483,656

REAL ESTATE 3.58% REGULAR BONDS 238,473 BANKERS HALL LP, 4.377%, 2023-11-20 238,473 248,561 850,000 CHOICE PRO REIT, 3.532%, 2029-06-11 852,716 943,186 570,000 CT REAL EST INV TRST, 3.865%, 2027-12-07 601,043 641,923 267,291 FIFTH AVENUE LP, 4.71%, 2021-08-05 287,129 271,597 495,000 FIRST CAP REAL EST, 3.447%, 2028-03-01 495,000 522,423 860,000 FIRST CAP REALTY, 3.456%, 2027-01-22 862,079 908,857 410,000 GRANITE REIT HLD LP, 3.062%, 2027-06-04 410,000 444,584 290,000 GRANITE REIT HLD LP, 2.378%, 2030-12-18 290,000 293,764 640,000 HCN CANADA HLDGS, 2.95%, 2027-01-15 639,302 675,034 425,000 RIOCAN REIT, 1.974%, 2026-06-15 425,000 426,394 400,000 RIOCAN REIT, 2.361%, 2027-03-10 400,000 406,952 212,679 SEC LP AND ARCI LTD, 5.188%, 2033-08-29 212,679 229,957 715,000 SMARTCENTERS REIT, 2.757%, 2021-06-23 718,203 722,064 810,000 SMARTCENTERS REIT, 3.526%, 2029-12-20 810,000 878,599 1,150,000 VENTAS CAD FI, 2.8%, 2024-04-12 1,157,471 1,205,131 357,109 WEM PROPERTY INC., 4.056%, 2024-02-13 357,109 359,931 8,690,553 8,756,204 9,178,957

SECURITIZATION 0.83% REGULAR BONDS 379,157 MCAP RMBS SER 18-1 A, 2.4%, 2022-10-01 372,863 382,778 361,037 MCAP RMBS SER 18-2 A, 2.75%, 2023-05-01 363,138 368,423 870,000 REALT 2017-1 A2, 3.636%, 2027-06-12 874,069 937,616 430,000 WTH CAR RENTAL ULC, 2.781%, 2024-07-20 430,000 448,344 2,040,193 2,040,070 2,137,161

221,438,985 TOTAL BONDS AND DEBENTURES 247,337,249 255,797,519

222,972,418 TOTAL INVESTMENTS 248,870,385 257,330,655 INVESTMENT INCOME RECEIVABLE 1,179,765 1,179,765 RECEIVABLES FROM INVESTMENTS SOLD 1,503,266 1,503,266 PAYABLES FOR INVESTMENTS PURCHASED (2,638,812) (2,638,812) ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (534,954) (534,954) NET ASSETS 248,379,650 256,839,920

1.00 US = 1.274000 CA DECEMBER 31, 2020

See accompanying notes to the financial statements. 16 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Fixed Income Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 180.67 170.84 161.16 167.56 177.13 Segment 3 Group Retirement Products - - 149.59 148.10 144.86 Segment 4 Versatile Asset® Participants 225.14 211.65 204.15 207.17 213.34 Segment 5 Versatile Asset® II Participants 174.65 166.08 158.49 160.13 161.52 Segment 6 Versatile Asset® III Participants 154.55 147.50 139.43 142.28 143.06 Segment 7 Versatile Asset® IV Participants 195.28 180.61 171.56 170.53 168.96 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 150.66 141.55 135.71 137.43 137.53 Segment 9 Versatile Portfolios™ Participants (No-Load) 152.24 143.27 137.47 139.33 139.42 Segment 10 Group Retirement Income Product 163.39 151.65 143.97 143.49 141.86 Segment 11 Versatile Portfolios™ TFSA 129.26 121.51 116.71 118.29 118.49 Segment 12 Versatile Portfolios™ Education Savings Plan 133.63 125.22 119.68 120.72 120.35 Segment 13 Versatile Portfolios Navigator™ 100/100 108.10 101.62 97.54 98.94 99.19 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 108.13 101.62 97.47 98.68 99.11 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 108.28 101.51 97.53 98.88 99.17 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 108.21 101.67 97.42 98.66 99.08 Segment 17 Versatile Portfolios Navigator™ 75/100 112.40 105.04 100.17 100.88 100.49 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 111.74 104.33 99.59 100.39 100.17 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 111.98 104.72 99.89 100.61 100.27 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 111.70 104.34 99.53 100.32 100.12 Segment 21 Versatile Portfolios Navigator™ 75/75 112.83 105.35 100.42 101.04 100.57 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 112.50 105.02 100.08 100.71 100.36 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 113.03 105.55 100.56 101.17 100.66 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 112.56 105.07 100.10 100.68 100.33 Segment 25 Aviator™ Portfolios Series 500 75/100 116.50 107.94 102.03 101.82 - Segment 27 Aviator™ Portfolios Series 500 75/75 117.13 108.35 102.24 101.88 - Segment 32 Aviator™ Portfolios Series 100 75/100 106.04 98.41 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 105.98 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 106.23 98.46 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 106.13 - - - -

17 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Fixed Income Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 19,902,702 18,191,152 15,844,730 16,948,771 15,369,824 Segment 3 Group Retirement Products - - 3,627,020 3,478,715 2,876,968 Segment 4 Versatile Asset® Participants 7,929,354 7,490,832 7,745,197 8,272,476 9,589,786 Segment 5 Versatile Asset® II Participants 6,417,231 6,679,626 6,591,724 7,708,841 7,964,435 Segment 6 Versatile Asset® III Participants 562,876 816,265 602,616 814,534 826,614 Segment 7 Versatile Asset® IV Participants 21,481 21,492 30,880 35,470 34,805 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 52,045,278 51,760,272 49,222,108 56,463,869 59,544,950 Segment 9 Versatile Portfolios™ Participants (No-Load) 15,157,634 14,820,973 14,625,941 17,173,538 18,930,217 Segment 10 Group Retirement Income Product 21,758,166 19,923,607 15,789,420 15,389,859 12,946,173 Segment 11 Versatile Portfolios™ TFSA 7,265,906 6,579,323 6,211,645 6,753,423 6,723,365 Segment 12 Versatile Portfolios™ Education Savings Plan 6,014,315 5,117,921 4,009,354 3,610,235 2,830,975 Segment 13 Versatile Portfolios Navigator™ 100/100 9,733,275 10,236,209 9,927,076 11,577,403 8,678,482 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 14,557,166 11,915,410 7,810,317 6,240,758 4,980,786 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 466,350 370,425 334,623 355,761 287,682 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4,614,683 3,540,652 2,754,461 2,133,970 1,491,536 Segment 17 Versatile Portfolios Navigator™ 75/100 15,390,405 14,626,254 13,790,729 15,628,612 12,684,770 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 26,099,587 19,134,438 12,350,177 8,485,592 5,075,737 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 487,467 519,298 471,403 559,604 451,198 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 6,520,989 4,732,667 3,070,366 2,358,829 1,327,863 Segment 21 Versatile Portfolios Navigator™ 75/75 7,682,113 7,405,118 6,932,664 7,408,161 4,737,970 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 20,076,303 14,462,788 9,169,861 5,541,252 3,479,761 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 544,463 533,961 471,506 499,293 406,065 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 6,432,304 4,445,292 2,969,483 2,083,325 1,140,715 Segment 25 Aviator™ Portfolios Series 500 75/100 3,511,778 3,202,362 1,986,586 546,375 - Segment 27 Aviator™ Portfolios Series 500 75/75 1,583,916 1,677,080 805,720 131,123 - Segment 32 Aviator™ Portfolios Series 100 75/100 1,126,757 95,264 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 42,923 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 1,157,253 52,773 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 14,009 - - - -

See accompanying notes to the financial statements. 18 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Fixed Income Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 110,161 106,481 98,316 101,152 86,773 Segment 3 Group Retirement Products - - 24,246 23,489 19,860 Segment 4 Versatile Asset® Participants 35,220 35,392 37,939 39,930 44,950 Segment 5 Versatile Asset® II Participants 36,743 40,219 41,590 48,141 49,310 Segment 6 Versatile Asset® III Participants 3,642 5,534 4,322 5,725 5,778 Segment 7 Versatile Asset® IV Participants 110 119 180 208 206 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 345,456 365,665 362,688 410,861 432,963 Segment 9 Versatile Portfolios™ Participants (No-Load) 99,561 103,449 106,393 123,259 135,778 Segment 10 Group Retirement Income Product 133,167 131,377 109,669 107,257 91,260 Segment 11 Versatile Portfolios™ TFSA 56,213 54,146 53,223 57,091 56,743 Segment 12 Versatile Portfolios™ Education Savings Plan 45,006 40,872 33,500 29,906 23,522 Segment 13 Versatile Portfolios Navigator™ 100/100 90,039 100,727 101,776 117,019 87,492 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 134,629 117,260 80,127 63,243 50,257 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4,307 3,649 3,431 3,598 2,901 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 42,645 34,825 28,273 21,629 15,054 Segment 17 Versatile Portfolios Navigator™ 75/100 136,927 139,247 137,669 154,918 126,227 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 233,575 183,397 124,014 84,528 50,671 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 4,353 4,959 4,719 5,562 4,500 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 58,382 45,360 30,848 23,512 13,263 Segment 21 Versatile Portfolios Navigator™ 75/75 68,086 70,288 69,038 73,322 47,112 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 178,458 137,712 91,621 55,024 34,674 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 4,817 5,059 4,689 4,935 4,034 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 57,148 42,309 29,666 20, 693 11,370 Segment 25 Aviator™ Portfolios Series 500 75/100 30,143 29,667 19,471 5,366 - Segment 27 Aviator™ Portfolios Series 500 75/75 13,523 15,479 7,881 1,287 - Segment 32 Aviator™ Portfolios Series 100 75/100 10,626 968 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 405 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 10,894 536 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 132 - - - - Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.21% 2.21% 2.21% 2.21% 2.21% Segment 5 Versatile Asset® II Participants 2.51% 2.51% 2.51% 2.51% 2.51% Segment 6 Versatile Asset® III Participants 2.76% 2.76% 2.74% 2.74% 2.73% Segment 7 Versatile Asset® IV Participants 1.67% 1.67% 1.67% 1.67% 1.68% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.70% 2.70% 2.70% 2.70% 2.70% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.86% 2.86% 2.87% 2.86% 2.86% Segment 11 Versatile Portfolios™ TFSA 2.85% 2.85% 2.85% 2.85% 2.85% Segment 12 Versatile Portfolios™ Education Savings Plan 2.33% 2.33% 2.33% 2.33% 2.32% Segment 13 Versatile Portfolios Navigator™ 100/100 2.73% 2.73% 2.73% 2.84% 2.83% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2.73% 2.73% 2.73% 2.99% 2.99% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2.73% 2.73% 2.73% 2.84% 2.83% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2.73% 2.73% 2.73% 2.99% 2.99% Segment 17 Versatile Portfolios Navigator™ 75/100 2.34% 2.35% 2.34% 2.45% 2.44% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.35% 2.35% 2.34% 2.61% 2.61% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.34% 2.35% 2.34% 2.45% 2.44% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.35% 2.35% 2.34% 2.61% 2.61% Segment 21 Versatile Portfolios Navigator™ 75/75 2.23% 2.23% 2.23% 2.34% 2.33% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.24% 2.23% 2.23% 2.50% 2.50% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.23% 2.23% 2.23% 2.34% 2.33% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.24% 2.23% 2.23% 2.50% 2.50% Portfolio turnover rate (note 11) 182.12% 221.17% 207.05% 76.99% 130.08%

19 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Resource Fund Fund managed by Addenda Capital Inc.

Liabilities Transactions with unitholders Current liabilities Unitholders' contributions 1,629 2,045 Accounts payable for management and audit fees Unitholders' withdrawals (2,543) (2,349) (note 8) 32 51 Transfers (to) from other funds (4,035) (857) 32 51 Net increase (decrease) from unitholders' transactions (4,949) (1,161) Net assets attributable to unitholders 14,637 22,480 Net increase (decrease) in net assets attributable to unitholders (7,843) 2,551 Net assets attributable to unitholders per unit 162.33 184.42 Net assets attributable to unitholders at end of year 14,637 22,480 Statement of Comprehensive Income

For the years ended December 31 2020 2019 Statement of Cash Flows (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 Investment income and gains (in thousands of dollars) $ $ Dividend income 582 723 Interest income for allocation purposes 5 22 Cash flows from operating activities Other income 11 4 Increase (decrease) in net assets attributable to Realized gains (losses) on sale of investments (1,438) (1,165) unitholders (3,099) 3,763 Unrealized gains (losses) (1,737) 4,831 Adjustments for: (2,577) 4,415 Realized (gains) losses on sale of investments 1,438 1,165 Unrealized (gains) losses 1,778 (4,764) Expenses Current receivables (299) (7) Management fees (notes 8 and 10) 477 579 Current liabilities (19) 7 Audit, legal and other fees (note 10) 4 6 Purchases of investments (24,376) (40,495) Transaction costs 41 67 Proceeds from the sale of investments 29,101 41,574 522 652 Net cash from operating activities 4,524 1,243

Increase (decrease) in net assets attributable to Cash flows from financing activities unitholders (3,099) 3,763 Proceeds from the issuance of units 1,834 2,045 Amounts paid on redemption of units (6,578) (3,257) Increase (decrease) in net assets attributable to Net cash from financing activities (4,744) (1,212) unitholders per unit (note 13) (26.46) 29.70 Net increase (decrease) in cash (220) 31 Cash at beginning of year 79 48 Cash at end of year (141) 79

Dividends received, net of withholding taxes 616 715

See accompanying notes to the financial statements. 20 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Resource Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS (141,217) CANADIAN DOLLAR (141,217) (141,217) 1 US DOLLARS 2 2 (141,216) (141,215) (141,215)

STOCKS CANADIAN COMMON STOCKS ENERGY 32.80% 17,171 CDN NATURAL RES 404,350 524,746 27,560 ENBRIDGE INC 1,300,273 1,120,590 11,810 PARKLAND CORP 435,287 476,534 17,920 PEMBINA PIPELINE 761,444 539,034 37,930 SUNCOR ENERGY INC 1,191,749 808,288 25,680 TC ENERGY 1,412,595 1,327,913 138,071 5,505,698 4,797,105

MATERIALS 65.88% 6,407 AGNICO EAGLE MINES 546,798 573,811 48,339 BARRICK GOLD CORP 1,433,340 1,399,414 3,760 CANFOR CORPORATION 70,385 86,104 9,875 CCL INDUSTRIES INC 526,232 568,010 17,320 FIRST QUANTUM MNRL 235,441 395,762 1,310 FRANCO NEVADA CORP 132,207 208,552 29,500 INTERFOR CORPORATION 474,143 698,855 30,710 INTERTAPE POLYMER 560,600 738,883 45,690 ISHARES S&P/TSX 713,534 897,809 62,020 KINROSS GOLD CORP 661,081 578,647 9,320 KIRKLAND LAKE GOLD 536,993 488,834 2,600 NORBORD INC 115,124 142,272 8,747 NUTRIEN LTD 548,081 535,316 12,200 SSR MINING 335,150 311,222 11,610 WEST FRASER TIMBER 785,220 947,608 20,030 WHEATON PRECIOUS MET 806,620 1,062,592 319,438 8,480,949 9,633,691

457,509 TOTAL CANADIAN COMMON STOCKS 13,986,647 14,430,796

316,293 TOTAL INVESTMENTS 13,845,432 14,289,581 INVESTMENT INCOME RECEIVABLE 45,407 45,407 RECEIVABLES FROM INVESTMENTS SOLD 333,599 333,599 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (31,964) (31,964) NET ASSETS 14,192,474 14,636,623

21 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Resource Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 263.80 301.24 249.59 295.69 306.34 Segment 4 Versatile Asset® Participants 221.17 253.11 212.98 258.72 269.23 Segment 5 Versatile Asset® II Participants 215.93 247.31 207.35 250.94 262.30 Segment 6 Versatile Asset® III Participants 181.57 209.85 176.88 217.03 227.11 Segment 7 Versatile Asset® IV Participants 191.50 234.33 203.33 267.00 303.80 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 188.36 217.63 182.83 224.19 234.73 Segment 9 Versatile Portfolios™ Participants (No-Load) 182.88 211.99 178.33 219.14 229.76 Segment 10 Group Retirement Income Product 80.83 - - - - Segment 11 Versatile Portfolios™ TFSA 104.49 121.06 101.86 125.08 131.17 Segment 12 Versatile Portfolios™ Education Savings Plan 85.73 98.81 82.71 101.05 105.44 Segment 13 Versatile Portfolios Navigator™ 100/100 82.85 97.44 83.21 103.71 110.50 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 82.56 97.03 82.82 103.22 110.06 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 82.96 96.45 83.55 102.74 109.87 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 82.45 96.95 82.82 103.19 110.16 Segment 17 Versatile Portfolios Navigator™ 75/100 86.98 101.46 85.95 106.27 112.32 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 86.55 100.95 85.55 105.76 111.95 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 87.02 101.37 86.26 105.77 112.07 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 86.51 100.96 85.60 105.86 111.97 Segment 21 Versatile Portfolios Navigator™ 75/75 88.40 102.86 86.89 107.15 112.95 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 87.95 102.35 86.45 106.61 112.58 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 88.39 102.78 86.90 107.18 112.96 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 87.95 102.33 86.48 106.71 112.54

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 2,583,100 2,834,707 2,508,087 3,324,745 3,803,265 Segment 4 Versatile Asset® Participants 1,161,797 1,488,778 1,266,155 1,668,996 1,777,189 Segment 5 Versatile Asset® II Participants 811,232 1,111,431 1,017,654 1,531,461 1,565,127 Segment 6 Versatile Asset® III Participants 59,737 60,856 53,419 62,070 71,312 Segment 7 Versatile Asset® IV Participants 383 703 610 1,602 1,519 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 5,454,368 9,961,370 9,012,179 12,342,139 14,238,495 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,583,574 2,306,274 2,001,229 2,617,181 2,706,843 Segment 10 Group Retirement Income Product 1,455 - - - - Segment 11 Versatile Portfolios™ TFSA 638,531 1,152,393 1,070,430 1,420,891 1,614,921 Segment 12 Versatile Portfolios™ Education Savings Plan 211,488 369,445 340,122 431,164 444,335 Segment 13 Versatile Portfolios Navigator™ 100/100 130,070 337,712 407,739 433,321 334,047 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 33,105 53,563 164,721 231,326 70,660 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3,982 4,726 3,927 4,829 5,054 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 48,400 48,088 32,299 22,289 28,971 Segment 17 Versatile Portfolios Navigator™ 75/100 702,195 844,481 758,563 1,011,236 935,053 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 417,619 207,962 126,360 250,442 83,406 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 71,617 12,468 10,437 8,356 21,069 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 33,218 37,051 25,510 19,902 22,058 Segment 21 Versatile Portfolios Navigator™ 75/75 306,052 654,171 614,826 640,964 711,790 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 223,048 788,069 447,226 212,695 179,674 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 41,632 46,660 46,490 56,269 67,440 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 144,327 200,358 69,442 60,397 78,781

See accompanying notes to the financial statements. 22 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Canadian Resource Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 9,792 9,410 10,049 11,244 12,415 Segment 4 Versatile Asset® Participants 5,253 5,882 5,945 6,451 6,601 Segment 5 Versatile Asset® II Participants 3,757 4,494 4,908 6,103 5,967 Segment 6 Versatile Asset® III Participants 329 290 302 286 314 Segment 7 Versatile Asset® IV Participants 2 3 3 6 5 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 28,957 45,771 49,293 55,051 60,658 Segment 9 Versatile Portfolios™ Participants (No-Load) 8,659 10,879 11,222 11,943 11,781 Segment 10 Group Retirement Income Product 18 - - - - Segment 11 Versatile Portfolios™ TFSA 6,111 9,519 10,509 11,360 12,312 Segment 12 Versatile Portfolios™ Education Savings Plan 2,467 3,739 4,112 4,267 4,214 Segment 13 Versatile Portfolios Navigator™ 100/100 1,570 3,466 4,900 4,178 3,023 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 401 552 1,989 2,241 642 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 48 49 47 47 46 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 587 496 390 216 263 Segment 17 Versatile Portfolios Navigator™ 75/100 8,073 8,323 8,826 9,516 8,325 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 4,825 2,060 1,477 2,368 745 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 823 123 121 79 188 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 384 367 298 188 197 Segment 21 Versatile Portfolios Navigator™ 75/75 3,462 6,360 7,076 5,982 6,302 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2,536 7,700 5,173 1,995 1,596 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 471 454 535 525 597 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,641 1,958 803 566 700 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.22% 2.23% 2.22% 2.22% 2.22% Segment 5 Versatile Asset® II Participants 2.52% 2.52% 2.52% 2.52% 2.52% Segment 6 Versatile Asset® III Participants 2.77% 2.77% 2.75% 2.75% 2.74% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.71% 2.72% 2.71% 2.71% 2.71% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.87% 2.88% 2.88% 2.87% 2.87% Segment 11 Versatile Portfolios™ TFSA 2.86% 2.87% 2.86% 2.86% 2.86% Segment 12 Versatile Portfolios™ Education Savings Plan 2.34% 2.35% 2.34% 2.34% 2.33% Segment 13 Versatile Portfolios Navigator™ 100/100 4.39% 4.40% 4.39% 4.50% 4.48% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.40% 4.39% 4.39% 4.64% 4.64% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.39% 4.40% 4.39% 4.50% 4.48% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.40% 4.39% 4.39% 4.64% 4.64% Segment 17 Versatile Portfolios Navigator™ 75/100 3.56% 3.57% 3.56% 3.67% 3.65% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.56% 3.57% 3.56% 3.82% 3.82% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.56% 3.57% 3.56% 3.67% 3.65% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.56% 3.57% 3.56% 3.82% 3.82% Segment 21 Versatile Portfolios Navigator™ 75/75 3.28% 3.29% 3.28% 3.39% 3.38% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.29% 3.29% 3.28% 3.54% 3.54% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.28% 3.29% 3.28% 3.39% 3.38% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.29% 3.29% 3.28% 3.54% 3.54% Portfolio turnover rate (note 11) 90.33% 107.93% 44.56% 86.75% 135.35%

23 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Money Market Fund Fund managed by Addenda Capital Inc.

Net assets attributable to unitholders 44,264 22,952 Net increase (decrease) in net assets attributable to unitholders 21,312 1,760

Net assets attributable to unitholders per unit 106.14 108.65 Net assets attributable to unitholders at end of year 44,264 22,952

Statement of Comprehensive Income Statement of Cash Flows For the years ended December 31 2020 2019 (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 (in thousands of dollars) $ $ Investment income and gains Interest income for allocation purposes 382 435 Cash flows from operating activities Other income 2 3 Increase (decrease) in net assets attributable to Realized gains (losses) on sale of investments (5) 12 unitholders (111) 145 Unrealized gains (losses) (7) (2) Adjustments for: 372 448 Realized (gains) losses on sale of investments 5 (12) Unrealized (gains) losses 7 2 Expenses Current receivables 68 (52) Management fees (notes 8 and 10) 478 299 Current liabilities 24 3 Audit, legal and other fees (note 10) 5 4 Purchases of investments (164,874) (86,678) 483 303 Proceeds from the sale of investments 142,604 85,227 Net cash from operating activities (22,277) (1,365) Increase (decrease) in net assets attributable to unitholders (111) 145 Cash flows from financing activities Proceeds from the issuance of units 32,480 9,281 Increase (decrease) in net assets attributable to Amounts paid on redemption of units (11,057) (7,666) unitholders per unit (note 13) (0.34) 0.74 Net cash from financing activities 21,423 1,615

Net increase (decrease) in cash (854) 250 Cash at beginning of year 97 (153) Cash at end of year (757) 97

Interest received 49 40

See accompanying notes to the financial statements. 24 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Money Market Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS (756,858) CANADIAN DOLLAR (756,858) (756,858) (756,858) (756,858) (756,858)

SHORT TERM NOTES DISCOUNT NOTES 97.96% 1,700,000 BANK NOVA SCOTIA B/A, 2021-03-05 1,695,808 1,695,808 1,000,000 BANK OF MONTREAL B/A, 2021-02-22 998,260 998,260 750,000 BANNER TR ABCP D/N, 2021-02-23 748,373 748,373 1,400,000 CANADA T BILLS T/B, 2021-05-13 1,399,038 1,399,038 940,000 CANADA T BILLS T/B, 2021-06-10 939,356 939,356 5,380,000 CANADA T BILLS T/B, 2021-10-07 5,370,655 5,370,655 3,000,000 CANADA T BILLS T/B, 2021-10-14 2,996,190 2,996,190 3,340,000 CANADA T BILLS T/B, 2021-11-10 3,333,370 3,333,370 500,000 CDN MAS.TRS ABCP D/N, 2021-01-05 497,585 497,585 3,000,000 CDN MAS.TRS ABCP D/N, 2021-03-15 2,995,450 2,995,450 3,000,000 CIBC BANK B/A, 2021-04-23 2,996,365 2,996,365 2,250,000 PLAZA TRUST ABCP D/N, 2021-02-09 2,246,085 2,246,085 1,500,000 RIDGE TRST ABCP D/N, 2021-02-05 1,496,985 1,496,985 1,000,000 RIDGE TRST ABCP D/N, 2021-05-07 998,090 998,090 1,250,000 RIDGE TRST ABCP D/N, 2021-05-17 1,248,238 1,248,238 1,250,000 SAFE TRUST ABCP D/N, 2021-06-16 1,247,563 1,247,563 1,300,000 STABLE TRS ABCP D/N, 2021-05-26 1,297,478 1,297,478 1,500,000 STABLE TRS ABCP D/N, 2021-06-18 1,497,075 1,497,075 1,000,000 STORM KG TR ABCP D/N, 2021-05-25 998,170 998,170 2,000,000 STORM KG TR ABCP D/N, 2021-06-28 1,996,340 1,996,340 1,500,000 SURE TRUST ABCP D/N, 2021-03-18 1,498,905 1,498,905 1,200,000 SURE TRUST ABCP D/N, 2021-06-01 1,197,672 1,197,672 1,200,000 SURE TRUST ABCP D/N, 2021-06-15 1,197,600 1,197,600 2,500,000 TD BANK B/A, 2021-02-16 2,499,050 2,499,050 43,460,000 43,389,701 43,389,701

BONDS AND DEBENTURES FINANCIAL PRODUCTS 3.74% REGULAR BONDS 750,000 BANK OF NOVA SCOTIA, 2021-06-04 765,998 758,093 900,000 ROYAL BANK CDA FRN, 2021-02-08 900,000 900,180 1,650,000 1,665,998 1,658,273

44,353,142 TOTAL INVESTMENTS 44,298,841 44,291,116 INVESTMENT INCOME RECEIVABLE 25,034 25,034 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (52,329) (52,329) NET ASSETS 44,271,546 44,263,821

1.00 US = 1.274000 CA DECEMBER 31, 2020

25 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Money Market Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 126.23 125.73 124.37 123.78 126.08 Segment 4 Versatile Asset® Participants 131.42 131.85 131.25 130.83 130.52 Segment 5 Versatile Asset® II Participants 120.16 120.61 120.09 119.71 119.43 Segment 6 Versatile Asset® III Participants 106.77 107.38 107.28 106.98 106.83 Segment 7 Versatile Asset® IV Participants 125.60 125.26 123.57 122.46 122.14 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 106.86 107.37 106.88 106.53 106.28 Segment 9 Versatile Portfolios™ Participants (No-Load) 104.97 105.51 105.21 104.89 104.64 Segment 10 Group Retirement Income Product 103.70 103.61 102.63 96.95 102.78 Segment 11 Versatile Portfolios™ TFSA 98.36 98.84 98.45 98.12 97.88 Segment 12 Versatile Portfolios™ Education Savings Plan 101.39 101.53 100.96 100.60 100.36 Segment 13 Versatile Portfolios Navigator™ 100/100 100.61 101.09 100.96 100.68 100.44 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 100.61 101.09 100.97 100.68 100.47 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 100.62 101.12 100.99 100.77 100.47 Segment 17 Versatile Portfolios Navigator™ 75/100 101.19 101.55 101.02 100.68 100.44 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 101.19 101.54 101.02 100.67 100.43 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 102.67 100.27 101.09 - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 101.20 101.54 101.05 100.67 100.47 Segment 21 Versatile Portfolios Navigator™ 75/75 101.42 101.70 101.07 100.68 100.45 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 101.42 101.70 101.07 100.67 100.44 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 101.44 101.63 100.99 100.74 97.50 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 101.42 101.71 101.07 100.70 100.39

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 6,383,242 5,529,426 5,272,421 5,208,980 4,687,319 Segment 4 Versatile Asset® Participants 581,948 473,744 523,830 599,976 1,013,091 Segment 5 Versatile Asset® II Participants 659,320 487,393 745,393 1,450,672 1,478,068 Segment 6 Versatile Asset® III Participants 27,866 26,522 253,173 249,476 24,999 Segment 7 Versatile Asset® IV Participants 40,944 66,636 72,163 71,517 71,332 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 8,078,841 3,612,003 3,545,548 3,242,693 3,601,734 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,884,719 902,000 1,097,508 1,681,301 1,867,020 Segment 10 Group Retirement Income Product 2,261,739 571,627 451,577 53,034 556,946 Segment 11 Versatile Portfolios™ TFSA 509,521 211,627 151,517 139,915 248,712 Segment 12 Versatile Portfolios™ Education Savings Plan 1,072,035 341,549 259,359 162,470 154,955 Segment 13 Versatile Portfolios Navigator™ 100/100 1,215,180 926,410 949,416 1,257,874 619,785 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 965,261 67,831 77,949 292,276 191,093 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 310,017 57,438 48,881 10,077 123,876 Segment 17 Versatile Portfolios Navigator™ 75/100 2,351,060 1,316,551 2,357,904 1,329,801 1,380,282 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 5,464,995 3,613,622 2,280,324 1,302,505 306,424 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,848 3,710 20,522 - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 510,534 310,304 126,713 161,272 124,277 Segment 21 Versatile Portfolios Navigator™ 75/75 1,852,979 1,040,911 1,202,404 1,041,527 400,387 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 8,858,829 2,896,503 1,555,259 801,457 550,399 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 115,233 52,642 52,314 52,387.00 195 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,117,763 443,972 148,371 60,220 64,048

See accompanying notes to the financial statements. 26 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Money Market Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 50,567 43,980 42,394 42,083 37,177 Segment 4 Versatile Asset® Participants 4,428 3,593 3,991 4,586 7,762 Segment 5 Versatile Asset® II Participants 5,487 4,041 6,207 12,118 12,376 Segment 6 Versatile Asset® III Participants 261 247 2,360 2,332 234 Segment 7 Versatile Asset® IV Participants 326 532 584 584 584 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 75,603 33,642 33,172 30,438 33,889 Segment 9 Versatile Portfolios™ Participants (No-Load) 17,954 8,549 10,432 16,029 17,842 Segment 10 Group Retirement Income Product 21,810 5,517 4,400 547 5,419 Segment 11 Versatile Portfolios™ TFSA 5,180 2,141 1,539 1,426 2,541 Segment 12 Versatile Portfolios™ Education Savings Plan 10,573 3,364 2,569 1,615 1,544 Segment 13 Versatile Portfolios Navigator™ 100/100 12,078 9,164 9,404 12,494 6,171 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 9,594 671 772 2,903 1,902 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3,081 568 484 100 1,233 Segment 17 Versatile Portfolios Navigator™ 75/100 23,233 12,965 23,341 13,208 13,742 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 54,006 35,587 22,573 12,938 3,051 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 18 37 203 - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 5,045 3,056 1,254 1,602 1,237 Segment 21 Versatile Portfolios Navigator™ 75/75 18,270 10,235 11,897 10,345 3,986 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 87,348 28,481 15,388 7,961 5,480 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,136 518 518 520 2 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 11,021 4,365 1,468 598 638 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 1.48% 1.67% 1.42% 0.84% 0.78% Segment 5 Versatile Asset® II Participants 1.54% 1.68% 1.43% 0.85% 0.79% Segment 6 Versatile Asset® III Participants 1.74% 1.92% 1.48% 0.85% 0.79% Segment 7 Versatile Asset® IV Participants 0.84% 0.85% 0.85% 0.82% 0.79% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1.65% 1.67% 1.42% 0.84% 0.78% Segment 9 Versatile Portfolios™ Participants (No-Load) 1.68% 1.83% 1.45% 0.84% 0.78% Segment 11 Versatile Portfolios™ TFSA 1.65% 1.71% 1.43% 0.83% 0.78% Segment 12 Versatile Portfolios™ Education Savings Plan 1.30% 1.55% 1.39% 0.84% 0.78% Segment 13 Versatile Portfolios Navigator™ 100/100 1.65% 1.99% 1.47% 0.84% 0.78% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1.65% 1.99% 1.47% 0.84% 0.78% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1.65% 1.99% 1.47% 0.84% 0.78% Segment 17 Versatile Portfolios Navigator™ 75/100 1.51% 1.60% 1.41% 0.84% 0.78% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 1.52% 1.60% 1.41% 0.84% 0.78% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1.51% 1.60% 1.41% - - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1.52% 1.60% 1.41% 0.84% 0.78% Segment 21 Versatile Portfolios Navigator™ 75/75 1.44% 1.49% 1.36% 0.84% 0.78% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 1.45% 1.49% 1.36% 0.84% 0.78% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1.44% 1.49% 1.36% 0.84% 0.78% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1.55% 1.49% 1.36% 0.84% 0.78%

27 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators U.S. Equity Fund Fund managed by Addenda Capital Inc.

Liabilities Fund of funds rebalancing (note 2) 35,098 (621) Current liabilities Payments for investments purchased - 31 Transactions with unitholders Accounts payable for management and audit fees Unitholders' contributions 16,175 8,405 (note 8) 234 111 Unitholders' withdrawals (11,051) (6,501) 234 142 Transfers (to) from other funds (1,791) (1,561) Net increase (decrease) from unitholders' Net assets attributable to unitholders 103,690 50,692 transactions 3,333 343

Net increase (decrease) in net assets Net assets attributable to unitholders per unit 165.55 213.84 attributable to unitholders 52,998 9,169

Net assets attributable to unitholders at end of Statement of Comprehensive Income year 103,690 50,692

For the years ended December 31 2020 2019 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows

Investment income and gains For the years ended December 31 2020 2019 Dividend income 1,253 722 (in thousands of dollars) $ $ Foreign exchange gain (loss) 988 578 Other income 5 4 Cash flows from operating activities Realized gains (losses) on sale of investments 8,673 1,794 Increase (decrease) in net assets attributable to Unrealized gains (losses) 6,080 7,544 unitholders 14,567 9,447 16,999 10,642 Adjustments for: Realized (gains) losses on sale of investments (8,673) (1,794) Expenses Unrealized (gains) losses (6,056) (7,527) Management fees (notes 8 and 10) 2,396 1,172 Current receivables (476) 4 Audit, legal and other fees (note 10) 12 6 Current liabilities 92 55 Transaction costs 24 17 Purchases of investments (70,253) (13,718) 2,432 1,195 Proceeds from the sale of investments 32,004 13,103 Net cash from operating activities (38,795) (430) Increase (decrease) in net assets attributable to unitholders 14,567 9,447 Cash flows from financing activities Proceeds from the issuance of units 51,273 8,405 Increase (decrease) in net assets attributable to Amounts paid on redemption of units (12,842) (8,683) unitholders per unit (note 13) 23.85 40.28 Net cash from financing activities 38,431 (278)

Net increase (decrease) in cash (364) (708) Cash at beginning of year 294 1,002 Cash at end of year (70) 294

Dividends received, net of withholding taxes 1,276 727

See accompanying notes to the financial statements. 28 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators U.S. Equity Fund

Schedule of Investment Portfolio As at December 31

Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($)

CASH AND CASH EQUIVALENTS U.S. - FINANCIALS 2.81% (181,855) CANADIAN DOLLAR (181,855) (181,855) 6,637 JPMORGAN CHASE & CO 675,772 1,073,515 87,718 US DOLLARS 111,753 111,753 834 MOODYS CORP 102,098 308,002 (94,137) (70,102) (70,102) 2,336 PNC FINL SVCS GRP 283,219 443,195 9,249 SCHWAB CHARLES CORP 453,940 624,864 STOCKS 5,051 STATE STREET CORP 428,408 468,273 FOREIGN STOCKS (INCLUDING U.S.) 24,107 1,943,437 2,917,849 U.S - MATERIALS 0.66% 2,598 BALL CORP 226,253 308,412 U.S - INFORMATION TECHNOLOGY 12.12% 1,116 INTL FLAVORS & FRAGR 192,143 154,662 1,773 ADOBE INC 144,904 1,128,723 673 LINDE PLC 144,564 225,814 3,817 AKAMAI TECH INC 288,554 510,211 4,387 562,960 688,888 4,255 AMPHENOL CORPORATION 225,357 708,833 17,511 APPLE INC 377,709 2,957,729 U.S. - INDUSTRIALS 2.85% 2,925 BROADCOM INC 329,091 1,631,626 6,250 FORTIVE CORPORATION 427,610 563,745 3,485 COGNIZANT TECH SOLNS 213,261 363,849 5,053 HONEYWELL INTL INC 717,974 1,368,810 927 F5 NETWORKS INC 143,943 207,785 1,798 UNION PAC CORP 233,245 476,433 2,023 FISERV INC 292,447 293,245 2,577 UNITED PARCEL SERVIC 433,252 552,316 1,846 INTUIT 162,376 893,239 15,678 1,812,081 2,961,304 8,428 MICROSOFT CORP 428,394 2,385,607 4,123 ORACLE CORP 154,993 339,692 U.S. - CONSUMER DISCRETIONARY 3.86% 4,228 VISA INC 233,321 1,177,106 255 BOOKING HLDGS INC 385,457 721,972 55,341 2,994,350 12,597,645 3,992 LOWES CO 466,360 816,272 7,384 NIKE INC 331,103 1,330,745 U.S. - COMMUNICATION SERVICES 2.82% 774 TARGET CORPORATION 157,195 173,855 548 ALPHABET INC 845,627 1,222,681 11,068 TJX COMPANIES INC 327,010 963,355 7,034 COMCAST CORP 362,104 469,573 23,473 1,667,125 4,006,199 5,527 DISCOVERY INC 203,371 211,876 4,463 WALT DISNEY CO 382,324 1,029,710 U.S. - CONSUMER STAPLES 2.87% 17,572 1,793,426 2,933,840 4,669 CHURCH & DWIGHT INC 148,660 518,633 1,963 COSTCO WHSL CORP 238,308 941,700 POOLED FUNDS 65.87% 6,482 HORMEL FOODS CORP 230,282 384,826 5,564,671 ADDENDA POOLED FUND 58,880,547 68,441,003 8,197 MONDELEZ INTL INC 444,795 610,183 5,564,671 58,880,547 68,441,003 2,791 PEPSICO INC 399,732 526,960 24,102 1,461,777 2,982,302 5,754,728 TOTAL FOREIGN STOCKS (INCLUDING U.S) 73,861,712 103,478,838

U.S. - HEALTH CARE 5.73% 5,660,591 TOTAL INVESTMENTS 73,791,610 103,408,736 1,149 BECTON DICKINSON 368,656 366,279 INVESTMENT INCOME RECEIVABLE 15,481 15,481 7,746 CVS HEALTH CORP 649,216 673,815 RECEIVABLES FROM INVESTMENTS SOLD 500,000 500,000 2,667 DANAHER CORP 185,492 754,540 ACCOUNTS PAYABLE FOR MANAGEMENT AND AUDIT FEES (234,241) (234,241) 3,700 GILEAD SCIENCES INC 232,503 274,532 NET ASSETS 74,072,850 103,689,976 3,529 JOHNSON & JOHNSON 412,091 706,898 1,812 STRYKER CORP 180,174 565,349 1.00 US = 1.274000 CA DECEMBER 31, 2020 3,191 THERMO FISHER SCI 333,256 1,892,657 1,603 UNITEDHEALTH GRP INC 384,621 715,738 25,397 2,746,009 5,949,808

29 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators U.S. Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 314.72 263.45 213.54 205.37 202.22 Segment 4 Versatile Asset® Participants 244.66 413.65 335.86 320.20 293.82 Segment 5 Versatile Asset® II Participants 152.40 146.98 119.68 114.45 105.34 Segment 6 Versatile Asset® III Participants 199.23 273.06 224.11 211.52 197.17 Segment 7 Versatile Asset® IV Participants 339.78 287.56 232.74 224.04 205.62 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 168.49 264.50 215.79 206.65 190.55 Segment 9 Versatile Portfolios™ Participants (No-Load) 160.35 260.37 212.97 204.57 189.19 Segment 10 Group Retirement Income Product 206.37 161.81 141.94 133.14 156.55 Segment 11 Versatile Portfolios™ TFSA 180.99 335.83 274.37 263.21 243.01 Segment 12 Versatile Portfolios™ Education Savings Plan 173.22 373.06 303.15 289.33 265.88 Segment 13 Versatile Portfolios Navigator™ 100/100 133.99 154.84 127.73 123.75 115.49 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 142.15 154.08 127.11 123.15 115.10 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 137.21 154.92 127.74 123.70 115.50 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 143.38 154.10 127.10 123.17 115.12 Segment 17 Versatile Portfolios Navigator™ 75/100 141.04 161.26 131.96 126.81 117.40 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 138.97 160.46 131.31 126.19 117.02 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 128.70 161.30 132.00 126.93 117.21 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 135.40 160.47 131.32 126.16 117.05 Segment 21 Versatile Portfolios Navigator™ 75/75 154.20 163.46 133.41 127.85 118.06 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 147.11 162.66 132.75 127.22 117.68 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 135.71 163.55 133.50 127.79 118.03 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 142.23 162.65 132.74 127.23 117.69

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 12,519,882 11,151,865 9,379,782 10,077,538 9,195,932 Segment 4 Versatile Asset® Participants 4,301,529 2,784,272 2,605,271 2,694,522 2,572,998 Segment 5 Versatile Asset® II Participants 3,417,031 2,364,819 2,064,317 2,194,078 2,187,806 Segment 6 Versatile Asset® III Participants 233,697 136,255 154,633 184,235 301,085 Segment 7 Versatile Asset® IV Participants 33,978 29,619 24,205 25,540 23,646 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 23,237,546 11,711,050 11,244,700 11,324,132 11,540,705 Segment 9 Versatile Portfolios™ Participants (No-Load) 5,824,211 2,550,301 2,068,116 2,125,914 2,053,885 Segment 10 Group Retirement Income Product 315,533 168,771 124,907 121,420 39,293 Segment 11 Versatile Portfolios™ TFSA 2,896,315 1,487,044 1,287,056 1,288,148 1,208,976 Segment 12 Versatile Portfolios™ Education Savings Plan 2,824,084 927,048 686,324 542,485 398,288 Segment 13 Versatile Portfolios Navigator™ 100/100 4,106,239 2,060,726 1,938,721 1,839,601 1,172,088 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 6,774,863 2,825,285 1,534,694 715,745 314,234 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 218,581 103,799 127,738 162,166 157,538 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,151,281 898,066 328,305 218,260 131,470 Segment 17 Versatile Portfolios Navigator™ 75/100 4,875,581 2,126,386 1,853,634 1,407,099 917,160 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 8,904,324 2,722,737 1,568,103 915,629 410,742 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 167,567 58,873 46,860 38,459 21,684 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2,043,149 703,016 327,631 121,236 86,151 Segment 21 Versatile Portfolios Navigator™ 75/75 5,528,555 1,972,287 1,373,576 1,176,820 1,111,294 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 10,353,321 3,169,153 2,126,517 1,235,770 520,965 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 199,769 114,158 82,902 56,738 45,086 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,783,564 648,799 567,595 289,446 118,629

See accompanying notes to the financial statements. 30 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators U.S. Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 39,781 42,330 43,925 49,070 45,475 Segment 4 Versatile Asset® Participants 17,582 6,731 7,757 8,415 8,757 Segment 5 Versatile Asset® II Participants 22,422 16,089 17,248 19,170 20,769 Segment 6 Versatile Asset® III Participants 1,173 499 690 871 1,527 Segment 7 Versatile Asset® IV Participants 100 103 104 114 115 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 137,914 44,277 52,110 54,798 60,566 Segment 9 Versatile Portfolios™ Participants (No-Load) 36,321 9,795 9,711 10,392 10,856 Segment 10 Group Retirement Income Product 1,529 1,043 880 912 251 Segment 11 Versatile Portfolios™ TFSA 16,003 4,428 4,691 4,894 4,975 Segment 12 Versatile Portfolios™ Education Savings Plan 16,303 2,485 2,264 1,875 1,498 Segment 13 Versatile Portfolios Navigator™ 100/100 30,645 13,309 15,178 14,866 10,149 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 47,660 18,336 12,074 5,812 2,730 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,593 670 1,000 1,311 1,364 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 15,004 5,828 2,583 1,772 1,142 Segment 17 Versatile Portfolios Navigator™ 75/100 34,569 13,186 14,047 11,096 7,812 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 64,072 16,968 11,942 7,256 3,510 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,302 365 355 303 185 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 15,090 4,381 2,495 961 736 Segment 21 Versatile Portfolios Navigator™ 75/75 35,853 12,066 10,296 9,205 9,413 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 70,380 19,483 16,019 9,714 4,427 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,472 698 621 444 382 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 19,571 3,989 4,276 2,275 1,008 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.21% 2.21% 2.21% 2.21% 2.22% Segment 5 Versatile Asset® II Participants 2.51% 2.51% 2.51% 2.51% 2.51% Segment 6 Versatile Asset® III Participants 2.76% 2.76% 2.74% 2.74% 2.74% Segment 7 Versatile Asset® IV Participants 2.50% 2.50% 2.50% 2.50% 2.51% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.71% 2.71% 2.70% 2.70% 2.71% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.86% 2.86% 2.87% 2.86% 2.86% Segment 11 Versatile Portfolios™ TFSA 2.85% 2.85% 2.85% 2.85% 2.85% Segment 12 Versatile Portfolios™ Education Savings Plan 2.34% 2.33% 2.33% 2.33% 2.33% Segment 13 Versatile Portfolios Navigator™ 100/100 3.85% 3.85% 3.85% 3.96% 3.95% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.86% 3.85% 3.85% 4.11% 4.11% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.85% 3.85% 3.85% 3.96% 3.95% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.86% 3.85% 3.85% 4.11% 4.11% Segment 17 Versatile Portfolios Navigator™ 75/100 3.02% 3.02% 3.02% 3.13% 3.12% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.03% 3.02% 3.02% 3.28% 3.29% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.02% 3.02% 3.02% 3.13% 3.12% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.03% 3.02% 3.02% 3.28% 3.29% Segment 21 Versatile Portfolios Navigator™ 75/75 2.75% 2.75% 2.74% 2.85% 2.85% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.75% 2.74% 2.74% 3.01% 3.01% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.75% 2.75% 2.74% 2.85% 2.85% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.75% 2.74% 2.74% 3.01% 3.01% Portfolio turnover rate (note 11) 60.67% 29.45% 11.23% 11.08% 23.31%

31 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Global Equity Fund Fund managed by Addenda Capital Inc.

Statement of Financial Position Statement of Changes in Net Assets Attributable to Fund of funds (note 2) Unitholders As at December 31 2020 2019 Fund of funds (note 2) (in thousands of dollars except per unit amounts) $ $ For the years ended December 31 2020 2019 (in thousands of dollars) $ $ Assets Current assets Net assets attributable to unitholders at Investment in investment fund units 15,051 12,272 beginning of year 12,254 7,039

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 1,210 1,355 Accounts payable (note 8) 24 18 Fund of funds rebalancing (note 2) (192) 2,825 Net assets attributable to unitholders 15,027 12,254 Transactions with unitholders Unitholders' contributions 4,191 2,911 Net assets attributable to unitholders per unit 134.57 129.12 Unitholders' withdrawals (2,353) (1,601) Transfers (to) from other funds (83) (275) Net increase (decrease) from unitholders' transactions 1,755 1,035 Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders 2,773 5,215 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 15,027 12,254 Distribution from underlying fund 262 174 Realized gains (losses) on sale of investments 115 197 Unrealized gains (losses) 1,073 1,152 Statement of Cash Flows 1,450 1,523 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 240 168 Cash flows from operating activities Increase (decrease) in net assets attributable to Increase (decrease) in net assets attributable to unitholders 1,210 1,355 unitholders 1,210 1,355 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (115) (197) unitholders per unit (note 13) 11.33 20.49 Unrealized (gains) losses (1,073) (1,152) Current liabilities 6 6 Purchases of investments (4,942) (5,553) Proceeds from the sale of investments 3,613 1,855 Net cash from operating activities (1,301) (3,686)

Cash flows from financing activities Distribution (262) (174) Proceeds from the issuance of units 4,191 5,736 Amounts paid on redemption of units (2,628) (1,876) Net cash from financing activities 1,301 3,686

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

See accompanying notes to the financial statements. 32 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Global Equity Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Addenda Global Equity Pooled Fund 856,173 13,758,500 15,027,218

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Addenda Global Equity Pooled Fund

Nidec Corporation 3.56% Becton Dickinson 2.33% UnitedHealth Group Inc 3.46% Wabtec 2.32% Thermo Fisher Scientific Inc 3.36% Fresenius SE&KGAA 2.31% Fiserv Inc 3.29% Nike Inc 2.19% Visa Inc 3.20% Grifols SA 2.01% Microsoft Corp 2.94% Honeywell International Inc 2.00% Ball Corp 2.72% Prudential 2.00% Walt Disney Co 2.54% Heineken NV 1.99% Middleby Corp 2.53% Cognizant Tech Solutions 1.95% Global Payments Inc 2.47% Booking Holdings Inc 1.91% United Parcel Service 2.44% SAP SE 1.86% Linde PLC 2.42% Diageo 1.85% Elanco Animal Health 2.35%

33 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Global Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 143.68 133.08 112.39 109.75 100.37 Segment 2 Seed Money 180.24 164.97 137.06 132.56 118.23 Segment 10 Group Retirement Income Product 140.51 130.28 110.46 108.98 99.15 Segment 13 Versatile Portfolios Navigator™ 100/100 145.22 137.75 118.74 119.14 110.31 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 144.42 137.13 118.16 125.67 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 133.80 140.87 116.82 117.27 111.72 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 144.31 137.18 118.23 118.40 109.48 Segment 17 Versatile Portfolios Navigator™ 75/100 152.42 143.38 122.62 122.11 112.20 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 151.60 142.78 122.07 121.51 111.60 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 153.08 143.93 122.93 122.32 111.91 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 151.63 142.86 122.00 121.60 112.18 Segment 21 Versatile Portfolios Navigator™ 75/75 154.82 145.43 124.02 123.13 112.73 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 154.09 144.74 123.38 122.39 112.32 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 153.35 144.03 122.80 122.89 112.24 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 154.12 144.69 123.38 122.56 112.08 Segment 25 Aviator™ Portfolios Series 500 75/100 129.85 120.92 109.21 107.07 - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 141.30 130.19 - - - Segment 27 Aviator™ Portfolios Series 500 75/75 132.93 121.14 109.48 107.25 - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 140.97 130.48 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 106.60 99.29 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 106.62 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 106.82 99.08 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 106.64 - - - -

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 5,044,311 4,526,982 3,837,327 4,003,184 2,629,157 Segment 2 Seed Money 211,063 193,178 203,938 197,251 295,563 Segment 10 Group Retirement Income Product 279,332 183,956 111,125 112,899 21,118 Segment 13 Versatile Portfolios Navigator™ 100/100 82,194 128,523 293,173 202,892 121,669 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 360,618 533,309 439,093 754 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 669 2,113 1,285 1,290 2,011 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 60,176 56,108 50,366 17,641 5,255 Segment 17 Versatile Portfolios Navigator™ 75/100 95,872 91,474 79,947 147,015 65,078 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 353,072 317,268 79,834 28,799 13,280 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 15,767 14,969 10,572 8,440 7,610 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 104,321 82,573 84,305 26,145 13,350 Segment 21 Versatile Portfolios Navigator™ 75/75 308,869 303,073 295,168 170,036 159,281 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 541,777 445,942 185,199 35,982 25,721 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 6,134 5,761 4,912 5,407 8,867 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 196,805 182,454 124,239 38,238 8,182 Segment 25 Aviator™ Portfolios Series 500 75/100 3,448,182 3,340,208 945,962 211,676 - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 6,641 6,249 - - - Segment 27 Aviator™ Portfolios Series 500 75/75 2,091,437 1,726,187 292,209 41,075 - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 23,824 8,351 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 858,362 47,558 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 39,662 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 844,279 57,961 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 53,851 - - - -

See accompanying notes to the financial statements. 34 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Global Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 35,109 34,016 34,142 36,474 26,195 Segment 2 Seed Money 1,171 1,171 1,488 1,488 2,500 Segment 10 Group Retirement Income Product 1,988 1,412 1,006 1,036 213 Segment 13 Versatile Portfolios Navigator™ 100/100 566 933 2,469 1,703 1,103 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2,497 3,889 3,716 6 - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 5 15 11 11 18 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 417 409 426 149 48 Segment 17 Versatile Portfolios Navigator™ 75/100 629 638 652 1,204 580 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,329 2,222 654 237 119 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 103 104 86 69 68 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 688 578 691 215 119 Segment 21 Versatile Portfolios Navigator™ 75/75 1,995 2,084 2,380 1,381 1,413 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3,516 3,081 1,501 294 229 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 40 40 40 44 79 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,277 1,261 1,007 312 73 Segment 25 Aviator™ Portfolios Series 500 75/100 26,555 27,623 8,662 1,977 - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 47 48 - - - Segment 27 Aviator™ Portfolios Series 500 75/75 15,733 14,250 2,669 383 - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 169 64 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 8,052 479 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 372 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 7,904 585 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 505 - - - - Management expense ratio (note 10) Segment 13 Versatile Portfolios Navigator™ 100/100 4.18% 4.19% 4.18% 4.29% 4.28% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.19% 4.19% 4.18% 4.44% - Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.18% 4.19% 4.18% 4.29% 4.28% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.19% 4.19% 4.18% 4.44% 4.44% Segment 17 Versatile Portfolios Navigator™ 75/100 3.35% 3.36% 3.35% 3.47% 3.45% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.36% 3.36% 3.35% 3.61% 3.61% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.35% 3.36% 3.35% 3.47% 3.45% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.36% 3.36% 3.35% 3.61% 3.61% Segment 21 Versatile Portfolios Navigator™ 75/75 3.08% 3.08% 3.08% 3.19% 3.17% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.08% 3.08% 3.08% 3.34% 3.34% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.08% 3.08% 3.08% 3.19% 3.17% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.08% 3.08% 3.08% 3.34% 3.34% Portfolio turnover rate (note 11) 16.05% 43.85% 36.14% 48.97% 25.86%

35 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Bissett Canadian Dividend Fund Underlying fund managed by Franklin Templeton Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders (1,634) 3,766 Accounts payable 40 54 Fund of funds rebalancing (note 2) 561 (306) Net assets attributable to unitholders 20,110 24,565 Transactions with unitholders Unitholders' contributions 1,689 3,154 Net assets attributable to unitholders per unit 25.84 32.58 Unitholders' withdrawals (1,713) (3,279) Transfers (to) from other funds (3,358) (1,515) Net increase (decrease) from unitholders' transactions (3,382) (1,640) Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders (4,455) 1,820 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 20,110 24,565 Distribution from underlying fund 470 679 Realized gains (losses) on sale of investments (314) 267 Unrealized gains (losses) (1,301) 3,451 Statement of Cash Flows (1,145) 4,397 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 488 630 Audit, legal and other fees (note 10) 1 1 Cash flows from operating activities 489 631 Increase (decrease) in net assets attributable to unitholders (1,634) 3,766 Increase (decrease) in net assets attributable to Adjustments for: unitholders (1,634) 3,766 Realized (gains) losses on sale of investments 314 (267) Unrealized (gains) losses 1,301 (3,451) Increase (decrease) in net assets attributable to Current liabilities (14) 4 unitholders per unit (note 13) (2.12) 5.10 Purchases of investments (2,440) (2,184) Proceeds from the sale of investments 5,764 4,757 Net cash from operating activities 3,291 2,625

Cash flows from financing activities Distribution (470) (679) Proceeds from the issuance of units 2,250 3,154 Amounts paid on redemption of units (5,071) (5,100) Net cash from financing activities (3,291) (2,625)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

See accompanying notes to the financial statements. 36 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Bissett Canadian Dividend Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Franklin Bissett Canadian Dividend Fund 1,001,756 19,405,368 20,109,592

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Franklin Bissett Canadian Dividend Fund

Royal Bank of Canada 6.64% Nutrien Ltd. 3.15% The Toronto-Dominion Bank 4.69% Loblaw Companies Ltd. 3.02% Canadian National Railway Co. 4.61% Brookfield Renewable Partners LP 3.01% Fortis Inc. 4.54% Open Text Corp. 2.92% Enbridge Inc. 4.28% Alimentation Couche-Tard Inc. B 2.63% BCE Inc. 4.14% Wheaton Precious Metals Corp. 2.53% TELUS Corp. 3.95% Manulife Financial Corp. 2.43% Rogers Communications Inc. B 3.80% Choice Properties Real Estate Investment Trust 2.08% Metro Inc. A 3.63% Saputo Inc. 2.05% Canadian Utilities Ltd. A 3.60% Sun Life Financial Inc. 2.01% Brookfield Infrastructure Partners LP 3.58% RioCan Real Estate Investment Trust 1.97% Bank of Montreal 3.43% Canadian Imperial Bank of Commerce 1.94% The Bank of Nova Scotia 3.30%

37 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Bissett Canadian Dividend Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 106.73 112.78 95.62 107.77 104.44 Segment 2 Seed Money 150.25 156.90 131.49 147.10 138.43 Segment 4 Versatile Asset® Participants 119.05 127.27 109.18 125.07 120.50 Segment 5 Versatile Asset® II Participants 118.31 126.58 108.69 124.59 120.13 Segment 6 Versatile Asset® III Participants 116.74 125.17 107.48 123.59 119.24 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 116.52 124.90 107.44 123.40 119.20 Segment 9 Versatile Portfolios™ Participants (No-Load) 115.59 124.02 106.80 122.79 118.74 Segment 10 Group Retirement Income Product 11.26 11.87 10.04 11.35 10.78 Segment 11 Versatile Portfolios™ TFSA 115.71 124.14 106.89 122.88 118.80 Segment 12 Versatile Portfolios™ Education Savings Plan 120.57 128.67 110.27 126.07 121.32 Segment 13 Versatile Portfolios Navigator™ 100/100 102.83 110.96 96.09 111.10 108.14 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 102.32 110.43 95.63 110.55 107.83 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 102.76 111.10 96.05 111.21 108.77 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 102.34 110.46 95.66 110.50 107.34 Segment 17 Versatile Portfolios Navigator™ 75/100 107.60 115.25 99.05 113.67 109.82 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 107.08 114.68 98.57 113.12 109.48 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 107.48 115.14 99.05 113.54 109.71 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 107.09 114.69 98.55 113.12 109.46 Segment 21 Versatile Portfolios Navigator™ 75/75 109.02 116.51 99.93 114.41 110.31 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 108.48 115.94 99.42 113.87 109.96 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 108.96 116.52 99.91 114.43 110.38 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 108.46 115.94 99.45 113.80 109.85

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 563,844 524,989 398,944 512,228 173,372 Segment 2 Seed Money 74,225 77,509 64,955 72,665 68,385 Segment 4 Versatile Asset® Participants 255,363 272,235 393,610 618,471 678,656 Segment 5 Versatile Asset® II Participants 426,846 518,074 482,918 814,835 809,921 Segment 6 Versatile Asset® III Participants 29,302 42,433 38,048 38,930 72,976 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3,900,235 5,078,564 5,174,738 6,663,459 6,483,491 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,340,044 1,583,652 1,510,144 2,703,693 2,489,465 Segment 10 Group Retirement Income Product 7,494,071 7,224,959 5,851,456 5,500,219 4,299,946 Segment 11 Versatile Portfolios™ TFSA 620,924 663,293 692,785 935,456 843,708 Segment 12 Versatile Portfolios™ Education Savings Plan 252,234 279,095 211,612 279,868 279,281 Segment 13 Versatile Portfolios Navigator™ 100/100 812,584 981,199 1,030,678 1,000,259 397,402 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 562,872 963,901 774,671 280,246 19,193 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 27,951 35,440 46,678 37,921 8,158 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 124,144 158,614 107,519 50,497 6,655 Segment 17 Versatile Portfolios Navigator™ 75/100 657,891 761,914 1,110,085 2,085,550 1,380,335 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 1,336,041 2,891,393 3,139,181 742,827 144,955 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 27,731 45,827 37,046 49,391 12,617 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 176,055 183,278 206,763 163,684 42,362 Segment 21 Versatile Portfolios Navigator™ 75/75 540,077 900,006 568,678 659,468 416,869 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 704,012 989,167 654,214 348,668 447,957 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 85,748 103,352 72,833 34,100 28,367 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 97,398 285,782 177,421 109,477 49,873

See accompanying notes to the financial statements. 38 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Bissett Canadian Dividend Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 5,283 4,655 4,172 4,753 1,660 Segment 2 Seed Money 494 494 494 494 494 Segment 4 Versatile Asset® Participants 2,145 2,139 3,605 4,945 5,632 Segment 5 Versatile Asset® II Participants 3,608 4,093 4,443 6,540 6,742 Segment 6 Versatile Asset® III Participants 251 339 354 315 612 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 33,474 40,662 48,163 53,999 54,391 Segment 9 Versatile Portfolios™ Participants (No-Load) 11,593 12,769 14,140 22,018 20,966 Segment 10 Group Retirement Income Product 665,365 608,552 582,597 484,750 398,720 Segment 11 Versatile Portfolios™ TFSA 5,366 5,343 6,481 7,613 7,102 Segment 12 Versatile Portfolios™ Education Savings Plan 2,092 2,169 1,919 2,220 2,302 Segment 13 Versatile Portfolios Navigator™ 100/100 7,902 8,843 10,726 9,003 3,675 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 5,501 8,729 8,101 2,535 178 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 272 319 486 341 75 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,213 1,436 1,124 457 62 Segment 17 Versatile Portfolios Navigator™ 75/100 6,114 6,611 11,207 18,348 12,569 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 12,477 25,212 31,847 6,567 1,324 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 258 398 374 435 115 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1,644 1,598 2,098 1,447 387 Segment 21 Versatile Portfolios Navigator™ 75/75 4,954 7,725 5,691 5,764 3,779 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 6,490 8,532 6,580 3,062 4,074 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 787 887 729 298 257 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 898 2,465 1,784 962 454 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.81% 2.81% 2.81% 2.81% 2.81% Segment 5 Versatile Asset® II Participants 2.89% 2.89% 2.89% 2.89% 2.89% Segment 6 Versatile Asset® III Participants 3.09% 3.09% 3.07% 3.07% 3.06% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.08% 3.08% 3.08% 3.08% 3.08% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.18% 3.18% 3.19% 3.19% 3.18% Segment 11 Versatile Portfolios™ TFSA 3.17% 3.17% 3.17% 3.17% 3.17% Segment 12 Versatile Portfolios™ Education Savings Plan 2.66% 2.66% 2.65% 2.65% 2.65% Segment 13 Versatile Portfolios Navigator™ 100/100 3.76% 3.77% 3.76% 3.87% 3.86% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.77% 3.76% 3.76% 4.02% 4.02% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.76% 3.77% 3.76% 3.87% 3.86% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.77% 3.76% 3.76% 4.02% 4.02% Segment 17 Versatile Portfolios Navigator™ 75/100 2.99% 2.99% 2.99% 3.10% 3.09% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.99% 2.99% 2.99% 3.25% 3.25% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.99% 2.99% 2.99% 3.10% 3.09% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.99% 2.99% 2.99% 3.25% 3.25% Segment 21 Versatile Portfolios Navigator™ 75/75 2.77% 2.77% 2.77% 2.88% 2.87% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.77% 2.77% 2.77% 3.03% 3.03% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.77% 2.77% 2.77% 2.88% 2.87% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.77% 2.77% 2.77% 3.03% 3.03% Portfolio turnover rate (note 11) 27.83% 14.57% 16.67% 23.39% 36.56%

39 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Canadian Equity Fund Underlying fund managed by NEI Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders (14) 191 Accounts payable 3 3 Transactions with unitholders Net assets attributable to unitholders 1, 106 1, 171 Unitholders' contributions 138 80 Unitholders' withdrawals (138) (189) Transfers (to) from other funds (51) (22) Net assets attributable to unitholders per unit 139.06 141.52 Net increase (decrease) from unitholders' transactions (51) (131)

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders (65) 60 Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 1, 106 1,171

Investment income and gains Distribution from underlying fund 31 29 Statement of Cash Flows Realized gains (losses) on sale of investments (15) (10) Fund of funds (note 2) Unrealized gains (losses) 3 208 For the years ended December 31 2020 2019 19 227 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 33 36 Increase (decrease) in net assets attributable to unitholders (14) 191 Increase (decrease) in net assets attributable to Adjustments for: unitholders (14) 191 Realized (gains) losses on sale of investments 15 10 Unrealized (gains) losses (3) (208) Increase (decrease) in net assets attributable to Current liabilities - - unitholders per unit (note 13) (1.67) 22.68 Purchases of investments (140) (83) Proceeds from the sale of investments 224 250 Net cash from operating activities 82 160

Cash flows from financing activities Distribution (31) (29) Proceeds from the issuance of units 138 80 Amounts paid on redemption of units (189) (211) Net cash from financing activities (82) (160)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

See accompanying notes to the financial statements. 40 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Canadian Equity Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

NEI Canadian Equity RS Fund 40,546 1,085,254 1,105,956

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

NEI Canadian Equity RS Fund

CGI, Class A 4.80% Loblaw Companies 3.00% iA Financial Group 4.40% Canadian Natural Resources 2.90% Royal Bank of Canada 4.30% Teck Resources, Class B 2.90% AltaGas 4.00% Finning International 2.80% Rogers Communications, Class B 4.00% Scotiabank 2.60% Canadian Pacific Railway 4.00% Canadian Tire Corporation, Class A 2.40% Toronto-Dominion Bank 3.90% TELUS 2.40% Brookfield Asset Management, Class A 3.80% Cash and Cash Equivalents 2.30% Open Text 3.80% CCL Industries, Class B 2.20% Canadian National Railway Company 3.50% Magna International, Class A 2.00% Enbridge 3.20% Sun Life Financial 2.00% Saputo Group 3.20% Toromont Industries 2.00% Suncor Energy 3.20%

41 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Canadian Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 130.65 130.56 110.71 127.95 124.52 Segment 2 Seed Money 184.76 181.65 150.41 171.29 163.80 Segment 4 Versatile Asset® Participants 156.00 153.75 131.09 151.85 147.53 Segment 5 Versatile Asset® II Participants 152.54 153.51 130.11 151.72 148.41 Segment 6 Versatile Asset® III Participants - - - 149.90 147.16 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 150.23 151.47 128.62 150.23 147.32 Segment 9 Versatile Portfolios™ Participants (No-Load) 149.02 150.43 127.80 149.51 146.75 Segment 11 Versatile Portfolios™ TFSA 149.42 150.88 127.90 149.45 146.89 Segment 12 Versatile Portfolios™ Education Savings Plan 155.24 156.47 132.08 154.13 149.99 Segment 13 Versatile Portfolios Navigator™ 100/100 108.74 110.49 94.49 111.04 111.14 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 107.94 109.72 94.41 109.93 100.00 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 98.40 100.00 94.36 100.60 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 102.00 63.00 95.88 111.00 109.98 Segment 17 Versatile Portfolios Navigator™ 75/100 113.69 114.69 97.38 113.78 111.87 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 113.09 114.76 - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 112.75 116.71 102.00 114.38 110.00 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 112.93 113.94 96.95 112.96 111.50 Segment 21 Versatile Portfolios Navigator™ 75/75 115.02 115.81 98.17 114.42 112.22 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 114.71 115.51 98.13 113.58 112.84 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 114.70 116.49 97.90 114.10 111.90 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 114.55 115.20 97.99 114.39 110.82

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 18,944 9,531 7,196 11, 004 8,218 Segment 2 Seed Money 64,110 63, 033 52,194 59, 436 81,900 Segment 4 Versatile Asset® Participants 3,120 19, 373 15,731 13, 059 2,803 Segment 5 Versatile Asset® II Participants 62,998 101,778 86,264 190,109 79,845 Segment 6 Versatile Asset® III Participants - - - 20, 686 36,054 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 552,245 571,645 514, 623 851,329 925,486 Segment 9 Versatile Portfolios™ Participants (No-Load) 60, 203 65,739 74,252 100,769 68,241 Segment 11 Versatile Portfolios™ TFSA 12,402 34,702 32,230 70,391 70,066 Segment 12 Versatile Portfolios™ Education Savings Plan 27,788 21,906 15,453 15,721 13,349 Segment 13 Versatile Portfolios Navigator™ 100/100 31,099 37,456 141,738 18,987 1,556 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 11,765 17,885 9,630 6,596 6 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 492 500 7,171 503 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 306 63 2,301 4,551 21,336 Segment 17 Versatile Portfolios Navigator™ 75/100 58,889 67,091 56,191 198,319 47,994 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 23,862 8,263 - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,706 1,634 510 10,180 1,320 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 34,670 34, 981 24,528 21,915 25,756 Segment 21 Versatile Portfolios Navigator™ 75/75 49,458 50, 376 41,920 49,544 49,714 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 42,785 30,842 8,930 11,131 6,432 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,147 9,086 979 1,141 1,119 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 46,967 25, 459 18,912 5,262 3,768

See accompanying notes to the financial statements. 42 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Canadian Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 145 73 65 86 66 Segment 2 Seed Money 347 347 347 347 500 Segment 4 Versatile Asset® Participants 20 126 120 86 19 Segment 5 Versatile Asset® II Participants 413 663 663 1,253 538 Segment 6 Versatile Asset® III Participants - - - 138 245 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3,676 3,774 4,001 5,667 6,282 Segment 9 Versatile Portfolios™ Participants (No-Load) 404 437 581 674 465 Segment 11 Versatile Portfolios™ TFSA 83 230 252 471 477 Segment 12 Versatile Portfolios™ Education Savings Plan 179 140 117 102 89 Segment 13 Versatile Portfolios Navigator™ 100/100 286 339 1,500 171 14 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 109 163 102 60 0.06 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 5 5 76 5 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3 1 24 41 194 Segment 17 Versatile Portfolios Navigator™ 75/100 518 585 577 1,743 429 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 211 72 - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 24 14 5 89 12 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 307 307 253 194 231 Segment 21 Versatile Portfolios Navigator™ 75/75 430 435 427 433 443 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 373 267 91 98 57 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 10 78 10 10 10 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 410 221 193 46 34 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 3.03% 3.03% 3.03% 3.03% 3.03% Segment 5 Versatile Asset® II Participants 3.11% 3.11% 3.11% 3.11% 3.11% Segment 6 Versatile Asset® III Participants - - - 3.29% 3.28% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.30% 3.30% 3.30% 3.30% 3.30% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.40% 3.40% 3.41% 3.40% 3.40% Segment 11 Versatile Portfolios™ TFSA 3.39% 3.39% 3.39% 3.39% 3.39% Segment 12 Versatile Portfolios™ Education Savings Plan 2.88% 2.88% 2.87% 2.87% 2.87% Segment 13 Versatile Portfolios Navigator™ 100/100 4.12% 4.12% 4.12% 4.23% 4.21% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.12% 4.12% 4.12% 4.37% 4.37% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.12% 4.12% 4.12% 4.23% 4.21% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.12% 4.12% 4.12% 4.37% 4.37% Segment 17 Versatile Portfolios Navigator™ 75/100 3.34% 3.35% 3.34% 3.45% 3.44% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.35% 3.34% - - - Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.34% 3.35% 3.34% 3.45% 3.44% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.35% 3.34% 3.34% 3.60% 3.60% Segment 21 Versatile Portfolios Navigator™ 75/75 3.12% 3.12% 3.12% 3.23% 3.22% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.13% 3.12% 3.12% 3.38% 3.38% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.12% 3.12% 3.12% 3.23% 3.22% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.13% 3.12% 3.12% 3.38% 3.38% Portfolio turnover rate (note 11) 37.22% 31.29% 41.20% 91.45% 89.19%

43 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical International Equity Fund Underlying fund managed by NEI Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 17 57 Accounts payable 1 1 Transactions with unitholders Net assets attributable to unitholders 331 363 Unitholders' contributions 21 37 Unitholders' withdrawals (9) (81) Transfers (to) from other funds (61) (16) Net assets attributable to unitholders per unit 191.64 179.58 Net increase (decrease) from unitholders' transactions (49) (60)

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders (32) (3) Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 331 363

Investment income and gains Distribution from underlying fund 4 9 Statement of Cash Flows Realized gains (losses) on sale of investments 7 10 Fund of funds (note 2) Unrealized gains (losses) 15 49 For the years ended December 31 2020 2019 26 68 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 9 11 Increase (decrease) in net assets attributable to unitholders 17 57 Increase (decrease) in net assets attributable to Adjustments for: unitholders 17 57 Realized (gains) losses on sale of investments (7) (10) Unrealized (gains) losses (15) (49) Increase (decrease) in net assets attributable to Purchases of investments (22) (35) unitholders per unit (note 13) 9.14 24.90 Proceeds from the sale of investments 80 106 Net cash from operating activities 53 69

Cash flows from financing activities Distribution (4) (9) Proceeds from the issuance of units 21 37 Amounts paid on redemption of units (70) (97) Net cash from financing activities (53) (69)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

See accompanying notes to the financial statements. 44 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical International Equity Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

NEI International Equity RS Fund 17,155 278,204 331,354

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

NEI International Equity RS Fund

Cash and Cash Equivalents 4.90% Diageo 2.80% Experian 3.70% Smith & Nephew 2.80% Nidec 3.50% Bunzl 2.70% LVMH Moët Hennessy Louis Vuitton 3.50% Heineken 2.70% Linde 3.40% Grifols 2.70% Hoya 3.30% Terumo 2.60% Schneider Electric 3.20% Coca-Cola HBC 2.30% Air Water 3.20% Air Liquide 2.30% SAP 3.20% Danone 2.30% Prudential 3.10% Novo Nordisk 2.20% Reed Elsevier 2.90% QIAGEN 2.10% Fresenius SE & Co. 2.90% Compagnie Financière Richemont 2.10% Worldline 2.90%

45 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical International Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 164.33 154. 84 134. 52 142.75 127. 71 Segment 2 Seed Money 222.72 207. 11 175. 97 182.46 159. 75 Segment 4 Versatile Asset® Participants 182.27 174. 50 151. 46 160.94 153. 00 Segment 5 Versatile Asset® II Participants 181.05 172. 69 150. 84 160.07 143. 95 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 178.81 170. 81 149. 10 158.87 142. 87 Segment 9 Versatile Portfolios™ Participants (No-Load) 177.98 168. 93 147. 53 158.55 142. 20 Segment 11 Versatile Portfolios™ TFSA 177.98 169. 74 148. 64 158.17 141. 75 Segment 12 Versatile Portfolios™ Education Savings Plan 185.50 175. 50 153. 58 162.65 144. 85

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 18,569 14,245 8,878 6,281 2,171 Segment 2 Seed Money 111,362 103,553 87,987 91,230 79,874 Segment 4 Versatile Asset® Participants 26,064 22,511 41,802 45,385 765 Segment 5 Versatile Asset® II Participants 28,425 26,249 41,782 18,088 27,638 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 54,002 114,102 117,636 221,307 177,022 Segment 9 Versatile Portfolios™ Participants (No-Load) 15,484 13,683 10,622 21,880 23,747 Segment 11 Versatile Portfolios™ TFSA 41,647 41,925 43,551 40,809 15,592 Segment 12 Versatile Portfolios™ Education Savings Plan 35,801 26,851 14,129 11,223 12,602 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 113 92 66 44 17 Segment 2 Seed Money 500 500 500 500 500 Segment 4 Versatile Asset® Participants 143 129 276 282 5 Segment 5 Versatile Asset® II Participants 157 152 277 113 192 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 302 668 789 1,393 1,239 Segment 9 Versatile Portfolios™ Participants (No-Load) 87 81 72 138 167 Segment 11 Versatile Portfolios™ TFSA 234 247 293 258 110 Segment 12 Versatile Portfolios™ Education Savings Plan 193 153 92 69 87 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 3.36% 3.36% 3.36% 3.36% 3.36% Segment 5 Versatile Asset® II Participants 3.44% 3.44% 3.44% 3.45% 3.44% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.65% 3.63% 3.63% 3.63% 3.63% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.73% 3.73% 3.74% 3.73% 3.73% Segment 11 Versatile Portfolios™ TFSA 3.72% 3.72% 3.72% 3.72% 3.71% Segment 12 Versatile Portfolios™ Education Savings Plan 3.21% 3.21% 3.20% 3.20% 3.20% Portfolio turnover rate (note 11) 11.79% 8.78% 42.67% 84.93% 102.90%

See accompanying notes to the financial statements. 46 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Balanced Portfolio Underlying fund managed by NEI Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 422 676 Accounts payable 17 18 Transactions with unitholders Net assets attributable to unitholders 6, 054 6, 415 Unitholders' contributions 584 696 Unitholders' withdrawals (1,084) (444) Transfers (to) from other funds (283) (33) Net assets attributable to unitholders per unit 144.40 135.69 Net increase (decrease) from unitholders' transactions (783) 219

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders (361) 895 Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 6,054 6,415

Investment income and gains Distribution from underlying fund - 102 Statement of Cash Flows Realized gains (losses) on sale of investments 300 116 Fund of funds (note 2) Unrealized gains (losses) 319 649 For the years ended December 31 2020 2019 619 867 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 197 191 Increase (decrease) in net assets attributable to unitholders 422 676 Increase (decrease) in net assets attributable to Adjustments for: unitholders 422 676 Realized (gains) losses on sale of investments (300) (116) Unrealized (gains) losses (319) (649) Increase (decrease) in net assets attributable to Current liabilities (1) 3 unitholders per unit (note 13) 9.09 14.64 Purchases of investments (462) (768) Proceeds from the sale of investments 1, 443 737 Net cash from operating activities 783 (117)

Cash flows from financing activities Distribution - (102) Proceeds from the issuance of units 584 696 Amounts paid on redemption of units (1,367) (477) Net cash from financing activities (783) 117

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

47 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Balanced Portfolio

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

NEI Select Balanced RS Portfolio 363,259 4,548,121 6,053,732

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

NEI Select Balanced RS Portfolio

NEI Global Total Return Bond Fund, Series I 27.60% NEI Emerging Markets Fund, Series I 6.10% NEI Canadian Bond Fund, Series I 13.80% NEI International Equity RS Fund, Series I 5.00% NEI Global Equity RS Fund, Series I 13.10% NEI Canadian Small Cap Equity RS Fund, Series I 3.90% NEI U.S. Equity RS Fund, Series I 12.00% NEI Global Impact Bond Fund, Series I 2.90% NEI Global Dividend RS Fund, Series I 8.00% Cash and Cash Equivalents 0.80% NEI Canadian Equity RS Fund, Series I 6.80%

See accompanying notes to the financial statements. 48 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Balanced Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 146.36 140.86 123.26 128.23 117.08 Segment 2 Seed Money 187.80 171.50 149.32 152.31 141.30 Segment 4 Versatile Asset® Participants 156.34 145.91 129.92 135.54 128.61 Segment 5 Versatile Asset® II Participants 155.30 145.06 129.56 135.20 128.30 Segment 6 Versatile Asset® III Participants 164.60 154.20 137.60 - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 152.91 143.20 127.85 133.76 127.24 Segment 9 Versatile Portfolios™ Participants (No-Load) 151.69 142.22 127.11 133.12 126.75 Segment 11 Versatile Portfolios™ TFSA 151.87 142.37 127.24 133.22 126.80 Segment 12 Versatile Portfolios™ Education Savings Plan 158.17 147.56 131.17 136.68 129.46 Segment 13 Versatile Portfolios Navigator™ 100/100 127.64 119.94 107.51 112.87 107.86 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 127.02 119.41 106.97 112.35 107.47 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - - 112.58 108.15 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 127.00 119.39 106.71 112.13 107.65 Segment 17 Versatile Portfolios Navigator™ 75/100 132.32 123.60 110.09 114.93 109.21 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 131.60 122.95 109.56 114.37 108.80 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 133.43 125.55 113.63 123.80 94.33 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 131.60 123.05 109.55 114.45 108.88 Segment 21 Versatile Portfolios Navigator™ 75/75 133.56 124.61 110.82 115.47 109.54 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 132.92 123.98 110.29 114.92 109.18 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 133.70 127.33 113.27 118.00 111.65 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 132.91 123.95 110.25 114.89 109.01

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 53,861 21,692 4,807 2,821 1,405 Segment 2 Seed Money 46,951 42,876 37,331 38, 077 35,324 Segment 4 Versatile Asset® Participants 87,082 354, 112 307,658 317, 987 298, 764 Segment 5 Versatile Asset® II Participants 21,587 25,965 28,892 29,067 26, 429 Segment 6 Versatile Asset® III Participants 823 771 688 - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1,971,978 2,145,686 2,012,943 2,124,346 2,105,916 Segment 9 Versatile Portfolios™ Participants (No-Load) 610,410 649,086 659, 583 754, 116 893, 617 Segment 11 Versatile Portfolios™ TFSA 445,426 440,074 379, 543 473, 452 452, 427 Segment 12 Versatile Portfolios™ Education Savings Plan 549,022 479,262 430, 244 408,395 354, 216 Segment 13 Versatile Portfolios Navigator™ 100/100 333,276 312, 696 281, 137 479, 604 408, 375 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 232,579 208, 484 95,630 71, 341 78, 344 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - - 8,218 5,732 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 60,704 65, 544 19, 101 8,634 21, 314 Segment 17 Versatile Portfolios Navigator™ 75/100 112,998 213, 336 187, 820 201,811 96,653 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 251,873 223, 036 186, 901 112,886 46,238 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,868 1,381 909 619 283 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 120,151 64, 846 62,007 51, 615 60, 209 Segment 21 Versatile Portfolios Navigator™ 75/75 281,284 294, 327 277,050 289,141 162,557 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 581,389 656, 597 406,309 299,378 269, 455 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 10,295 1,910 1,699 1,770 2,233 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 280, 175 212, 827 139,684 117,758 29,434

49 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Balanced Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 368 154 39 22 12 Segment 2 Seed Money 250 250 250 250 250 Segment 4 Versatile Asset® Participants 557 2,427 2,368 2,346 2,323 Segment 5 Versatile Asset® II Participants 139 179 223 215 206 Segment 6 Versatile Asset® III Participants 5 5 5 - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 12,896 14,984 15,744 15,882 16,551 Segment 9 Versatile Portfolios™ Participants (No-Load) 4,024 4,564 5,189 5,665 7,050 Segment 11 Versatile Portfolios™ TFSA 2,933 3,091 2,983 3,554 3,568 Segment 12 Versatile Portfolios™ Education Savings Plan 3,471 3,248 3,280 2,988 2,736 Segment 13 Versatile Portfolios Navigator™ 100/100 2,611 2,607 2,615 4,249 3,786 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 1,831 1,746 894 635 729 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - - 73 53 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 478 549 179 77 198 Segment 17 Versatile Portfolios Navigator™ 75/100 854 1,726 1,706 1,756 885 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 1,914 1,814 1,706 987 425 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 14 11 8 5 3 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 913 527 566 451 553 Segment 21 Versatile Portfolios Navigator™ 75/75 2,106 2,362 2,500 2,504 1,484 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 4,374 5,296 3,684 2,605 2,468 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 77 15 15 15 20 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,108 1,717 1,267 1,025 270 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 3.03% 3.03% 3.03% 3.03% 3.03% Segment 5 Versatile Asset® II Participants 3.11% 3.11% 3.11% 3.11% 3.11% Segment 6 Versatile Asset® III Participants 3.31% 3.31% 3.29% - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.30% 3.30% 3.30% 3.30% 3.30% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.40% 3.40% 3.41% 3.40% 3.40% Segment 11 Versatile Portfolios™ TFSA 3.39% 3.39% 3.39% 3.39% 3.39% Segment 12 Versatile Portfolios™ Education Savings Plan 2.88% 2.88% 2.87% 2.87% 2.87% Segment 13 Versatile Portfolios Navigator™ 100/100 3.68% 3.68% 3.67% 3.79% 3.77% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.68% 3.68% 3.67% 3.93% 3.93% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - - - 3.79% 3.76% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.68% 3.68% 3.67% 3.93% 3.93% Segment 17 Versatile Portfolios Navigator™ 75/100 3.07% 3.07% 3.07% 3.18% 3.16% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.07% 3.07% 3.07% 3.33% 3.33% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.07% 3.07% 3.07% 3.18% 3.16% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.07% 3.07% 3.07% 3.33% 3.33% Segment 21 Versatile Portfolios Navigator™ 75/75 2.90% 2.90% 2.90% 3.01% 3.00% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.91% 2.90% 2.90% 3.16% 3.16% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.90% 2.90% 2.90% 3.01% 2.99% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.91% 2.90% 2.90% 3.16% 3.16% Portfolio turnover rate (note 11) 15.60% 57.59% 30.66% 59.15% 107.63%

See accompanying notes to the financial statements. 50 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Conservative Portfolio Underlying fund managed by NEI Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 181 295 Accounts payable 8 8 Transactions with unitholders Net assets attributable to unitholders 3,423 3,144 Unitholders' contributions 320 395 Unitholders' withdrawals (404) (318) Transfers (to) from other funds 182 133 Net assets attributable to unitholders per unit 124.37 118.53 Net increase (decrease) from unitholders' transactions 98 210

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 279 505 Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 3,423 3,144

Investment income and gains Distribution from underlying fund - 72 Statement of Cash Flows Realized gains (losses) on sale of investments 48 21 Fund of funds (note 2) Unrealized gains (losses) 227 289 For the years ended December 31 2020 2019 275 382 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 94 87 Increase (decrease) in net assets attributable to unitholders 181 295 Increase (decrease) in net assets attributable to Adjustments for: unitholders 181 295 Realized (gains) losses on sale of investments (48) (21) Unrealized (gains) losses (227) (289) Increase (decrease) in net assets attributable to Current liabilities - 2 unitholders per unit (note 13) 6.69 11.49 Purchases of investments (581) (534) Proceeds from the sale of investments 577 409 Net cash from operating activities (98) (138)

Cash flows from financing activities Distribution - (72) Proceeds from the issuance of units 502 528 Amounts paid on redemption of units (404) (318) Net cash from financing activities 98 138

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

51 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Conservative Portfolio

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

NEI Select Income and Growth RS Portfolio 244,984 2,950,292 3,422,888

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

NEI Select Income and Growth RS Portfolio

NEI Global Total Return Bond Fund, Series I 33.60% NEI Global Equity Fund, Series I 3.10% NEI Canadian Bond Fund, Series I 17.80% NEI Global Value Fund, Series I 3.00% NEI U.S. Equity Fund, Series I 7.00% NEI Emerging Markets Fund, Series I 2.10% NEI International Equity Fund, Series I 6.10% NEI Canadian Equity Fund, Series I 2.00% NEI U.S. Dividend Fund, Series I 6.00% NEI Canadian Small Cap Equity Fund, Series I 2.00% NEI Global Equity RS Fund, Series I 5.10% NEI Canadian Equity RS Fund, Series I 2.00% NEI Global High Yield Bond Fund, Series I 4.00% NEI Canadian Dividend Fund, Series I 2.00% NEI Global Impact Bond Fund, Series I 4.00% Cash and Cash Equivalents 0.20%

See accompanying notes to the financial statements. 52 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Conservative Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 135.77 130.64 118.06 122.46 109.13 Segment 2 Seed Money 162.92 151.29 133.28 135.45 128.30 Segment 4 Versatile Asset® Participants 135.66 128.94 - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 132.87 126.52 114.29 119.15 115.53 Segment 9 Versatile Portfolios™ Participants (No-Load) 132.01 125.45 113.57 118.57 115.09 Segment 11 Versatile Portfolios™ TFSA 131.94 125.78 113.70 118.63 115.13 Segment 12 Versatile Portfolios™ Education Savings Plan 137.37 130.27 117.37 121.69 117.53 Segment 13 Versatile Portfolios Navigator™ 100/100 120.65 114.91 103.82 108.22 105.08 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 120.06 114.34 103.20 107.56 103.50 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - 98.00 104.50 84.50 100.50 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 120.04 114.36 103.28 107.80 104.96 Segment 17 Versatile Portfolios Navigator™ 75/100 123.42 117.14 105.42 109.46 105.40 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 122.82 116.52 104.91 108.96 105.47 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 117.14 105.44 109.50 105.91 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 122.74 116.70 105.37 109.00 105.66 Segment 21 Versatile Portfolios Navigator™ 75/75 124.29 117.79 105.88 109.84 105.99 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 123.62 117.19 105.35 109.29 105.63 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 123.65 117.19 105.41 109.36 105.79

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 22, 402 13, 978 5,785 2,939 873 Segment 2 Seed Money 50, 504 46, 899 41, 317 41, 990 64, 148 Segment 4 Versatile Asset® Participants 72, 442 66, 275 - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 283, 021 314, 536 330, 540 345, 301 315, 165 Segment 9 Versatile Portfolios™ Participants (No-Load) 39, 868 37, 384 48, 607 75, 887 411,209 Segment 11 Versatile Portfolios™ TFSA 170, 601 155, 715 128,028 152, 315 125,719 Segment 12 Versatile Portfolios™ Education Savings Plan 43, 546 82, 853 87, 087 88, 470 83, 798 Segment 13 Versatile Portfolios Navigator™ 100/100 875, 803 952, 712 976, 887 1,138,177 585,519 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 360, 054 203, 059 31, 166 23,232 1,863 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - 98 418 169 201 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 99, 269 75, 361 46, 166 30, 830 23,092 Segment 17 Versatile Portfolios Navigator™ 75/100 132, 803 234, 981 179, 949 186, 747 11,067 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 361, 459 350, 959 261, 026 127, 697 41,029 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 51,309 46, 183 47, 959 46,390 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 87, 639 14,587 7,376 4,251 38,145 Segment 21 Versatile Portfolios Navigator™ 75/75 205,945 211, 189 204, 346 200, 576 26,285 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 490,787 218, 566 157, 497 1 26,772 36,335 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 126,745 113, 794 86, 965 62, 664 7,088

53 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Conservative Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 165 107 49 24 8 Segment 2 Seed Money 310 310 310 310 500 Segment 4 Versatile Asset® Participants 534 514 - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2,130 2,486 2,892 2,898 2,728 Segment 9 Versatile Portfolios™ Participants (No-Load) 302 298 428 640 3,573 Segment 11 Versatile Portfolios™ TFSA 1,293 1,238 1,126 1,284 1,092 Segment 12 Versatile Portfolios™ Education Savings Plan 317 636 742 727 713 Segment 13 Versatile Portfolios Navigator™ 100/100 7,259 8,291 9,409 10,517 5,572 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2,999 1,776 302 216 18 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - 1 4 2 2 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 827 659 447 286 220 Segment 17 Versatile Portfolios Navigator™ 75/100 1,076 2,006 1,707 1,706 105 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,943 3,012 2,488 1,172 389 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 438 438 438 438 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 714 125 70 39 361 Segment 21 Versatile Portfolios Navigator™ 75/75 1,657 1,793 1,930 1,826 248 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3,970 1,865 1,495 1,160 344 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,025 971 825 573 67 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.92% 2.92% - - - Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.19% 3.19% 3.19% 3.19% 3.19% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.29% 3.29% 3.30% 3.29% 3.29% Segment 11 Versatile Portfolios™ TFSA 3.28% 3.28% 3.28% 3.28% 3.28% Segment 12 Versatile Portfolios™ Education Savings Plan 2.77% 2.77% 2.76% 2.76% 2.76% Segment 13 Versatile Portfolios Navigator™ 100/100 3.20% 3.20% 3.20% 3.31% 3.30% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.20% 3.20% 3.20% 3.46% 3.46% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA - 3.20% 3.20% 3.31% 3.30% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.20% 3.20% 3.20% 3.46% 3.46% Segment 17 Versatile Portfolios Navigator™ 75/100 2.81% 2.81% 2.81% 2.92% 2.91% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.82% 2.81% 2.81% 3.07% 3.08% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 2.81% 2.81% 2.92% 2.91% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.82% 2.81% 2.81% 3.07% 3.08% Segment 21 Versatile Portfolios Navigator™ 75/75 2.70% 2.70% 2.70% 2.81% 2.80% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.71% 2.70% 2.70% 2.96% 2.97% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.71% 2.70% 2.70% 2.96% 2.97% Portfolio turnover rate (note 11) 14.36% 38.66% 37.39% 61.64% 99.13%

See accompanying notes to the financial statements. 54 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Growth Portfolio Underlying fund managed by NEI Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 369 568 Accounts payable 14 13 Transactions with unitholders Net assets attributable to unitholders 5, 046 4, 481 Unitholders' contributions 715 614 Unitholders' withdrawals (572) (289) Transfers (to) from other funds 53 (35) Net assets attributable to unitholders per unit 151.40 140.40 Net increase (decrease) from unitholders' transactions 196 290

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 565 858 Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 5,046 4, 481

Investment income and gains Realized gains (losses) on sale of investments 142 84 Statement of Cash Flows Unrealized gains (losses) 379 622 Fund of funds (note 2) 521 706 For the years ended December 31 2020 2019 (in thousands of dollars) $ $ Expenses Management fees (note 10) 152 138 Cash flows from operating activities Increase (decrease) in net assets attributable to Increase (decrease) in net assets attributable to unitholders 369 568 unitholders 369 568 Adjustments for: Realized (gains) losses on sale of investments (142) (84) Increase (decrease) in net assets attributable to Unrealized (gains) losses (379) (622) unitholders per unit (note 13) 11.04 18.39 Current liabilities 1 2 Purchases of investments (761) (687) Proceeds from the sale of investments 716 533 Net cash from operating activities (196) (290)

Cash flows from financing activities Proceeds from the issuance of units 768 614 Amounts paid on redemption of units (572) (324) Net cash from financing activities 196 290

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

55 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Growth Portfolio

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

NEI Select Growth RS Portfolio 252,075 3,711,310 5,046,040

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

NEI Select Growth RS Portfolio

NEI U.S. Equity RS Fund, Series I 18.00% NEI Emerging Markets Fund, Series I 10.20% NEI Global Equity RS Fund, Series I 17.00% NEI Global Dividend RS Fund, Series I 9.90% NEI International Equity RS Fund, Series I 12.00% NEI Canadian Small Cap Equity RS Fund, Series I 5.80% NEI Global Total Return Bond Fund, Series I 11.80% NEI Canadian Bond Fund, Series I 2.90% NEI Canadian Equity RS Fund, Series I 11.60% Cash and Cash Equivalents 0.80%

See accompanying notes to the financial statements. 56 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Growth Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 161.29 151.08 129.79 135.42 125.65 Segment 2 Seed Money 208.97 189.34 160.27 164.71 150.95 Segment 4 Versatile Asset® Participants 171.92 159.68 138.32 145.76 136.43 Segment 5 Versatile Asset® II Participants 170.94 158.29 137.62 144.82 135.89 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 168.28 156.61 136.17 143.76 135.03 Segment 9 Versatile Portfolios™ Participants (No-Load) 167.02 155.44 135.33 143.10 134.47 Segment 11 Versatile Portfolios™ TFSA 167.14 155.59 135.55 143.20 134.64 Segment 12 Versatile Portfolios™ Education Savings Plan 173.98 161.28 139.67 146.86 137.46 Segment 13 Versatile Portfolios Navigator™ 100/100 136.81 127.57 111.16 117.59 110.80 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 136.13 126.95 110.61 116.99 111.21 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 138.67 130.06 105.25 115.90 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 135.83 127.35 110.56 117.20 108.91 Segment 17 Versatile Portfolios Navigator™ 75/100 141.78 131.43 113.83 119.72 112.11 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 141.03 130.72 113.30 119.01 111.49 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 133.64 115.73 118.19 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 140.89 130.86 113.15 119.03 111.93 Segment 21 Versatile Portfolios Navigator™ 75/75 143.17 132.49 114.59 120.29 112.50 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 142.46 131.85 114.07 119.78 112.40 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 140.00 129.50 112.00 117.50 113.70 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 142.42 131.87 113.98 119.72 112.00

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 83,386 53,786 41,144 32,094 9,801 Segment 2 Seed Money 37,614 34,081 28,849 29,648 75,473 Segment 4 Versatile Asset® Participants 136,331 108,422 93,503 160,040 149,527 Segment 5 Versatile Asset® II Participants 34,530 32,291 29,038 30,122 53,677 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 1,446,898 1,391,148 1,108,535 1,517,485 1,506,075 Segment 9 Versatile Portfolios™ Participants (No-Load) 81,505 77,099 72,404 172,437 159,208 Segment 11 Versatile Portfolios™ TFSA 224,305 105,177 107,490 115,416 82,133 Segment 12 Versatile Portfolios™ Education Savings Plan 172,237 136,763 109,638 87,236 72,854 Segment 13 Versatile Portfolios Navigator™ 100/100 586,351 602,407 602,362 630,773 183,591 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 517,825 519,485 429,047 134,768 6,228 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4,992 2,211 842 1,159 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 18,744 15,919 46,325 32,582 1,198 Segment 17 Versatile Portfolios Navigator™ 75/100 373,728 282,968 249,981 291,171 145,851 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 167,827 124,442 75,686 30,943 20,180 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 2,940 2,546 2,482 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 49,734 58,102 46,280 34,518 23,617 Segment 21 Versatile Portfolios Navigator™ 75/75 471,038 421,726 328,529 327,302 232,869 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 340,346 294,826 112,243 26,592 15,062 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 560 518 448 470 5,230 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 298,089 217,056 138,488 36,274 25,425

57 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Growth Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 517 356 317 237 78 Segment 2 Seed Money 180 180 180 180 500 Segment 4 Versatile Asset® Participants 793 679 676 1,098 1,096 Segment 5 Versatile Asset® II Participants 202 204 211 208 395 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 8,598 8,883 8,141 10,556 11,154 Segment 9 Versatile Portfolios™ Participants (No-Load) 488 496 535 1,205 1,184 Segment 11 Versatile Portfolios™ TFSA 1,342 676 793 806 610 Segment 12 Versatile Portfolios™ Education Savings Plan 990 848 785 594 530 Segment 13 Versatile Portfolios Navigator™ 100/100 4,286 4,722 5,419 5,364 1,657 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3,804 4,092 3,879 1,152 56 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 36 17 8 10 - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 138 125 419 278 11 Segment 17 Versatile Portfolios Navigator™ 75/100 2,636 2,153 2,196 2,432 1,301 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 1,190 952 668 260 181 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 22 22 21 - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 353 444 409 290 211 Segment 21 Versatile Portfolios Navigator™ 75/75 3,290 3,183 2,867 2,721 2,070 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2,389 2,236 984 222 134 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 4 4 4 4 46 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,093 1,646 1,215 303 227 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 3.25% 3.25% 3.25% 3.25% 3.25% Segment 5 Versatile Asset® II Participants 3.33% 3.33% 3.33% 3.33% 3.33% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.52% 3.52% 3.52% 3.52% 3.52% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.62% 3.62% 3.63% 3.62% 3.62% Segment 11 Versatile Portfolios™ TFSA 3.61% 3.61% 3.61% 3.61% 3.61% Segment 12 Versatile Portfolios™ Education Savings Plan 3.10% 3.10% 3.09% 3.09% 3.09% Segment 13 Versatile Portfolios Navigator™ 100/100 3.73% 3.73% 3.73% 3.84% 3.82% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.74% 3.73% 3.73% 3.99% 3.99% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.73% 3.73% 3.73% 3.84% - Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.74% 3.73% 3.73% 3.99% 3.99% Segment 17 Versatile Portfolios Navigator™ 75/100 3.12% 3.12% 3.12% 3.23% 3.22% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.13% 3.12% 3.12% 3.38% 3.38% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA - 3.12% 3.12% 3.23% - Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.13% 3.12% 3.12% 3.38% 3.38% Segment 21 Versatile Portfolios Navigator™ 75/75 2.96% 2.96% 2.96% 3.07% 3.05% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.96% 2.96% 2.96% 3.22% 3.22% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.96% 2.96% 2.96% 3.07% 3.05% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.96% 2.96% 2.96% 3.22% 3.22% Portfolio turnover rate (note 11) 17.41% 26.43% 27.12% 59.77% 103.51%

See accompanying notes to the financial statements. 58 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Income Portfolio Underlying fund managed by NEI Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 65 152 Accounts payable 4 4 Transactions with unitholders Net assets attributable to unitholders 1,906 1,460 Unitholders' contributions 1,002 208 Unitholders' withdrawals (728) (712) Transfers (to) from other funds 107 76 Net assets attributable to unitholders per unit 119.52 116.73 Net increase (decrease) from unitholders' transactions 381 (428)

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 446 (276) Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 1,906 1,460

Investment income and gains Distribution from underlying fund - 49 Statement of Cash Flows Realized gains (losses) on sale of investments 63 19 Fund of funds (note 2) Unreal ized gains (losses) 39 130 For the years ended December 31 2020 2019 102 198 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 37 46 Increase (decrease) in net assets attributable to unitholders 65 152 Increase (decrease) in net assets attributable to Adjustments for: unitholders 65 152 Realized (gains) losses on sale of investments (63) (19) Unrealized (gains) losses (39) (130) Increase (decrease) in net assets attributable to Current liabilities - - unitholders per unit (note 13) 5.76 10.50 Purchases of investments (1,443) (296) Proceeds from the sale of investments 1,099 770 Net cash from operating activities (381) 477

Cash flows from financing activities Distribution - (49) Proceeds from the issuance of units 1,109 284 Amounts paid on redemption of units (728) (712) Net cash from financing activities 381 (477)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

59 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Income Portfolio

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

NEI Select Income RS Portfolio 158,341 1,803,426 1,905,920

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

NEI Select Income RS Portfolio

NEI Global Total Return Bond Fund, Series I 50.60% NEI Global Impact Bond Fund, Series I 4.90% NEI Canadian Bond Fund, Series I 16.90% NEI International Equity RS Fund, Series I 3.00% NEI Global Dividend RS Fund, Series I 7.00% NEI Canadian Equity RS Fund, Series I 2.90% NEI Global Equity RS Fund, Series I 6.10% NEI Money Market Fund, Series I 2.00% NEI U.S. Equity RS Fund, Series I 6.00% Cash and Cash Equivalents 0.60%

See accompanying notes to the financial statements. 60 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Income Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 130.45 126.07 114.36 118.18 114.21 Segment 2 Seed Money 149.47 141.51 126.34 127.88 121.50 Segment 4 Versatile Asset® Participants 124.44 120.49 110.03 113.91 110.56 Segment 5 Versatile Asset® II Participants 117.57 114.00 - - 110.36 Segment 6 Versatile Asset® III Participants 120.60 117.10 107.20 111.30 108.30 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 122.08 118.28 108.34 112.42 109.41 Segment 9 Versatile Portfolios™ Participants (No-Load) 120.89 117.46 107.66 111.91 109.02 Segment 11 Versatile Portfolios™ TFSA 120.92 117.44 107.73 111.90 109.22 Segment 12 Versatile Portfolios™ Education Savings Plan 126.07 122.00 110.95 114.94 111.62 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 116.22 112.80 103.32 107.26 105.07 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 117.04 113.63 103.74 107.32 105.23 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 116.25 112.74 103.30 107.02 104.22 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 118.90 115.03 104.90 108.49 104.93 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 118.85 114.95 105.84 109.47 108.43 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 118.95 114.90 105.05 108.48 105.45 Segment 21 Versatile Portfolios Navigator™ 75/75 144.50 119.50 104.74 110.31 106.00 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 119.73 115.62 105.35 108.85 105.70 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 120.32 116.82 105.60 109.10 105.79 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 119.65 114.90 106.10 108.23 104.36

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 52,310 34,542 20,471 14,536 7,538 Segment 2 Seed Money 44,693 42,312 37,777 38,237 60,751 Segment 4 Versatile Asset® Participants 13,937 13,495 12,323 12,758 12,383 Segment 5 Versatile Asset® II Participants 823 798 - - 50,212 Segment 6 Versatile Asset® III Participants 1,206 1,171 1,072 1,113 1,083 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 33,328 208,292 204,433 226,984 220,901 Segment 9 Versatile Portfolios™ Participants (No-Load) 308,998 182,177 129,194 242,061 405,660 Segment 11 Versatile Portfolios™ TFSA 51,514 35,583 40,506 38,604 28,398 Segment 12 Versatile Portfolios™ Education Savings Plan 10,464 30,501 25,185 24,482 22,213 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 494,621 187,358 491,988 489,764 1,576 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 11,821 11,477 14,005 11,912 13,470 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 86,953 59,864 59,813 5,672 8,442 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 527,062 53,949 45,946 42,311 8,814 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 10,221 9,886 6,139 6,349 759 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 49,842 45,502 33,407 32,652 75,715 Segment 21 Versatile Portfolios Navigator™ 75/75 289 956 3,666 2,868 2,226 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 86,204 525,609 598,290 127,789 127,575 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 55,469 8,995 8,448 8,728 8,463 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 66,165 7,813 3,077 3,247 1,461

61 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Ethical Select Income Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 401 274 179 123 66 Segment 2 Seed Money 299 299 299 299 500 Segment 4 Versatile Asset® Participants 112 112 112 112 112 Segment 5 Versatile Asset® II Participants 7 7 - - 455 Segment 6 Versatile Asset® III Participants 10 10 10 10 10 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 273 1,761 1,887 2,019 2,019 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,556 1,551 1,200 2,163 3,721 Segment 11 Versatile Portfolios™ TFSA 426 303 376 345 260 Segment 12 Versatile Portfolios™ Education Savings Plan 83 250 227 213 199 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4,256 1,661 4,762 4,566 15 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 101 101 135 111 128 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 748 531 579 53 81 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 4,433 469 438 390 84 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 86 86 58 58 7 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 419 396 318 301 718 Segment 21 Versatile Portfolios Navigator™ 75/75 2 8 35 26 21 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 720 4,546 5,679 1,174 1,207 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 461 77 80 80 80 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 553 68 29 30 14 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.86% 2.87% 2.86% 2.86% 2.86% Segment 5 Versatile Asset® II Participants 2.95% 2.94% - - 2.94% Segment 6 Versatile Asset® III Participants 3.15% 3.14% 3.12% 3.12% 3.12% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.14% 3.14% 3.14% 3.14% 3.13% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.24% 3.24% 3.25% 3.24% 3.23% Segment 11 Versatile Portfolios™ TFSA 3.22% 3.23% 3.23% 3.22% 3.22% Segment 12 Versatile Portfolios™ Education Savings Plan 2.71% 2.71% 2.71% 2.71% 2.70% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.14% 3.15% 3.14% 3.41% 3.41% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.15% 3.15% 3.14% 3.25% 3.24% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.14% 3.15% 3.14% 3.41% 3.41% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.76% 2.76% 2.76% 3.02% 3.02% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.76% 2.76% 2.76% 2.87% 2.85% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.76% 2.76% 2.76% 3.02% 3.02% Segment 21 Versatile Portfolios Navigator™ 75/75 2.65% 2.65% 2.65% 2.76% 2.74% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.65% 2.65% 2.65% 2.91% 2.91% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.65% 2.65% 2.65% 2.76% 2.74% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.65% 2.65% 2.65% 2.91% 2.91% Portfolio turnover rate (note 11) 19.67% 20.40% 44.17% 59.23% 110.15%

See accompanying notes to the financial statements. 62 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Canadian Bond Fund Underlying fund managed by Fidelity Investments Canada ULC

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 3,140 2,049 Accounts payable 123 109 Fund of funds rebalancing (note 2) 292 1,436 Net assets attributable to unitholders 54,968 46,921 Transactions with unitholders Unitholders' contributions 10,801 9, 202 Net assets attributable to unitholders per unit 124.16 117.87 Unitholders' withdrawals (8,237) (7,280) Transfers (to) from other funds 2,051 1,025 Net increase (decrease) from unitholders' transactions 4, 615 2, 947 Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders 8,047 6,432 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 54,968 46,921 Distribution from underlying fund 1, 585 1,448 Realized gains (losses) on sale of investments 427 182 Unrealized gains (losses) 2, 477 1, 615 Statement of Cash Flows 4,489 3,245 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 1,347 1,194 Audit, legal and other fees (note 10) 2 2 Cash flows from operating activities 1,349 1,196 Increase (decrease) in net assets attributable to unitholders 3,140 2,049 Increase (decrease) in net assets attributable to Adjustments for: unitholders 3,140 2,049 Realized (gains) losses on sale of investments (427) (182) Unrealized (gains) losses (2,477) (1,615) Increase (decrease) in net assets attributable to Current liabilities 14 15 unitholders per unit (note 13) 7.61 5.52 Purchases of investments (11,874) (8,994) Proceeds from the sale of investments 8,302 5,792 Net cash from operating activities (3,322) (2,935)

Cash flows from financing activities Distribution (1,585) (1,448) Proceeds from the issuance of units 13,144 11,663 Amounts paid on redemption of units (8,237) (7,280) Net cash from financing activities 3,322 2,935

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

63 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Canadian Bond Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Fidelity Canadian Bond Fund 3,552,121 51,275,571 54,968,336

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Fidelity Canadian Bond Fund

Quebec Prov 5% 12/1/41 1.76% Fidelity Canadian Money Market 0.91% Alberta Prov 2.35% 6/1/25 1.63% Canada Housing 2.35% 3/28 144A 0.90% Canada Housing 1.1% 03/15/31 144A 1.55% Quebec Prov 3.1% 12/1/51 0.87% Ontario Prov 5.85 3/8/33 1.48% Quebec Prov 4.25% 12/1/43 0.86% Canada Govt .5% 12/01/30 1.39% Ontario Prov 2.6% 06/02/27 0.86% Ontario Prov CDA 3.45% 6/2/45 1.36% Canada Housing No 1 1.95% 12/25 144A 0.81% Ontario Prov 1.75% 09/08/25 1.34% Ontario Prov 5.6 6/2/35 0.81% Canada Govt I/L 1.25% 12/01/47 1.30% Ontario Prov 4.7 6/2/37 0.76% Canada Govt 2% 12/01/51 1.24% Alberta Prov 2.05% 06/01/30 0.73% Ontario Prov 3.5% 6/02/43 1.17% Granite REIT 3.873% 11/30/23 0.73% Canada Govt 5 6/1/37 0.97% Quebec Prov 3.5% 12/1/48 0.71% Ontario Prov 2.4% 06/02/26 0.96% Ontario Prov CDA 2.9% 12/2/46 0.69% Ontario Prov CDA 2.7% 6/29 0.94%

See accompanying notes to the financial statements. 64 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Canadian Bond Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 4 Versatile Asset® Participants 161.21 151.18 143.90 145.61 144.77 Segment 5 Versatile Asset® II Participants 153.85 144.43 138.06 140.11 139.56 Segment 6 Versatile Asset® III Participants 148.21 139.54 133.55 135.80 136.33 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 149.96 141.08 134.80 136.90 136.63 Segment 9 Versatile Portfolios™ Participants (No-Load) 151.20 142.40 136.14 138.50 138.40 Segment 11 Versatile Portfolios™ TFSA 130.32 122.78 117.45 119.46 119.36 Segment 12 Versatile Portfolios™ Education Savings Plan 135.01 126.56 120.45 121.92 121.20 Segment 13 Versatile Portfolios Navigator™ 100/100 109.85 103.28 98.57 100.13 99.85 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 109.84 103.15 98.31 99.70 99.52 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 110.45 103.35 98.71 100.11 99.82 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 109.82 103.20 98.40 99.76 99.72 Segment 17 Versatile Portfolios Navigator™ 75/100 113.28 105.98 100.64 101.66 100.99 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 112.85 105.51 100.19 101.19 100.58 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 113.32 105.90 100.54 101.50 100.81 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 112.86 105.50 100.19 101.14 100.47 Segment 21 Versatile Portfolios Navigator™ 75/75 114.28 106.65 101.22 102.05 101.11 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 113.78 106.26 100.77 101.59 100.93 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 113.99 106.61 100.97 101.95 101.05 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 113.74 106.22 100.74 101.55 100.85

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 4 Versatile Asset® Participants 1,158,922 1,023,769 1,191,341 1,410,521 1,826,251 Segment 5 Versatile Asset® II Participants 1,246,317 1,063,723 783,923 981,622 898,885 Segment 6 Versatile Asset® III Participants 91,000 106,748 101,899 113,938 81,117 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 11,607,286 11,358,891 11,319,339 13,058,279 14,449,478 Segment 9 Versatile Portfolios™ Participants (No-Load) 4,472,944 4,342,435 4,558,797 5,167,453 5,715,360 Segment 11 Versatile Portfolios™ TFSA 1,996,448 1,824,824 1,678,833 1,813,443 1,876,091 Segment 12 Versatile Portfolios™ Education Savings Plan 966,410 794,573 632,984 597,404 490,127 Segment 13 Versatile Portfolios Navigator™ 100/100 2,325,114 2,240,861 2,230,636 2,720,390 2,535,167 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4,469,749 3,572,447 2,445,178 1,946,861 2,439,524 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 106,582 62,633 61,696 62,771 72,867 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,600,784 1,209,759 927,988 720,773 576,309 Segment 17 Versatile Portfolios Navigator™ 75/100 3,532,286 3,459,318 3,207,124 3,506,001 2,888,782 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 8,841,827 6,351,711 4,495,244 3,028,270 2,056,875 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 138,029 156,409 141,859 164,029 145,070 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2,005,508 1,419,899 910,591 745,509 560,704 Segment 21 Versatile Portfolios Navigator™ 75/75 1,900,403 1,872,614 1,707,418 1,859,981 1,252,612 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 6,211,944 4,447,962 2,949,297 1,764,111 1,340,513 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 164,602 163,226 155,993 163,941 119,136 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,132,181 1,449,356 989,229 704,683 402,484

65 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Canadian Bond Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 4 Versatile Asset® Participants 7,189 6,772 8,279 9,687 12,615 Segment 5 Versatile Asset® II Participants 8,101 7,365 5,678 7,006 6,441 Segment 6 Versatile Asset® III Participants 614 765 763 839 595 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 77,403 80,513 83,974 95,387 105,757 Segment 9 Versatile Portfolios™ Participants (No-Load) 29,583 30,495 33,485 37,311 41,297 Segment 11 Versatile Portfolios™ TFSA 15,320 14,862 14,294 15,180 15,718 Segment 12 Versatile Portfolios™ Education Savings Plan 7,158 6,278 5,255 4,900 4,044 Segment 13 Versatile Portfolios Navigator™ 100/100 21,166 21,698 22,630 27,168 25,389 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 40,695 34,632 24,872 19,527 24,514 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 965 606 625 627 730 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 14,577 11,723 9,431 7,225 5,779 Segment 17 Versatile Portfolios Navigator™ 75/100 31,182 32,642 31,866 34,487 28,604 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 78,353 60,201 44,865 29,928 20,451 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,218 1,477 1,411 1,616 1,439 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 17,770 13,459 9,089 7,371 5,581 Segment 21 Versatile Portfolios Navigator™ 75/75 16,630 17,559 16,868 18,226 12,388 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 54,597 41,859 29,267 17,365 13,281 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,444 1,531 1,545 1,608 1,179 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 18,746 13,645 9,820 6,939 3,991 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.59% 2.59% 2.59% 2.59% 2.59% Segment 5 Versatile Asset® II Participants 2.89% 2.89% 2.89% 2.89% 2.89% Segment 6 Versatile Asset® III Participants 3.15% 3.14% 3.12% 3.12% 3.12% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.08% 3.08% 3.08% 3.08% 3.08% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.24% 3.24% 3.25% 3.24% 3.23% Segment 11 Versatile Portfolios™ TFSA 3.22% 3.23% 3.23% 3.22% 3.22% Segment 12 Versatile Portfolios™ Education Savings Plan 2.88% 2.88% 2.87% 2.87% 2.87% Segment 13 Versatile Portfolios Navigator™ 100/100 3.16% 3.16% 3.15% 3.27% 3.25% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.16% 3.16% 3.15% 3.42% 3.42% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.16% 3.16% 3.15% 3.27% 3.25% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.16% 3.16% 3.15% 3.42% 3.42% Segment 17 Versatile Portfolios Navigator™ 75/100 2.77% 2.77% 2.77% 2.88% 2.87% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.77% 2.77% 2.77% 3.03% 3.03% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.77% 2.77% 2.77% 2.88% 2.87% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.77% 2.77% 2.77% 3.03% 3.03% Segment 21 Versatile Portfolios Navigator™ 75/75 2.66% 2.66% 2.66% 2.77% 2.76% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.66% 2.66% 2.66% 2.92% 2.92% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.66% 2.66% 2.66% 2.77% 2.76% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.66% 2.66% 2.66% 2.92% 2.92% Portfolio turnover rate (note 11) 31.80% 45.83% 66.94% 58.86% 42.14%

See accompanying notes to the financial statements. 66 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Global Fund Underlying fund managed by Fidelity Investments Canada ULC

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 7,300 6,371 Accounts payable 135 117 Fund of funds rebalancing (note 2) (2,049) (671) Net assets attributable to unitholders 49,164 41,031 Transactions with unitholders Unitholders' contributions 6,777 6,850 Net assets attributable to unitholders per unit 214.01 184.56 Unitholders' withdrawals (3,484) (3,574) Transfers (to) from other funds (411) (668) Net increase (decrease) from unitholders' transactions 2,882 2,608 Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders 8,133 8,308 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 49,164 41,031 Distribution from underlying fund 246 862 Realized gains (losses) on sale of investments 2,168 1,216 Unrealized gains (losses) 6,260 5,526 Statement of Cash Flows 8,674 7,604 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 1,373 1,232 Audit, legal and other fees (note 10) 1 1 Cash flows from operating activities 1,374 1,233 Increase (decrease) in net assets attributable to unitholders 7,300 6,371 Increase (decrease) in net assets attributable to Adjustments for: unitholders 7,300 6,371 Realized (gains) losses on sale of investments (2,168) (1,216) Unreali zed (gains) losses (6,260) (5,526) Increase (decrease) in net assets attributable to Current liabilities 18 27 unitholders per unit (note 13) 32.25 29.27 Purchases of investments (7,940) (5,845) Proceeds from the sale of investments 8,463 5,114 Net cash from operating activities (587) (1,075)

Cash flows from financing activities Distribution (246) (862) Proceeds from the issuance of units 6,777 6,850 Amounts paid on redemption of units (5,944) (4,913) Net cash from financing activities 587 1,075

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

67 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Global Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Fidelity Global Fund 523,646 31,975,883 49,164,157

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Fidelity Global Fund

Alphabet Inc CL A 2.91% ASML Holdings NV 1.38% Microsoft Corp 2.87% JPMorgan Chase & Co 1.35% Fidelity U.S. Money Market 2.45% Koninklijke Philips NV 1.34% Apple Inc 2.28% Sony Corp 1.31% Amazon.com Inc 1.97% RWE AG 1.30% Orsted A/S 1.75% Vonovia SE 1.30% TDK Corp 1.69% Bristol-Myers Squibb Co 1.29% HCA Healthcare Inc 1.60% Global Payments Inc 1.28% Charter Communications Inc A 1.57% Ericsson (LM) Tele Co CL B 1.25% Murata Manufacturing Co Ltd 1.52% Visa Inc CL A 1.22% T-Mobile US Inc 1.44% Morgan Stanley 1.22% Intercontinental Exchange Inc 1.43% Deutsche Boerse AG 1.21% UnitedHealth Group Inc 1.41%

See accompanying notes to the financial statements. 68 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Global Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 199.41 168.46 142.00 151.45 131.33 Segment 3 Group Retirement Products 284.76 237.52 196.25 204.87 171.61 Segment 4 Versatile Asset® Participants 253.23 215.22 180.32 191.15 162.71 Segment 5 Versatile Asset® II Participants 250.63 213.59 180.03 191.59 163.39 Segment 6 Versatile Asset® III Participants 235.45 202.28 170.83 184.27 157.04 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 243.28 207.15 174.65 186.40 159.31 Segment 9 Versatile Portfolios™ Participants (No-Load) 250.79 214.97 179.72 194.12 166.94 Segment 10 Group Retirement Income Product 287.56 242.27 - - - Segment 11 Versatile Portfolios™ TFSA 314.15 267.77 226.03 241.40 207.10 Segment 12 Versatile Portfolios™ Education Savings Plan 321.25 272.65 229.09 243.14 207.03 Segment 13 Versatile Portfolios Navigator™ 100/100 182.71 156.70 133.02 142.84 122.92 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 181.68 155.92 131.79 141.29 122.00 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 184.26 158.65 134.14 142.63 122.66 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 179.97 154.60 131.82 142.44 122.95 Segment 17 Versatile Portfolios Navigator™ 75/100 191.72 162.96 137.17 145.71 125.05 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 189.38 161.69 136.28 145.63 124.92 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 191.95 163.23 137.68 146.10 124.46 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 189.79 161.59 136.00 145.58 124.62 Segment 21 Versatile Portfolios Navigator™ 75/75 193.54 164.45 138.19 146.81 124.94 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 190.85 162.57 137.00 145.90 124.88 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 192.55 164.51 138.25 147.45 125.37 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 190.83 162.42 136.62 145.58 124.60

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 931,040 792,762 695,956 703,619 719,292 Segment 3 Group Retirement Products 1,998,172 1,643,848 1,335,089 1,371,998 1,392,788 Segment 4 Versatile Asset® Participants 1,774,639 1,715,538 1,570,020 1,655,139 1,394,430 Segment 5 Versatile Asset® II Participants 1,347,144 1,267,458 1,092,942 1,177,922 1,098,444 Segment 6 Versatile Asset® III Participants 61,452 63,515 58,424 62,100 51,352 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 11,229,895 10,698,417 9,826,333 9,651,109 8,691,308 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,823,405 2,491,547 2,377,715 2,203,893 1,907,162 Segment 10 Group Retirement Income Product 25,593 21,562 - - - Segment 11 Versatile Portfolios™ TFSA 1,153,861 1,119,540 1,028,898 1,004,937 768,549 Segment 12 Versatile Portfolios™ Education Savings Plan 1,498,610 1,161,222 831,840 683,459 479,065 Segment 13 Versatile Portfolios Navigator™ 100/100 2,736,940 2,614,023 2,273,223 2,131,189 1,203,375 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2,721,358 2,091,192 1,694,959 888,142 210,579 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 98,948 92,017 78,877 101,268 64,153 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 989,849 755,219 467,043 203,976 64,794 Segment 17 Versatile Portfolios Navigator™ 75/100 2,206,293 2,064,332 1,786,188 1,855,739 665,029 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 4,147,063 3,160,281 1,859,763 606,689 108,682 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 80,236 79,494 71,458 68,813 28,378 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 890,111 700,174 472,044 159,411 49,350 Segment 21 Versatile Portfolios Navigator™ 75/75 2,542,134 2,263,104 1,953,666 1,840,001 1,122,556 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 7,796,538 4,938,317 2,300,709 884,457 350,668 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 166,174 105,122 93,458 62,223 47,013 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 1,944,702 1,192,289 854,174 391,472 122,607

69 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity Global Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 4,669 4,706 4,901 4,646 5,477 Segment 3 Group Retirement Products 7,017 6,921 6,803 6,697 8,116 Segment 4 Versatile Asset® Participants 7,008 7,971 8,707 8,659 8,570 Segment 5 Versatile Asset® II Participants 5,375 5,934 6,071 6,148 6,723 Segment 6 Versatile Asset® III Participants 261 314 342 337 327 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 46,160 51,646 56,262 51,775 54,556 Segment 9 Versatile Portfolios™ Participants (No-Load) 11,258 11,590 13,230 11,353 11,424 Segment 10 Group Retirement Income Product 89 89 - - - Segment 11 Versatile Portfolios™ TFSA 3,673 4,181 4,552 4,163 3,711 Segment 12 Versatile Portfolios™ Education Savings Plan 4,665 4,259 3,631 2,811 2,314 Segment 13 Versatile Portfolios Navigator™ 100/100 14,980 16,682 17,089 14,920 9,790 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 14,979 13,412 12,861 6,286 1,726 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 537 580 588 710 523 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 5,500 4,885 3,543 1,432 527 Segment 17 Versatile Portfolios Navigator™ 75/100 11,508 12,668 13,022 12,736 5,318 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 21,898 19,545 13,647 4,166 870 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 418 487 519 471 228 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 4,690 4,333 3,471 1,095 396 Segment 21 Versatile Portfolios Navigator™ 75/75 13,135 13,762 14,138 12,533 8,985 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 40,852 30,377 16,793 6,062 2,808 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 863 639 676 422 375 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 10,191 7,341 6,252 2,689 984 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 3.14% 3.14% 3.14% 3.14% 3.14% Segment 5 Versatile Asset® II Participants 3.44% 3.44% 3.44% 3.45% 3.44% Segment 6 Versatile Asset® III Participants 3.71% 3.70% 3.68% 3.68% 3.67% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.63% 3.63% 3.63% 3.63% 3.63% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.78% 3.79% 3.80% 3.79% 3.78% Segment 11 Versatile Portfolios™ TFSA 3.77% 3.77% 3.77% 3.77% 3.77% Segment 12 Versatile Portfolios™ Education Savings Plan 3.27% 3.26% 3.26% 3.26% 3.25% Segment 13 Versatile Portfolios Navigator™ 100/100 4.59% 4.60% 4.59% 4.70% 4.68% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.60% 4.59% 4.59% 4.85% 4.85% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.59% 4.60% 4.59% 4.70% 4.68% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.60% 4.59% 4.59% 4.85% 4.85% Segment 17 Versatile Portfolios Navigator™ 75/100 3.76% 3.77% 3.76% 3.87% 3.86% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.77% 3.76% 3.76% 4.02% 4.02% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.76% 3.77% 3.76% 3.87% 3.86% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.77% 3.76% 3.76% 4.02% 4.02% Segment 21 Versatile Portfolios Navigator™ 75/75 3.49% 3.49% 3.49% 3.60% 3.58% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.49% 3.49% 3.49% 3.75% 3.75% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.49% 3.49% 3.49% 3.60% 3.58% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.49% 3.49% 3.49% 3.75% 3.75% Portfolio turnover rate (note 11) 39.49% 49.63% 27.41% 28.91% 45.54%

See accompanying notes to the financial statements. 70 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity True North® Fund Underlying fund managed by Fidelity Investments Canada ULC

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 7,630 10,809 Accounts payable 205 196 Fund of funds rebalancing (note 2) (1,973) (1,119) Net assets attributable to unitholders 83,396 76,814 Transactions with unitholders Unitholders' contributions 10,427 11,102 Net assets attributable to unitholders per unit 193.58 180.83 Unitholders' withdrawals (7,222) (7,858) Transfers (to) from other funds (2,280) (2,504) Net increase (decrease) from unitholders' transactions 925 740 Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders 6,582 10,430 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 83,396 76,814 Distribution from underlying fund 6,452 3, 903 Realized gains (losses) on sale of investments 2,619 1,713 Unrealized gains (losses) 802 7, 346 Statement of Cash Flows 9, 873 12,962 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 2,240 2, 150 Audit, legal and other fees (note 10) 3 3 Cash flows from operating activities 2,243 2,153 Increase (decrease) in net assets attributable to unitholders 7,630 10,809 Increase (decrease) in net assets attributable to Adjustments for: unitholders 7,630 10,809 Realized (gains) losses on sale of investments (2,619) (1,713) Unrealized (gains) losses (802) (7,346) Increase (decrease) in net assets attributable to Current liabilities 9 31 unitholders per unit (note 13) 17.47 26.17 Purchases of investments (11,591) (6,394) Proceeds from the sale of investments 14,873 8,895 Net cash from operating activities 7,500 4,282

Cash flows from financing activities Distribution (6,452) (3,903) Proceeds from the issuance of units 10,427 11,102 Amounts paid on redemption of units (11,475) (11,481) Net cash from financing activities (7,500) (4,282)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

71 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity True North® Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Fidelity True North® Fund 1,535,212 68,348,156 83,396,119

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Fidelity True North® Fund

Royal Bank of Canada 6.85% Power Corp of Canada Sub Vtg 2.09% Toronto-Dominion Bank 5.19% Manulife Financial Corp 1.86% Shopify Inc CL A 3.75% Metro Inc 1.81% Barrick Gold Corp 3.29% Intact Financial Corp 1.74% Canadian National Railway Co 3.19% TMX Group Ltd 1.70% Brookfield Asset Inc Vtg CL A 3.01% TC Energy Corp 1.67% Dollarama Inc 3.00% Fidelity Canadian Money Market 1.52% Suncor Energy Inc 2.97% BCE Inc 1.50% Canadian National Resources Ltd 2.68% Canadian Pacific Railway Ltd 1.50% Alimentation Couch CL B Sub Vtg 2.65% Boralex CL A 1.43% Constellation Software Inc 2.52% Franco-Nevada Corp 1.42% Thomson Reuters Corp 2.49% Brookfield Renewable Partners LP 1.33% CGI Inc CL A Sub Vtg 2.41%

See accompanying notes to the financial statements. 72 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity True North® Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 172.51 157.38 135.20 143.72 150.37 Segment 3 Group Retirement Products 191.94 172.54 145.83 152.18 143.84 Segment 4 Versatile Asset® Participants 341.72 311.64 267.25 282.85 271.20 Segment 5 Versatile Asset® II Participants 329.10 301.10 259.07 274.76 263.89 Segment 6 Versatile Asset® III Participants 305.94 280.70 242.29 257.93 248.60 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 320.56 293.64 252.77 268.61 258.42 Segment 9 Versatile Portfolios™ Participants (No-Load) 300.08 275.28 237.68 253.38 244.40 Segment 10 Group Retirement Income Product 196.74 177.83 152.04 160.35 153.64 Segment 11 Versatile Portfolios™ TFSA 254.40 233.28 201.17 214.12 206.36 Segment 12 Versatile Portfolios™ Education Savings Plan 218.15 199.08 170.81 180.97 173.48 Segment 13 Versatile Portfolios Navigator™ 100/100 135.14 124.28 107.08 114.49 110.47 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 134.00 123.17 106.01 113.49 110.07 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 135.78 124.05 106.99 114.29 110.24 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 134.73 123.80 106.98 113.71 110.00 Segment 17 Versatile Portfolios Navigator™ 75/100 139.55 127.43 109.54 115.96 111.65 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 139.61 127.38 109.10 115.50 111.37 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 140.61 128.41 110.19 116.60 112.26 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 139.27 127.15 109.28 115.58 111.14 Segment 21 Versatile Portfolios Navigator™ 75/75 141.57 129.12 110.74 117.14 112.04 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 140.92 128.51 110.16 116.68 111.76 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 142.10 129.10 110.88 117.15 112.27 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 140.68 128.48 110.06 116.50 111.82

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 7,754,521 7,019,654 6,003,098 6,585,878 5,190,132 Segment 3 Group Retirement Products 1,602,493 1,379,292 1,372,519 1,376,630 1,443,712 Segment 4 Versatile Asset® Participants 3,108,997 3,184,976 3,072,287 3,279,074 2,961,189 Segment 5 Versatile Asset® II Participants 2,681,150 2,582,831 2,487,096 2,672,023 2,505,603 Segment 6 Versatile Asset® III Participants 182,649 173,470 168,632 177,712 145,183 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 22,524,241 22,286,343 21,235,044 23,506,839 23,060,473 Segment 9 Versatile Portfolios™ Participants (No-Load) 5,922,604 5,879,782 5,563,527 6,519,943 6,253,824 Segment 10 Group Retirement Income Product 362,398 195,794 120,870 118,021 28,117 Segment 11 Versatile Portfolios™ TFSA 2,411,448 2,216,419 2,096,186 2,220,843 1,956,251 Segment 12 Versatile Portfolios™ Education Savings Plan 2,802,951 2,381,347 1,852,084 1,582,556 1,220,749 Segment 13 Versatile Portfolios Navigator™ 100/100 3,597,104 3,969,783 3,984,185 3,987,583 2,206,730 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4,531,528 3,825,537 2,711,285 1,803,327 605,266 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 177,199 183,965 166,692 158,402 93,373 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,111,001 874,910 710,882 547,288 235,288 Segment 17 Versatile Portfolios Navigator™ 75/100 4,017,276 4,005,929 3,630,868 3,859,517 1,947,059 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 6,274,990 5,330,265 3,344,784 1,727,297 543,935 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 171,265 162,824 146,220 165,683 84,759 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 1,632,342 1,301,374 835,205 529,799 215,051 Segment 21 Versatile Portfolios Navigator™ 75/75 3,223,451 3,092,993 2,829,925 2,875,033 1,732,421 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 7,091,345 5,207,048 2,982,679 1,433,794 740,046 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 150,197 145,362 117,862 124,887 78,812 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,064,969 1,413,826 951,812 593,584 259,203

73 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Fidelity True North® Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 44,952 44,604 44,400 45,824 34,516 Segment 3 Group Retirement Products 8,349 7,994 9,412 9,046 10,037 Segment 4 Versatile Asset® Participants 9,098 10,220 11,496 11,593 10,919 Segment 5 Versatile Asset® II Participants 8,147 8,578 9,600 9,725 9,495 Segment 6 Versatile Asset® III Participants 597 618 696 689 584 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 70,265 75,896 84,010 87,512 89,235 Segment 9 Versatile Portfolios™ Participants (No-Load) 19,737 21,359 23,408 25,732 25,588 Segment 10 Group Retirement Income Product 1,842 1,101 795 736 183 Segment 11 Versatile Portfolios™ TFSA 9,479 9,501 10,420 10,372 9,480 Segment 12 Versatile Portfolios™ Education Savings Plan 12,849 11,962 10,843 8,745 7,037 Segment 13 Versatile Portfolios Navigator™ 100/100 26,617 31,942 37,208 34,828 19,975 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 33,817 31,060 25,576 15,890 5,499 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,305 1,483 1,558 1,386 847 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 8,246 7,067 6,645 4,813 2,139 Segment 17 Versatile Portfolios Navigator™ 75/100 28,788 31,437 33,145 33,283 17,439 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 44,946 41,845 30,659 14,955 4,884 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,218 1,268 1,327 1,421 755 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 11,721 10,235 7,643 4,584 1,935 Segment 21 Versatile Portfolios Navigator™ 75/75 22,770 23,954 25,555 24,543 15,462 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 50,320 40,519 27,077 12,288 6,622 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 1,057 1,126 1,063 1,066 702 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 14,679 11,004 8,648 5,095 2,318 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.75% 2.76% 2.75% 2.75% 2.75% Segment 5 Versatile Asset® II Participants 3.06% 3.05% 3.06% 3.06% 3.05% Segment 6 Versatile Asset® III Participants 3.31% 3.31% 3.29% 3.29% 3.28% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.25% 3.25% 3.25% 3.25% 3.24% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.40% 3.40% 3.41% 3.40% 3.40% Segment 11 Versatile Portfolios™ TFSA 3.39% 3.39% 3.39% 3.39% 3.39% Segment 12 Versatile Portfolios™ Education Savings Plan 3.21% 3.21% 3.20% 3.20% 3.20% Segment 13 Versatile Portfolios Navigator™ 100/100 4.65% 4.65% 4.65% 4.76% 4.74% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.66% 4.65% 4.65% 4.90% 4.90% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.65% 4.65% 4.65% 4.76% 4.74% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.66% 4.65% 4.65% 4.90% 4.90% Segment 17 Versatile Portfolios Navigator™ 75/100 3.82% 3.82% 3.82% 3.93% 3.91% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.82% 3.82% 3.82% 4.08% 4.08% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.82% 3.82% 3.82% 3.93% 3.91% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.82% 3.82% 3.82% 4.08% 4.08% Segment 21 Versatile Portfolios Navigator™ 75/75 3.54% 3.54% 3.54% 3.65% 3.64% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.55% 3.54% 3.54% 3.80% 3.80% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.54% 3.54% 3.54% 3.65% 3.64% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.55% 3.54% 3.54% 3.80% 3.80% Portfolio turnover rate (note 11) 41.97% 35.19% 21.46% 26.63% 31.84%

See accompanying notes to the financial statements. 74 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Balanced Fund Underlying fund managed by Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 12,831 13,979 Accounts payable 402 346 Transactions with unitholders Net assets attributable to unitholders 172,588 142,769 Unitholders' contributions 32,292 35,318 Unitholders' withdrawals (17,341) (12,829) Transfers (to) from other funds 2, 037 8,468 Net assets attributable to unitholders per unit 154.61 143.37 Net increase (decrease) from unitholders' transactions 16,988 30,957

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 29,819 44,936 Fund of funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 172,588 142,769

Investment income and gains Distribution from underlying fund 2,980 3,042 Statement of Cash Flows Realized gains (losses) on sale of investments 1,389 738 Fund of funds (note 2) Unrealized gains (losses) 12, 714 13,654 For the years ended December 31 2020 2019 17,083 17,434 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 4, 247 3,451 Increase (decrease) in net assets attributable to Audit, legal and other fees (note 10) 5 4 unitholders 12,831 13,979 4,252 3,455 Adjustments for: Realized (gains) losses on sale of investments (1,389) (738) Increase (decrease) in net assets attributable to Unrealized (gains) losses (12,714) (13,654) unitholders 12,831 13,979 Current liabilities 56 114 Purchases of investments (24,925) (33,507) Increase (decrease) in net assets attributable to Proceeds from the sale of investments 12,133 5,891 unitholders per unit (note 13) 12.16 15.76 Net cash from operating activities (14,008) (27,915)

Cash flows from financing activities Distribution (2,980) (3,042) Proceeds from the issuance of units 34,329 43,786 Amounts paid on redemption of units (17,341) (12,829) Net cash from financing activities 14,008 27,915

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

75 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Balanced Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Mawer Balanced Fund 5,127,037 140,017,812 172,588,114

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Mawer Balanced Fund

Mawer Canadian Bond Fund Series O 30.30% Canadian Treasury Bill Mar 04, 2021 0.41% Mawer US Equity Fund Series O 19.44% Canadian Treasury Bill Mar 18, 2021 0.34% Mawer International Equity Fund Series O 19.35% Canadian Treasury Bill Apr 01, 2021 0.28% Mawer Canadian Equity Fund Series O 13.20% Canadian Treasury Bill Feb 11, 2021 0.20% Mawer Global Small Cap Fund Series O 8.13% Canadian Treasury Bill Jan 28, 2021 0.15% Mawer New Canada Fund Series O 4.06% Canadian Treasury Bill Feb 04, 2021 0.11% Mawer Global Bond Fund Series O 1.66% Mawer Canadian Money Market Fund Series O 0.04% Canadian Treasury Bill Feb 18, 2021 1.25% Canadian Treasury Bill Jan 21, 2021 0.01% Mawer Emerging Markets Equity Fund Series O 1.07%

See accompanying notes to the financial statements. 76 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Balanced Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 162.30 146.98 128.52 127.35 140.16 Segment 2 Seed Money 257.77 231.89 200.67 200.22 180.67 Segment 4 Versatile Asset® Participants 190.89 175.72 155.59 158.87 147.04 Segment 5 Versatile Asset® II Participants 189.73 174.77 154.89 158.25 146.61 Segment 6 Versatile Asset® III Participants 187.01 172.62 153.28 156.82 145.58 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 186.81 172.42 153.07 156.72 145.43 Segment 9 Versatile Portfolios™ Participants (No-Load) 185.31 171.21 152.15 155.95 144.85 Segment 10 Group Retirement Income Product 208.03 189.80 166.81 169.08 155.53 Segment 11 Versatile Portfolios™ TFSA 185.50 171.36 152.27 156.04 144.92 Segment 12 Versatile Portfolios™ Education Savings Plan 193.33 177.70 157.11 160.17 148.00 Segment 13 Versatile Portfolios Navigator™ 100/100 139.52 129.25 115.19 118.37 110.37 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 138.83 128.62 114.62 117.80 110.01 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 139.54 129.24 115.21 118.40 110.41 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 138.84 128.62 114.62 117.79 110.00 Segment 17 Versatile Portfolios Navigator™ 75/100 144.61 133.17 117.98 120.52 111.71 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 143.89 132.52 117.40 119.93 111.35 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 144.60 133.19 117.98 120.52 111.71 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 143.89 132.52 117.40 119.93 111.35 Segment 21 Versatile Portfolios Navigator™ 75/75 146.03 134.27 118.75 121.12 112.08 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 145.31 133.61 118.17 120.52 111.71 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 146.05 134.25 118.78 121.14 112.08 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 145.31 133.61 118.17 120.52 111.72

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 2,860,619 2,443,754 1,783,335 1,681,468 712,414 Segment 2 Seed Money 53,358 48,001 41,538 41,446 180,674 Segment 4 Versatile Asset® Participants 3,894,768 3,657,410 2,124,915 1,993,201 1,487,024 Segment 5 Versatile Asset® II Participants 2,173,900 1,513,515 922,651 683,023 498,465 Segment 6 Versatile Asset® III Participants 528,851 254,272 129,677 77,626 132,191 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 30,168,015 28,544,075 23,179,702 21,483,936 18,933,177 Segment 9 Versatile Portfolios™ Participants (No-Load) 5,272,017 5,003,650 4,376,516 4,395,866 3,798,899 Segment 10 Group Retirement Income Product 739,755 451,342 644,239 379,422 34,062 Segment 11 Versatile Portfolios™ TFSA 2,746,150 2,558,965 2,464,366 2,204,558 1,736,331 Segment 12 Versatile Portfolios™ Education Savings Plan 4,672,674 3,482,519 2,103,025 1,509,129 1,067,555 Segment 13 Versatile Portfolios Navigator™ 100/100 6,815,151 6,714,242 5,607,977 5,335,197 3,354,154 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 11,371,742 9,337,486 5,801,565 2,519,649 1,381,951 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 257,446 254,086 212,915 197,971 92,967 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 1,819,858 1,550,367 1,077,643 609,793 304,148 Segment 17 Versatile Portfolios Navigator™ 75/100 16,557,477 15,312,112 13,658,870 13,823,596 10,561,764 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 30,327,907 22,924,188 11,263,156 5,109,693 3,026,733 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 727,190 644,497 586,603 632,857 540,246 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 7,171,537 5,148,849 3,045,348 1,663,153 753,372 Segment 21 Versatile Portfolios Navigator™ 75/75 9,015,385 8,624,632 7,115,026 6,708,530 4,657,915 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 28,412,626 19,173,261 8,429,882 4,742,340 1,688,426 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 375,047 299,110 264,993 227,986 156,132 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 6,626,641 4,828,254 2,999,510 1,609,218 1,026,563

77 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Balanced Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 17, 625 16, 626 13, 876 13, 204 5,083 Segment 2 Seed Money 207 207 207 207 1,000 Segment 4 Versatile Asset® Participants 20, 403 20, 814 13, 657 12, 546 10, 113 Segment 5 Versatile Asset® II Participants 11, 458 8,660 5,957 4,316 3,400 Segment 6 Versatile Asset® III Participants 2,828 1,473 846 495 908 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 161,492 165,554 151, 428 137,084 130, 190 Segment 9 Versatile Portfolios™ Participants (No-Load) 28, 449 29, 226 28, 764 28, 188 26, 226 Segment 10 Group Retirement Income Product 3,556 2,378 3,862 2,244 219 Segment 11 Versatile Portfolios™ TFSA 14, 804 14, 933 16, 184 14, 128 11, 981 Segment 12 Versatile Portfolios™ Education Savings Plan 24, 170 19, 598 13, 386 9,422 7,213 Segment 13 Versatile Portfolios Navigator™ 100/100 48, 846 51, 946 48, 686 45, 071 30, 390 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 81, 909 72, 596 50, 615 21, 390 12, 562 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,845 1,966 1,848 1,672 842 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 13, 108 12, 054 9,402 5,177 2,765 Segment 17 Versatile Portfolios Navigator™ 75/100 114,500 114,978 115,776 114,697 94, 543 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 210,771 172,988 95, 942 42, 605 27, 183 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 5,029 4,839 4,972 5,251 4,836 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 49, 840 38, 854 25, 941 13, 868 6,766 Segment 21 Versatile Portfolios Navigator™ 75/75 61, 736 64, 235 59, 915 55, 388 41, 557 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 195,537 143,507 71, 339 39, 348 15, 114 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,568 2,228 2,231 1,882 1,393 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 45, 605 36, 138 25, 384 13, 352 9,189 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.70% 2.70% 2.70% 2.70% 2.70% Segment 5 Versatile Asset® II Participants 2.78% 2.78% 2.78% 2.78% 2.78% Segment 6 Versatile Asset® III Participants 2.98% 2.97% 2.96% 2.96% 2.95% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.97% 2.97% 2.97% 2.97% 2.97% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.07% 3.07% 3.08% 3.08% 3.07% Segment 11 Versatile Portfolios™ TFSA 3.06% 3.06% 3.06% 3.06% 3.06% Segment 12 Versatile Portfolios™ Education Savings Plan 2.55% 2.55% 2.54% 2.54% 2.54% Segment 13 Versatile Portfolios Navigator™ 100/100 3.36% 3.36% 3.35% 3.47% 3.45% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.36% 3.36% 3.35% 3.61% 3.61% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.36% 3.36% 3.35% 3.47% 3.45% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.36% 3.36% 3.35% 3.61% 3.61% Segment 17 Versatile Portfolios Navigator™ 75/100 2.75% 2.75% 2.75% 2.86% 2.84% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.75% 2.75% 2.75% 3.01% 3.01% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.75% 2.75% 2.75% 2.86% 2.84% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.75% 2.75% 2.75% 3.01% 3.01% Segment 21 Versatile Portfolios Navigator™ 75/75 2.58% 2.58% 2.58% 2.69% 2.68% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.58% 2.58% 2.58% 2.85% 2.84% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.58% 2.58% 2.58% 2.69% 2.68% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.58% 2.58% 2.58% 2.84% 2.84% Portfolio turnover rate (note 11) 0.11% 0.79% 1.18% 2.03% 0.23%

See accompanying notes to the financial statements. 78 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Canadian Equity Fund Underlying fund managed by Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 2, 992 17,091 Accounts payable 296 289 Fund of funds rebalancing (note 2) 2, 757 (2,073) Net assets attributable to unitholders 120,835 112,252 Transactions with unitholders Unitholders' contributions 17,732 19,827 Net assets attributable to unitholders per unit 151.92 151.47 Unitholders' withdrawals (12,714) (12,016) Transfers (to) from other funds (2,184) (1,648) Net increase (decrease) from unitholders' transactions 2, 834 6, 163 Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders 8, 583 21, 181 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 120,835 112,252 Distribution from underlying fund 6, 176 3,035 Realized gains (losses) on sale of investments 3, 212 2, 434 Unrealized gains (losses) (3,102) 14,737 Statement of Cash Flows 6, 286 20,206 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 3, 290 3, 111 Audit, legal and other fees (note 10) 4 4 Cash flows from operating activities 3, 294 3, 115 Increase (decrease) in net assets attributable to unitholders 2, 992 17, 091 Increase (decrease) in net assets attributable to Adjustments for: unitholders 2, 992 17,091 Realized (gains) losses on sale of investments (3,212) (2,434) Unrealized (gains) losses 3, 102 (14,737) Increase (decrease) in net assets attributable to Current liabilities 7 59 unitholders per unit (note 13) 3.76 23.89 Purchases of investments (29,555) (16,197) Proceeds from the sale of investments 27,251 15,163 Net cash from operating activities 585 (1,055)

Cash flows from financing activities Distribution (6,176) (3,035) Proceeds from the issuance of units 20,489 19,827 Amounts paid on redemption of units (14,898) (15,737) Net cash from financing activities (585) 1,055

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

79 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Canadian Equity Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Mawer Canadian Equity Fund 1,698,878 104,073,915 120,834,952

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Mawer Canadian Equity Fund

Royal Bank of Canada 5.33% Constellation Software Inc 2.54% Canadian Pacific Railway Ltd 5.20% TMX Group Limited 2.51% Toronto-Dominion Bank 5.12% Loblaw Cos Ltd 2.48% Shopify Inc 3.66% CGI Group Inc Cl A 2.47% TELUS Corp 3.49% Choice Properties REIT 2.46% Brookfield Asset Management Inc CL A 3.31% Shaw Communications Inc 2.34% Canadian Natural Resources Ltd 3.16% BCE Inc 2.33% Thomson Reuters Corp 3.01% Boyd Group Services Inc 2.29% Ritchie Bros Auctioneers Inc 2.87% Hydro One Limited 2.16% Canadian National Railway Co 2.80% Bank of Montreal 2.09% Toromont Industries Ltd 2.80% Suncor Energy Inc 2.08% Alimentation Couche Tard Inc 2.68% Stella-Jones Inc 2.02% Finning International Inc 2.66%

See accompanying notes to the financial statements. 80 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Canadian Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 129. 85 128. 76 146. 70 164. 33 150. 33 Segment 2 Seed Money 242. 54 233. 77 192. 27 211. 41 192. 67 Segment 4 Versatile Asset® Participants 186. 55 184. 06 155. 03 174. 52 163. 13 Segment 5 Versatile Asset® II Participants 184. 13 181.89 153.48 173. 11 162. 02 Segment 6 Versatile Asset® III Participants 181. 68 179.77 151.83 171. 46 160. 77 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 181. 44 179.69 151.84 171. 56 160. 87 Segment 9 Versatile Portfolios™ Participants (No-Load) 179. 52 178.04 150.69 170. 48 160. 09 Segment 10 Group Retirement Income Product 203. 52 198.85 166.19 185. 49 - Segment 11 Versatile Portfolios™ TFSA 179. 95 178.38 150.90 170. 67 160. 20 Segment 12 Versatile Portfolios™ Education Savings Plan 186. 90 184.43 155.30 174. 84 163. 36 Segment 13 Versatile Portfolios Navigator™ 100/100 128. 84 127.99 108.45 123. 01 115. 91 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 128. 52 127.47 108.04 122. 69 115. 72 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 129. 01 127.79 108.29 122. 84 115. 73 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 129. 08 128.03 108.31 122. 72 115. 81 Segment 17 Versatile Portfolios Navigator™ 75/100 133. 60 131.85 111.10 125. 15 117. 30 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 133. 54 131.68 110.99 124. 94 117. 23 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 133. 51 131.79 110.98 125. 08 117. 15 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 133. 47 131.60 110.75 124. 78 116. 95 Segment 21 Versatile Portfolios Navigator™ 75/75 134. 75 132.74 111.78 125. 78 117. 51 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 134. 54 132.49 111.50 125. 41 117. 43 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 135. 39 133.39 112.18 126. 02 117. 80 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 134. 66 132.61 111.48 125. 36 117. 33

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 1,240,609 1,000,052 334,189 323,232 280,060 Segment 2 Seed Money 31,288 30,156 24,803 27,272 192,671 Segment 4 Versatile Asset® Participants 3,912,999 3,895,097 3,661,676 4,062,559 3,673,578 Segment 5 Versatile Asset® II Participants 2,728,947 2,576,415 2,534,556 2,741,352 2,468,553 Segment 6 Versatile Asset® III Participants 378,620 353,965 310,640 336,399 332,956 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 32,519,103 32,883,907 30,136,571 34,014,622 33,221,753 Segment 9 Versatile Portfolios™ Participants (No-Load) 8,717,467 8,753,322 7,902,258 8,880,818 8,489,740 Segment 10 Group Retirement Income Product 297,343 119,506 161,200 193,471 - Segment 11 Versatile Portfolios™ TFSA 3,772,852 3,669,312 3,297,823 3,658,416 3,383,685 Segment 12 Versatile Portfolios™ Education Savings Plan 4,301,928 3,594,347 2,641,483 2,319,293 1,730,616 Segment 13 Versatile Portfolios Navigator™ 100/100 6,419,167 6,795,627 6,563,386 6,980,157 4,463,338 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 7,910,427 6,779,583 4,228,535 2,867,649 1,801,717 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 282,144 275,903 242,794 240,400 168,502 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,194,026 1,738,967 1,404,545 1,034,139 554,285 Segment 17 Versatile Portfolios Navigator™ 75/100 7,453,281 7,461,098 6,666,904 7,267,380 3,972,082 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 12,575,474 10,236,339 5,889,358 3,506,447 1,440,229 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 346,317 385,340 373,335 434,794 311,629 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3,217,870 2,535,734 1,658,338 1,131,212 533,530 Segment 21 Versatile Portfolios Navigator™ 75/75 6,202,199 6,643,498 5,519,393 5,706,303 3,453,475 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 12,253,417 9,469,675 5,451,459 2,918,198 1,522,565 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 304,765 299,853 252,736 261,242 148,665 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3,774,709 2,754,536 1,815,117 1,252,227 573,642

81 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer Canadian Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 9,554 7,767 2,278 1,967 1,863 Segment 2 Seed Money 129 129 129 129 1,000 Segment 4 Versatile Asset® Participants 20,976 21,162 23,619 23,279 22,519 Segment 5 Versatile Asset® II Participants 14,821 14,165 16,514 15,836 15,236 Segment 6 Versatile Asset® III Participants 2,084 1,969 2,046 1,962 2,071 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 179,226 183,008 198,474 198,267 206,509 Segment 9 Versatile Portfolios™ Participants (No-Load) 48,561 49,166 52,442 52,092 53,032 Segment 10 Group Retirement Income Product 1,461 601 970 1,043 - Segment 11 Versatile Portfolios™ TFSA 20,966 20,570 21,855 21,436 21,122 Segment 12 Versatile Portfolios™ Education Savings Plan 23,017 19,489 17,009 13,265 10,594 Segment 13 Versatile Portfolios Navigator™ 100/100 49,821 53,093 60,519 56,743 38,507 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 61,549 53,184 39,137 23,373 15,570 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,187 2,159 2,242 1,957 1,456 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 16,997 13,583 12,968 8,427 4,786 Segment 17 Versatile Portfolios Navigator™ 75/100 55,789 56,588 60,007 58,070 33,862 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 94,171 77,736 53,064 28,065 12,285 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,594 2,924 3,364 3,476 2,660 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 24,109 19,268 14,974 9,066 4,562 Segment 21 Versatile Portfolios Navigator™ 75/75 46,027 50,048 49,377 45,369 29,390 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 91,074 71,476 48,890 23,269 12,966 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,251 2,248 2,253 2,073 1,262 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 28,031 20,771 16,282 9,989 4,889 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.70% 2.70% 2.70% 2.70% 2.70% Segment 5 Versatile Asset® II Participants 2.78% 2.78% 2.78% 2.78% 2.78% Segment 6 Versatile Asset® III Participants 2.98% 2.97% 2.96% 2.96% 2.95% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.97% 2.97% 2.97% 2.97% 2.97% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.07% 3.07% 3.08% 3.08% 3.07% Segment 11 Versatile Portfolios™ TFSA 3.06% 3.06% 3.06% 3.06% 3.06% Segment 12 Versatile Portfolios™ Education Savings Plan 2.55% 2.55% 2.54% 2.54% 2.54% Segment 13 Versatile Portfolios Navigator™ 100/100 3.90% 3.90% 3.90% 4.01% 3.99% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.90% 3.90% 3.90% 4.15% 4.15% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.90% 3.90% 3.90% 4.01% 3.99% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.90% 3.90% 3.90% 4.15% 4.15% Segment 17 Versatile Portfolios Navigator™ 75/100 3.12% 3.12% 3.12% 3.23% 3.22% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.13% 3.12% 3.12% 3.38% 3.38% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.12% 3.12% 3.12% 3.23% 3.22% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.13% 3.12% 3.12% 3.38% 3.38% Segment 21 Versatile Portfolios Navigator™ 75/75 2.90% 2.90% 2.90% 3.01% 3.00% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.91% 2.90% 2.90% 3.16% 3.16% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.90% 2.90% 2.90% 3.01% 3.00% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.91% 2.90% 2.90% 3.16% 3.16% Portfolio turnover rate (note 11) 23.50% 13.70% 10.30% 8.71% 11.63%

See accompanying notes to the financial statements. 82 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer International Equity Fund Underlying fund managed by Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 14,010 14,518 Accounts payable 350 332 Fund of funds rebalancing (note 2) (3,891) (1,872) Net assets attributable to unitholders 142,907 130,214 Transactions with unitholders Unitholders' contributions 21,754 22,928 Net assets attributable to unitholders per unit 149.21 134.32 Unitholders' withdrawals (15,107) (13,787) Transfers (to) from other funds (4,073) (1,786) Net increase (decrease) from unitholders' transactions 2,574 7,355 Statement of Comprehensive Income Fund of funds (note 2) Net increase (decrease) in net assets For the years ended December 31 2020 2019 attributable to unitholders 12,693 20,001 (in thousands of dollars except per unit amounts) $ $ Net assets attributable to unitholders at end of Investment income and gains year 142,907 130,214 Distribution from underlying fund 5,502 2,962 Realized gains (losses) on sale of investments 4,781 2,302 Unrealized gains (losses) 7,557 12,815 Statement of Cash Flows 17,840 18,079 Fund of funds (note 2) For the years ended December 31 2020 2019 Expenses (in thousands of dollars) $ $ Management fees (note 10) 3,826 3,557 Audit, legal and other fees (note 10) 4 4 Cash flows from operating activities 3,830 3,561 Increase (decrease) in net assets attributable to unitholders 14,010 14,518 Increase (decrease) in net assets attributable to Adjustments for: unitholders 14,010 14,518 Realized (gains) losses on sale of investments (4,781) (2,302) Unrealized (gains) losses (7,557) (12,815) Increase (decrease) in net assets attributable to Current liabilities 18 59 unitholders per unit (note 13) 14.32 15.34 Purchases of investments (27,404) (20,677) Proceeds from the sale of investments 32,533 18,696 Net cash from operating activities 6,819 (2,521)

Cash flows from financing activities Distribution (5,502) (2,962) Proceeds from the issuance of units 21,754 22,928 Amounts paid on redemption of units (23,071) (17,445) Net cash from financing activities (6,819) 2,521

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

83 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer International Equity Fund

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair Investment Units Cost Value

Mawer International Equity Fund 2,141,206 116,708,371 142,906,766

Top Holdings of Underlying Fund (unaudited) As at December 31, 2020

Mawer International Equity Fund

Wolters Kluwer NV 4.11% Recordati SpA 2.39% AON PLC 4.01% HDFC Bank Ltd 2.16% LVMH Moet Hennessy Louis Vuitton SE 3.75% Adyen NV 1.97% Bunzl PLC 3.66% Nomura Research Institute Ltd 1.92% Taiwan Semiconductor Manufacturing Company 3.50% InterContinental Hotels Group PLC 1.89% Air Liquide SA 2.95% Sika AG 1.84% Intertek Group PLC 2.73% Novartis AG ADR 1.81% Tsuruha Holdings Inc. 2.71% Sampo Oyj 1.72% Assa Abloy AB Class B 2.70% Halma PLC 1.70% Samsung Electronics Co Ltd 2.58% Nestle SA 1.68% RELX PLC 2.49% SimCorp A/S 1.66% Roche Holding AG 2.44% Legrand SA 1.65% Tencent Holdings Limited 2.39%

See accompanying notes to the financial statements. 84 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer International Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 148.47 132.64 119.00 123.96 102.19 Segment 2 Seed Money 296.90 261.63 226.41 233.64 188.88 Segment 4 Versatile Asset® Participants 221.44 199.84 177.13 187.23 154.99 Segment 5 Versatile Asset® II Participants 218.45 197.41 175.31 185.69 153.92 Segment 6 Versatile Asset® III Participants 214.92 194.61 173.17 183.72 152.67 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 215.33 195.03 173.46 184.02 152.82 Segment 9 Versatile Portfolios™ Participants (No-Load) 212.99 193.17 172.09 182.82 152.04 Segment 10 Group Retirement Income Product 20.04 17.56 15.10 15.74 12.56 Segment 11 Versatile Portfolios™ TFSA 213.47 193.51 172.30 182.98 152.13 Segment 12 Versatile Portfolios™ Education Savings Plan 221.78 200.17 177.41 187.53 155.15 Segment 13 Versatile Portfolios Navigator™ 100/100 155.88 141.61 126.48 134.76 112.32 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 155.87 141.51 126.12 134.45 112.23 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 156.25 141.68 126.34 134.09 112.02 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 156.04 141.71 126.10 134.25 112.31 Segment 17 Versatile Portfolios Navigator™ 75/100 162.07 146.04 129.53 137.29 113.76 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 161.54 145.83 129.27 136.58 113.61 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 162.53 146.69 129.68 136.92 113.58 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 162.01 146.02 129.22 136.57 113.40 Segment 21 Versatile Portfolios Navigator™ 75/75 163.26 147.26 130.42 137.81 113.90 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 162.77 146.64 129.84 137.29 113.87 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 163.75 147.71 130.74 137.74 113.94 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 163.04 146.83 129.82 137.27 113.76

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 5,150,624 4,402,820 3,297,501 3,451,422 2,261,110 Segment 2 Seed Money 67,396 59,391 51,394 53,037 86,127 Segment 4 Versatile Asset® Participants 4,177,432 4,087,817 4,001,013 4,164,178 3,826,423 Segment 5 Versatile Asset® II Participants 2,786,101 2,779,531 2,749,039 2,804,459 2,534,669 Segment 6 Versatile Asset® III Participants 319,149 297,561 313,793 338,408 268,553 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 33,611,590 33,837,260 32,722,930 34,733,752 33,301,015 Segment 9 Versatile Portfolios™ Participants (No-Load) 9,222,576 9,088,495 8,573,567 9,014,622 8,837,915 Segment 10 Group Retirement Income Product 3,662,646 3,439,838 2,757,998 2,570,819 2,006,333 Segment 11 Versatile Portfolios™ TFSA 4,385,029 4,140,675 3,856,794 3,787,405 3,354,268 Segment 12 Versatile Portfolios™ Education Savings Plan 4,690,408 3,910,369 3,009,344 2,551,694 1,890,776 Segment 13 Versatile Portfolios Navigator™ 100/100 7,712,409 8,338,975 7,907,057 8,010,615 5,211,940 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 8,964,081 7,366,755 4,858,107 3,287,390 1,916,241 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 348,119 322,048 290,950 342,208 220,347 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,687,355 2,065,409 1,785,479 1,240,882 614,766 Segment 17 Versatile Portfolios Navigator™ 75/100 8,014,616 8,418,520 7,835,584 6,885,084 4,248,788 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 15,330,822 12,056,428 7,495,825 4,336,160 1,639,098 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 334,166 348,107 364,149 471,290 330,527 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3,501,079 2,745,722 1,900,177 1,277,470 559,080 Segment 21 Versatile Portfolios Navigator™ 75/75 7,186,697 6,885,273 6,337,789 6,130,573 3,932,142 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 15,756,339 11,912,198 7,381,694 3,459,704 1,671,907 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 390,881 357,463 309,338 349,182 248,501 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 4,607,251 3,353,822 2,413,926 1,421,431 650,735

85 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Mawer International Equity Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 34,692 33,193 27,709 27,844 22,127 Segment 2 Seed Money 227 227 227 227 456 Segment 4 Versatile Asset® Participants 18,865 20,455 22,588 22,241 24,688 Segment 5 Versatile Asset® II Participants 12,754 14,080 15,681 15,103 16,467 Segment 6 Versatile Asset® III Participants 1,485 1,529 1,812 1,842 1,759 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 156,093 173,501 188,653 188,751 217,906 Segment 9 Versatile Portfolios™ Participants (No-Load) 43,301 47,049 49,819 49,308 58,129 Segment 10 Group Retirement Income Product 182,735 195,928 182,674 163,355 159,680 Segment 11 Versatile Portfolios™ TFSA 20,542 21,398 22,384 20,698 22,048 Segment 12 Versatile Portfolios™ Education Savings Plan 21,149 19,535 16,963 13,607 12,187 Segment 13 Versatile Portfolios Navigator™ 100/100 49,477 58,885 62,514 59,443 46,402 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 57,509 52,060 38,521 24,450 17,074 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,228 2,273 2,303 2,552 1,967 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 17,222 14,575 14,159 9,243 5,474 Segment 17 Versatile Portfolios Navigator™ 75/100 49,453 57,645 60,494 50,151 37,350 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 94,902 82,675 57,988 31,747 14,427 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2,056 2,373 2,808 3,442 2,910 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 21,610 18,804 14,705 9,354 4,930 Segment 21 Versatile Portfolios Navigator™ 75/75 44,021 46,756 48,594 44,487 34,524 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 96,799 81,237 56,852 25,200 14,683 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2,387 2,420 2,366 2,535 2,181 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 28,258 22,841 18,594 10,355 5,720 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.86% 2.87% 2.86% 2.86% 2.86% Segment 5 Versatile Asset® II Participants 2.95% 2.94% 2.94% 2.95% 2.94% Segment 6 Versatile Asset® III Participants 3.15% 3.14% 3.12% 3.12% 3.12% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.14% 3.14% 3.14% 3.14% 3.13% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.24% 3.24% 3.25% 3.24% 3.23% Segment 11 Versatile Portfolios™ TFSA 3.22% 3.23% 3.23% 3.22% 3.22% Segment 12 Versatile Portfolios™ Education Savings Plan 2.71% 2.71% 2.71% 2.71% 2.70% Segment 13 Versatile Portfolios Navigator™ 100/100 4.12% 4.12% 4.12% 4.23% 4.21% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 4.12% 4.12% 4.12% 4.37% 4.37% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 4.12% 4.12% 4.12% 4.23% 4.21% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4.12% 4.12% 4.12% 4.37% 4.37% Segment 17 Versatile Portfolios Navigator™ 75/100 3.29% 3.29% 3.29% 3.40% 3.38% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.29% 3.29% 3.29% 3.55% 3.55% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.29% 3.29% 3.29% 3.40% 3.38% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.29% 3.29% 3.29% 3.55% 3.55% Segment 21 Versatile Portfolios Navigator™ 75/75 3.01% 3.01% 3.01% 3.12% 3.11% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 3.02% 3.01% 3.01% 3.27% 3.27% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3.01% 3.01% 3.01% 3.12% 3.11% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 3.02% 3.01% 3.01% 3.27% 3.27% Portfolio turnover rate (note 11) 21.20% 24.28% 27.37% 21.87% 30.21%

See accompanying notes to the financial statements. 86 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Balanced Fund Underlying funds managed by Addenda Capital Inc.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 1,098 2,330 Accounts payable 22 23 Transactions with unitholders Net assets attributable to unitholders 16,895 16,557 Unitholders' contributions 1,223 1,393 Unitholders' withdrawals (1,294) (1,459) Transfers (to) from other funds (689) (268) Net assets attributable to unitholders per unit 273.86 256.85 Net increase (decrease) from unitholders' transactions (760) (334)

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 338 1,996 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 16,895 16,557

Investment income and gains Distribution from underlying fund 462 469 Statement of Cash Flows Realized gains (losses) on sale of investments 625 271 Fund of funds (note 2) Unrealized gains (losses) 265 1,853 For the years ended December 31 2020 2019 1,352 2,593 (in thousands of dollars) $ $

Expenses Cash flows from operating activities Management fees (note 10) 253 262 Increase (decrease) in net assets attributable to Audit, legal and other fees (note 10) 1 1 unitholders 1,098 2,330 254 263 Adjustments for: Realized (gains) losses on sale of investments (625) (271) Increase (decrease) in net assets attributable to Unrealized (gains) losses (265) (1,853) unitholders 1,098 2,330 Current liabilities (1) 2 Purchases of investments (1,216) (1,390) Increase (decrease) in net assets attributable to Proceeds from the sale of investments 2,231 1,985 unitholders per unit (note 13) 17.35 35.65 Net cash from operating activities 1,222 803

Cash flows from financing activities Distributions (462) (469) Proceeds from the issuance of units 1,223 1,393 Amounts paid on redemption of units (1,983) (1,727) Net cash from financing activities (1,222) (803)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

87 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Balanced Fund Underlying funds managed by Addenda Capital Inc.

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators Canadian Equity Fund 32,042 4,605,811 6,043,812 35.77% Co-operators Canadian Fixed Income Fund 47,551 6,206,614 6,281,248 37.18% Co-operators Canadian Resource Fund 8,314 1,018,204 1,349,594 7.99% Co-operators U.S. Equity Fund 19,455 2,463,793 3,220,826 19.06% 107,362 14,294,422 16,895,480 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Toronto Dominion Bank 6.53% Ontario Prov, 1.35%, 2030-12-02 7.61% Brookfield Asset Management 6.17% Canada Govt, 2.0%, 2051-12-01 6.85% Royal Bank of Canada 5.86% Ontario Prov, 6.2%, 2031-06-02 6.34% Bank of Nova Scotia 4.93% Hydro Quebec, 6.0%, 2040-02-15 5.64% Shopify Inc 4.85% Canada Housing Trust, 1.75%, 2022-06-15 4.88%

Co-operators Canadian Resource Fund Co-operators U.S. Equity Fund

Barrick Gold Corp 9.57% Addenda Pooled Fund 65.85% TC Energy 9.07% Apple Inc 2.85% Enbridge Inc 7.66% Microsoft Corp 2.30% Wheaton Precious Metals 7.27% Thermo Fisher Sci 1.82% West Fraser Timber 6.48% Broadcom Inc 1.57%

See accompanying notes to the financial statements. 88 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Balanced Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 295.58 275.37 236.83 245.60 230.37 Segment 4 Versatile Asset® Participants 289.22 272.53 236.29 248.91 238.26 Segment 5 Versatile Asset® II Participants 274.33 259.29 225.45 238.16 228.67 Segment 6 Versatile Asset® III Participants 240.38 227.96 198.55 210.27 202.42 Segment 7 Versatile Asset® IV Participants 281.94 256.85 222.35 235.27 224.89 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 230.69 218.46 190.32 201.44 193.77 Segment 9 Versatile Portfolios™ Participants (No-Load) 224.87 213.33 186.16 197.31 190.14 Segment 10 Group Retirement Income Product 165.57 - - - - Segment 11 Versatile Portfolios™ TFSA 197.89 187.66 163.68 173.57 167.10 Segment 12 Versatile Portfolios™ Education Savings Plan 190.05 179.43 155.65 164.18 157.49

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 10,394,788 9,967,735 8,378,365 8,938,377 8,555,842 Segment 4 Versatile Asset® Participants 1,041,498 950,861 1,143,882 1,205,199 1,174,862 Segment 5 Versatile Asset® II Participants 1,794,925 2,089,630 1,905,078 2,208,708 2,282,621 Segment 6 Versatile Asset® III Participants 167,302 160,029 155,660 181,672 206,869 Segment 7 Versatile Asset® IV Participants 4,793 8,733 7,560 19,998 19,116 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2,593,397 2,460,998 2,162,400 2,980,112 2,979,463 Segment 9 Versatile Portfolios™ Participants (No-Load) 290,082 345,387 348,301 349,438 435,426 Segment 10 Group Retirement Income Product 18,213 - - - - Segment 11 Versatile Portfolios™ TFSA 388,652 418,285 325,562 292,984 261,510 Segment 12 Versatile Portfolios™ Education Savings Plan 201,829 155,386 134,478 127,570 106,145 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 35,168 36,198 35,377 36,394 37,140 Segment 4 Versatile Asset® Participants 3,601 3,489 4,841 4,842 4,931 Segment 5 Versatile Asset® II Participants 6,543 8,059 8,450 9,274 9,982 Segment 6 Versatile Asset® III Participants 696 702 784 864 1,022 Segment 7 Versatile Asset® IV Participants 17 34 34 85 85 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 11,242 11,265 11,362 14,794 15,376 Segment 9 Versatile Portfolios™ Participants (No-Load) 1,290 1,619 1,871 1,771 2,290 Segment 10 Group Retirement Income Product 110 - - - - Segment 11 Versatile Portfolios™ TFSA 1,964 2,229 1,989 1,688 1,565 Segment 12 Versatile Portfolios™ Education Savings Plan 1,062 866 864 777 674 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.20% 2.21% 2.20% 2.20% 2.20% Segment 5 Versatile Asset® II Participants 2.50% 2.50% 2.50% 2.50% 2.50% Segment 6 Versatile Asset® III Participants 2.75% 2.75% 2.73% 2.73% 2.73% Segment 7 Versatile Asset® IV Participants 2.05% 2.05% 2.05% 2.05% 2.06% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.70% 2.70% 2.70% 2.70% 2.69% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.85% 2.86% 2.86% 2.86% 2.85% Segment 11 Versatile Portfolios™ TFSA 2.84% 2.85% 2.84% 2.84% 2.84% Segment 12 Versatile Portfolios™ Education Savings Plan 2.33% 2.33% 2.32% 2.32% 2.32% Portfolio turnover rate (note 11) 100.54% 107.60% 88.98% 55.97% 87.11%

89 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Balanced Fund Underlying funds managed by Addenda Capital Inc.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 774 1,170 Accounts payable 19 20 Transactions with unitholders Net assets attributable to unitholders 10,815 10,462 Unitholders' contributions 600 549 Unitholders' withdrawals (1,286) (1,396) Transfers (to) from other funds 265 392 Net assets attributable to unitholders per unit 218.81 205.08 Net increase (decrease) from unitholders' transactions (421) (455)

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 353 715 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 10,815 10,462

Investment income and gains Distribution from underlying fund 300 293 Statement of Cash Flows Realized gains (losses) on sale of investments 467 238 Fund of funds (note 2) Unrealized gains (losses) 232 858 For the years ended December 31 2020 2019 999 1,389 (in thousands of dollars) $ $ Expenses Management fees (note 10) 224 218 Cash flows from operating activities Audit, legal and other fees (note 10) 1 1 Increase (decrease) in net assets attributable to 225 219 unitholders 774 1,170 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (467) (238) unitholders 774 1,170 Unrealized (gains) losses (232) (858) Current liabilities (1) 2 Increase (decrease) in net assets attributable to Purchases of investments (1,172) (1,067) unitholders per unit (note 13) 15.09 22.72 Proceeds from the sale of investments 1,819 1,739 Net cash from operating activities 721 748

Cash flows from financing activities Distributions (300) (293) Proceeds from the issuance of units 865 941 Amounts paid on redemption of units (1,286) (1,396) Net cash from financing activities (721) (748)

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

See accompanying notes to the financial statements. 90 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Balanced Fund Underlying funds managed by Addenda Capital Inc.

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators Canadian Equity Fund 18,213 2,685,791 3,435,318 31.76% Co-operators Canadian Fixed Income Fund 46,021 6,161,119 6,079,123 56.21% Co-operators U.S. Equity Fund 7,857 1,021,384 1,300,778 12.03% 72,091 9,868,294 10,815,219 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Co-operators U.S. Equity Fund

Addenda Pooled Fund 65.85% Apple Inc 2.85% Microsoft Corp 2.30% Thermo Fisher Sci 1.82% Broadcom Inc 1.57%

91 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Balanced Fund

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 1 Group Retirement Products 256.89 241.12 207.40 214.85 212.06 Segment 4 Versatile Asset® Participants 260.44 242.95 216.42 224.24 215.65 Segment 5 Versatile Asset® II Participants 247.49 231.58 206.92 214.99 207.35 Segment 6 Versatile Asset® III Participants 212.64 199.24 178.44 185.96 179.75 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 202.31 189.67 169.79 176.77 170.82 Segment 9 Versatile Portfolios™ Participants (No-Load) 197.46 185.37 166.21 173.30 167.74 Segment 10 Group Retirement Income Product 157.01 145.68 129.33 133.52 128.00 Segment 11 Versatile Portfolios™ TFSA 179.04 168.04 150.69 157.08 151.99 Segment 12 Versatile Portfolios™ Education Savings Plan 176.89 165.28 147.34 152.86 147.11

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 1 Group Retirement Products 3,353,750 3,605,222 3,345,701 3,595,706 3,200,481 Segment 4 Versatile Asset® Participants 972,734 412,043 391,938 570,477 580,952 Segment 5 Versatile Asset® II Participants 670,443 640,325 598,628 628,847 645,281 Segment 6 Versatile Asset® III Participants 70,809 103,406 96,712 358,709 458,187 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3,984,690 4,086,714 3,838,749 4,277,230 4,538,566 Segment 9 Versatile Portfolios™ Participants (No-Load) 566,508 714,406 639,745 896,675 934,964 Segment 10 Group Retirement Income Product 422,676 334,330 308,194 341,002 221,954 Segment 11 Versatile Portfolios™ TFSA 522,068 353,391 364,213 362,062 281,184 Segment 12 Versatile Portfolios™ Education Savings Plan 251,542 212,382 163,105 147,506 103,716 Number of units outstanding (schedule 2) Segment 1 Group Retirement Products 13,055 14,952 16,132 16,736 15,092 Segment 4 Versatile Asset® Participants 3,735 1,696 1,811 2,544 2,694 Segment 5 Versatile Asset® II Participants 2,709 2,765 2,893 2,925 3,112 Segment 6 Versatile Asset® III Participants 333 519 542 1,929 2,549 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 19,696 21,546 22,609 24,197 26,570 Segment 9 Versatile Portfolios™ Participants (No-Load) 2,869 3,854 3,849 5,174 5,574 Segment 10 Group Retirement Income Product 2,692 2,295 2,383 2,554 1,734 Segment 11 Versatile Portfolios™ TFSA 2,916 2,103 2,417 2,305 1,850 Segment 12 Versatile Portfolios™ Education Savings Plan 1,422 1,285 1,107 965 705 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.20% 2.21% 2.20% 2.20% 2.20% Segment 5 Versatile Asset® II Participants 2.50% 2.50% 2.50% 2.50% 2.50% Segment 6 Versatile Asset® III Participants 2.75% 2.75% 2.73% 2.73% 2.73% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.70% 2.70% 2.70% 2.70% 2.69% Segment 9 Versatile Portfolios™ Participants (No-Load) 2.85% 2.86% 2.86% 2.86% 2.85% Segment 11 Versatile Portfolios™ TFSA 2.84% 2.85% 2.84% 2.84% 2.84% Segment 12 Versatile Portfolios™ Education Savings Plan 2.33% 2.33% 2.32% 2.32% 2.32% Portfolio turnover rate (note 11) 122.07% 137.65% 123.23% 71.57% 108.83%

See accompanying notes to the financial statements. 92 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 12,149 20,406 Accounts payable 458 441 Transactions with unitholders Net assets attributable to unitholders 177,241 164,258 Unitholders' contributions 21,703 26,265 Unitholders' withdrawals (14,440) (12,542) Transfers (to) from other funds (6,429) (3,733) Net assets attributable to unitholders per unit 178.42 168.46 Net increase (decrease) from unitholders' transactions 834 9,990

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 12,983 30,396 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 177,241 164,258

Investment income and gains Distribution from underlying fund 6,061 5,039 Statement of Cash Flows Realized gains (losses) on sale of investments 7,713 2,813 Fund of funds (note 2) Unrealized gains (losses) 3,435 17,271 For the years ended December 31 2020 2019 17,209 25,123 (in thousands of dollars) $ $ Expenses Management fees (note 10) 5,049 4,708 Cash flows from operating activities Audit, legal and other fees (note 10) 11 9 Increase (decrease) in net assets attributable to 5,060 4,717 unitholders 12,149 20,406 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (7,713) (2,813) unitholders 12,149 20,406 Unrealized (gains) losses (3,435) (17,271) Current liabilities 17 91 Increase (decrease) in net assets attributable to Purchases of investments (21,732) (25,159) unitholders per unit (note 13) 12.24 22.00 Proceeds from the sale of investments 25,941 19,795 Net cash from operating activities 5,227 (4,951)

Cash flows from financing activities Distributions (6,061) (5,039) Proceeds from the issuance of units 21,703 26,265 Amounts paid on redemption of units (20,869) (16,275) Net cash from financing activities (5,227) 4,951

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

93 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators BlackRock Canada Universe Bond Index Fund 555,043 17,036,501 17,837,879 10.06% Co-operators BlackRock U.S. Equity Index Fund 268,041 6,438,445 8,919,046 5.03% Co-operators Canadian Equity Fund 187,066 25,898,342 35,284,257 19.91% Co-operators Canadian Fixed Income Fund 135,053 16,980,619 17,839,678 10.07% Co-operators Fidelity Global Fund 82,937 12,431,453 17,749,426 10.01% Co-operators Fidelity True North® Fund 91,249 14,526,404 17,664,357 9.97% Co-operators Mawer Canadian Equity Fund 174,357 22,713,742 26,487,999 14.94% Co-operators Mawer International Equity Fund 177,950 21,581,167 26,551,698 14.98% Co-operators U.S. Equity Fund 53,802 6,571,219 8,906,890 5.03% 1,725,498 144,177,892 177,241,230 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators BlackRock Canada Universe Bond Index Fund Co-operators BlackRock U.S. Equity Index Fund

Government of Canada 0.50%, 2025-09-01 1.33% Apple Inc 6.66% Government of Canada 5.75%, 2029-06-01 1.31% Microsoft Corp 5.28% Government of Canada 2.75%, 2048-12-01 1.27% Amazon Com Inc 4.36% Government of Canada 3.50%, 2045-12-01 1.26% Facebook Class A Inc 2.06% Government of Canada 1.00%, 2022-09-01 1.17% Tesla Inc 1.68%

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Co-operators Fidelity Global Fund Co-operators Fidelity True North® Fund

Alphabet Inc CL A 2.91% Royal Bank of Canada 6.85% Microsoft Corp 2.87% Toronto-Dominion Bank 5.19% Fidelity U.S. Money Market 2.45% Shopify Inc CL A 3.75% Apple Inc 2.28% Barrick Gold Corp 3.29% Amazon.com Inc 1.97% Canadian National Railway Co 3.19%

Co-operators Mawer Canadian Equity Fund Co-operators Mawer International Equity Fund

Royal Bank of Canada 5.33% Wolters Kluwer NV 4.11% Canadian Pacific Railway Ltd 5.20% AON PLC 4.01% Toronto-Dominion Bank 5.12% LVMH Moet Hennessy Louis Vuitton SE 3.75% Shopify Inc 3.66% Bunzl PLC 3.66% TELUS Corp 3.49% Taiwan Semiconductor Manufacturing Company 3.50%

Co-operators U.S. Equity Fund

Addenda Pooled Fund 65.85% Apple Inc 2.85% Microsoft Corp 2.30% Thermo Fisher Sci 1.82% Broadcom Inc 1.57%

See accompanying notes to the financial statements. 94 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 4 Versatile Asset® Participants 252.12 233.84 202.85 216.23 198.96 Segment 5 Versatile Asset® II Participants 246.02 228.73 198.89 212.53 196.03 Segment 6 Versatile Asset® III Participants 232.33 216.56 188.86 202.27 186.95 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 236.56 220.35 191.96 205.51 189.90 Segment 9 Versatile Portfolios™ Participants (No-Load) 230.90 215.39 187.93 201.52 186.49 Segment 11 Versatile Portfolios™ TFSA 222.07 207.13 180.69 193.72 179.25 Segment 12 Versatile Portfolios™ Education Savings Plan 215.74 200.23 173.81 185.41 170.70 Segment 13 Versatile Portfolios Navigator™ 100/100 139.43 130.19 113.70 122.03 113.15 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 138.71 129.53 113.12 121.41 112.76 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 139.42 130.19 113.69 122.01 113.16 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 138.71 129.52 113.11 121.39 112.74 Segment 17 Versatile Portfolios Navigator™ 75/100 144.51 134.14 116.45 124.24 114.53 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 143.78 133.47 115.88 123.62 114.15 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 144.45 134.11 116.43 124.25 114.47 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 143.77 133.46 115.86 123.61 114.15 Segment 21 Versatile Portfolios Navigator™ 75/75 145.91 135.22 117.20 124.84 114.89 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 145.18 134.54 116.61 124.21 114.50 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 145.89 135.21 117.21 124.84 114.89 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 145.17 134.54 116.61 124.20 114.52

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 4 Versatile Asset® Participants 7,178,371 7,580,756 6,834,313 7,177,461 6,173,352 Segment 5 Versatile Asset® II Participants 4,284,223 4,587,274 4,222,635 4,444,273 4,139,699 Segment 6 Versatile Asset® III Participants 334,326 318,993 317,098 391,798 340,070 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 53,179,447 52,550,286 48,746,541 51,582,635 47,656,666 Segment 9 Versatile Portfolios™ Participants (No-Load) 13,248,832 13,052,785 11,250,945 12,058,384 10,889,518 Segment 11 Versatile Portfolios™ TFSA 3,969,772 3,720,341 3,377,689 3,593,923 3,222,685 Segment 12 Versatile Portfolios™ Education Savings Plan 7,761,354 6,379,456 4,747,232 4,024,221 2,898,428 Segment 13 Versatile Portfolios Navigator™ 100/100 11,288,097 11,322,130 10,247,791 10,520,427 6,045,594 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 10,445,205 8,311,130 5,022,097 2,787,909 536,523 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 448,798 529,464 458,396 446,309 211,843 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2,575,495 2,106,445 1,537,035 1,037,913 411,938 Segment 17 Versatile Portfolios Navigator™ 75/100 10,185,588 9,491,873 8,337,309 7,860,949 4,180,822 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 15,834,757 14,547,624 8,958,705 3,641,346 859,171 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 257,553 323,466 302,722 282,042 104,172 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3,624,053 3,120,861 1,990,082 947,081 370,536 Segment 21 Versatile Portfolios Navigator™ 75/75 9,888,607 9,517,382 8,220,824 8,241,050 4,142,515 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 17,982,466 13,649,971 6,988,082 3,304,540 1,962,002 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 541,250 474,047 429,569 394,002 258,277 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 4,213,035 2,673,637 1,873,183 976,973 306,559

95 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Aggressive Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 4 Versatile Asset® Participants 28,472 32,419 33,692 33,193 31,028 Segment 5 Versatile Asset® II Participants 17,414 20,055 21,231 20,911 21,118 Segment 6 Versatile Asset® III Participants 1,439 1,473 1,679 1,937 1,819 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 224,799 238,486 253,944 250,996 250,961 Segment 9 Versatile Portfolios™ Participants (No-Load) 57,380 60,600 59,869 59,837 58,391 Segment 11 Versatile Portfolios™ TFSA 17,876 17,961 18,693 18,552 17,979 Segment 12 Versatile Portfolios™ Education Savings Plan 35,975 31,860 27,313 21,705 16,980 Segment 13 Versatile Portfolios Navigator™ 100/100 80,958 86,965 90,132 86,215 53,429 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 75,303 64,163 44,397 22,963 4,758 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3,219 4,067 4,032 3,658 1,872 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 18,568 16,263 13,589 8,550 3,654 Segment 17 Versatile Portfolios Navigator™ 75/100 70,482 70,760 71,593 63,270 36,504 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 110,129 108,995 77,312 29,456 7,527 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,783 2,412 2,600 2,270 910 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 25,207 23,385 17,176 7,662 3,246 Segment 21 Versatile Portfolios Navigator™ 75/75 67,772 70,385 70,143 66,015 36,056 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 123,866 101,454 59,925 26,604 17,135 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3,710 3,506 3,665 3,156 2,248 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 29,021 19,873 16,064 7,866 2,677 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.81% 2.81% 2.81% 2.81% 2.81% Segment 5 Versatile Asset® II Participants 3.06% 3.05% 3.06% 3.05% 3.05% Segment 6 Versatile Asset® III Participants 3.31% 3.31% 3.29% 3.28% 3.28% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.25% 3.25% 3.25% 3.24% 3.24% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.40% 3.40% 3.41% 3.40% 3.40% Segment 11 Versatile Portfolios™ TFSA 3.39% 3.39% 3.39% 3.39% 3.39% Segment 12 Versatile Portfolios™ Education Savings Plan 2.88% 2.88% 2.87% 2.87% 2.87% Segment 13 Versatile Portfolios Navigator™ 100/100 3.50% 3.50% 3.50% 3.59% 3.59% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.50% 3.50% 3.50% 3.76% 3.76% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.50% 3.50% 3.50% 3.59% 3.59% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.50% 3.50% 3.50% 3.76% 3.76% Segment 17 Versatile Portfolios Navigator™ 75/100 2.89% 2.89% 2.89% 2.99% 2.99% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.89% 2.89% 2.89% 3.15% 3.15% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.89% 2.89% 2.89% 2.99% 2.99% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.89% 2.89% 2.89% 3.15% 3.15% Segment 21 Versatile Portfolios Navigator™ 75/75 2.72% 2.72% 2.72% 2.82% 2.82% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.73% 2.72% 2.72% 2.99% 2.99% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.72% 2.72% 2.72% 2.82% 2.82% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.73% 2.72% 2.72% 2.99% 2.99% Portfolio turnover rate (note 11) 50.57% 44.74% 37.19% 25.20% 36.74%

See accompanying notes to the financial statements. 96 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 12,880 15,467 Accounts payable 483 451 Transactions with unitholders Net assets attributable to unitholders 203,513 183,145 Unitholders' contributions 37,984 31,681 Unitholders' withdrawals (31,561) (24,221) Transfers (to) from other funds 1,065 4,476 Net assets attributable to unitholders per unit 149.62 141.81 Net increase (decrease) from unitholders' transactions 7,488 11,936

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 20,368 27,403 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 203,513 183,145

Investment income and gains Distribution from underlying fund 6,015 5,424 Statement of Cash Flows Realized gains (losses) on sale of investments 7,512 3,087 Fund of funds (note 2) Unrealized gains (losses) 4,749 11,862 For the years ended December 31 2020 2019 18,276 20,373 (in thousands of dollars) $ $ Expenses Management fees (note 10) 5,383 4,895 Cash flows from operating activities Audit, legal and other fees (note 10) 13 11 Increase (decrease) in net assets attributable to 5,396 4,906 unitholders 12,880 15,467 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (7,512) (3,087) unitholders 12,880 15,467 Unrealized (gains) losses (4,749) (11,862) Current liabilities 32 75 Increase (decrease) in net assets attributable to Purchases of investments (43,465) (35,642) unitholders per unit (note 13) 9.63 12.58 Proceeds from the sale of investments 41,341 28,537 Net cash from operating activities (1,473) (6,512)

Cash flows from financing activities Distributions (6,015) (5,424) Proceeds from the issuance of units 39,049 36,157 Amounts paid on redemption of units (31,561) (24,221) Net cash from financing activities 1,473 6,512

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

97 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators BlackRock Canada Universe Bond Index Fund 1,587,670 49,784,260 51,024,286 25.07% Co-operators BlackRock U.S. Equity Index Fund 306,687 7,526,782 10,204,980 5.01% Co-operators Canadian Equity Fund 107,019 15,139,205 20,185,743 9.92% Co-operators Canadian Fixed Income Fund 386,311 49,618,285 51,029,429 25.08% Co-operators Fidelity Canadian Bond Fund 164,460 19,521,153 20,419,799 10.03% Co-operators Mawer Canadian Equity Fund 132,997 17,703,415 20,204,665 9.93% Co-operators Mawer International Equity Fund 135,738 16,819,505 20,253,250 9.95% Co-operators U.S. Equity Fund 61,559 7,682,410 10,191,071 5.01% 2,882,441 183,795,015 203,513,223 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators BlackRock Canada Universe Bond Index Fund Co-operators BlackRock U.S. Equity Index Fund

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Co-operators Fidelity Canadian Bond Fund Co-operators Mawer Canadian Equity Fund

Quebec Prov 5% 12/1/41 1.76% Royal Bank of Canada 5.33% Alberta Prov 2.35% 6/1/25 1.63% Canadian Pacific Railway Ltd 5.20% Canada Housing 1.1% 03/15/31 144A 1.55% Toronto-Dominion Bank 5.12% Ontario Prov 5.85 3/8/33 1.48% Shopify Inc 3.66% Canada Govt .5% 12/01/30 1.39% TELUS Corp 3.49%

Co-operators Mawer International Equity Fund Co-operators U.S. Equity Fund

Wolters Kluwer NV 4.11% Addenda Pooled Fund 65.85% AON PLC 4.01% Apple Inc 2.85% LVMH Moet Hennessy Louis Vuitton SE 3.75% Microsoft Corp 2.30% Bunzl PLC 3.66% Thermo Fisher Sci 1.82% Taiwan Semiconductor Manufacturing Company 3.50% Broadcom Inc 1.57%

See accompanying notes to the financial statements. 98 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 4 Versatile Asset® Participants 209.47 195.56 177.87 183.97 175.95 Segment 5 Versatile Asset® II Participants 202.56 189.35 172.44 178.60 171.04 Segment 6 Versatile Asset® III Participants 195.02 182.72 166.83 173.15 166.23 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 196.35 183.89 167.79 174.11 167.05 Segment 9 Versatile Portfolios™ Participants (No-Load) 191.62 179.73 164.25 170.70 164.04 Segment 11 Versatile Portfolios™ TFSA 174.69 163.83 149.70 155.55 149.46 Segment 12 Versatile Portfolios™ Education Savings Plan 172.90 161.35 146.69 151.66 144.99 Segment 13 Versatile Portfolios Navigator™ 100/100 124.59 116.83 106.74 110.90 106.65 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 123.99 116.27 106.22 110.36 106.31 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 124.58 116.84 106.76 110.91 106.66 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 123.98 116.26 106.22 110.36 106.31 Segment 17 Versatile Portfolios Navigator™ 75/100 129.13 120.38 109.32 112.91 107.95 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 128.50 119.79 108.79 112.36 107.59 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 129.12 120.38 109.32 112.91 107.94 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 128.50 119.79 108.79 112.36 107.60 Segment 21 Versatile Portfolios Navigator™ 75/75 130.42 121.37 110.05 113.48 108.31 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 129.76 120.77 109.50 112.91 107.94 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 130.42 121.37 110.04 113.47 108.30 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 129.78 120.78 109.51 112.92 107.96

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 4 Versatile Asset® Participants 3,608,772 3,310,378 3,947,894 4,135,487 5,136,911 Segment 5 Versatile Asset® II Participants 2,922,667 2,503,803 2,318,637 3,371,178 3,249,475 Segment 6 Versatile Asset® III Participants 266,003 393,950 409,237 542,659 596,586 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 51,884,642 52,126,687 49,411,079 55,717,050 57,887,792 Segment 9 Versatile Portfolios™ Participants (No-Load) 15,796,181 15,030,641 14,763,833 16,542,615 18,771,043 Segment 11 Versatile Portfolios™ TFSA 9,391,811 8,582,677 7,816,969 7,892,268 8,089,519 Segment 12 Versatile Portfolios™ Education Savings Plan 4,840,806 4,151,888 3,177,148 3,179,779 2,487,958 Segment 13 Versatile Portfolios Navigator™ 100/100 12,074,816 11,804,172 11,969,395 12,901,588 13,438,276 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 14,679,791 12,033,073 8,526,539 6,585,694 6,979,476 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 385,959 310,333 279,379 306,987 420,685 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 5,672,691 4,379,346 3,486,723 2,753,926 1,983,085 Segment 17 Versatile Portfolios Navigator™ 75/100 12,087,056 11,439,227 10,117,084 11,460,091 8,238,753 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 26,835,159 21,362,580 13,358,576 9,016,847 4,875,012 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 565,176 739,738 736,675 933,308 897,419 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 7,489,235 5,687,415 3,511,058 2,747,197 1,430,303 Segment 21 Versatile Portfolios Navigator™ 75/75 8,266,624 8,820,283 7,558,057 8,379,769 5,572,696 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 18,485,199 14,067,605 10,023,710 5,802,984 3,709,821 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 772,451 823,019 700,730 638,750 453,443 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 7,488,183 5,578,510 3,629,069 2,830,439 1,533,821

99 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Conservative Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 4 Versatile Asset® Participants 17,228 16,928 22,196 22,479 29,195 Segment 5 Versatile Asset® II Participants 14,429 13,223 13,446 18,876 18,998 Segment 6 Versatile Asset® III Participants 1,364 2,156 2,453 3,134 3,589 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 264,241 283,461 294,483 320,014 346,521 Segment 9 Versatile Portfolios™ Participants (No-Load) 82,434 83,628 89,889 96,908 114,427 Segment 11 Versatile Portfolios™ TFSA 53,763 52,387 52,219 50,737 54,126 Segment 12 Versatile Portfolios™ Education Savings Plan 27,997 25,732 21,659 20,967 17,160 Segment 13 Versatile Portfolios Navigator™ 100/100 96,914 101,033 112,137 116,337 125,999 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 118,397 103,496 80,274 59,674 65,653 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3,098 2,656 2,617 2,768 3,944 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 45,754 37,667 32,826 24,954 18,654 Segment 17 Versatile Portfolios Navigator™ 75/100 93,601 95,028 92,542 101,497 76,321 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 208,840 178,341 122,797 80,252 45,310 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 4,377 6,145 6,739 8,266 8,314 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 58,281 47,478 32,274 24,450 13,293 Segment 21 Versatile Portfolios Navigator™ 75/75 63,386 72,670 68,678 73,846 51,450 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 142,460 116,481 91,537 51,395 34,368 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 5,923 6,781 6,368 5,629 4,187 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 57,700 46,187 33,138 25,065 14,207 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.70% 2.70% 2.70% 2.70% 2.70% Segment 5 Versatile Asset® II Participants 2.83% 2.83% 2.83% 2.83% 2.83% Segment 6 Versatile Asset® III Participants 3.09% 3.09% 3.07% 3.07% 3.06% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.03% 3.03% 3.03% 3.03% 3.02% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.18% 3.18% 3.19% 3.19% 3.18% Segment 11 Versatile Portfolios™ TFSA 3.17% 3.17% 3.17% 3.17% 3.17% Segment 12 Versatile Portfolios™ Education Savings Plan 2.66% 2.66% 2.65% 2.65% 2.65% Segment 13 Versatile Portfolios Navigator™ 100/100 3.16% 3.16% 3.15% 3.27% 3.25% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.16% 3.16% 3.15% 3.42% 3.42% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.16% 3.16% 3.15% 3.27% 3.25% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.16% 3.16% 3.15% 3.42% 3.42% Segment 17 Versatile Portfolios Navigator™ 75/100 2.55% 2.55% 2.55% 2.66% 2.65% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.55% 2.55% 2.55% 2.81% 2.81% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.55% 2.55% 2.55% 2.66% 2.65% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.55% 2.55% 2.55% 2.81% 2.81% Segment 21 Versatile Portfolios Navigator™ 75/75 2.38% 2.38% 2.38% 2.49% 2.48% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.38% 2.38% 2.38% 2.65% 2.65% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.38% 2.38% 2.38% 2.49% 2.48% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.38% 2.38% 2.38% 2.65% 2.65% Portfolio turnover rate (note 11) 69.00% 71.31% 68.96% 36.24% 50.18%

See accompanying notes to the financial statements. 100 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Moderate Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 19,699 27,936 Accounts payable 738 696 Transactions with unitholders Net assets attributable to unitholders 301,463 273,104 Unitholders' contributions 47,497 48,946 Unitholders' withdrawals (30,526) (28,299) Transfers (to) from other funds (8,311) (4,193) Net assets attributable to unitholders per unit 160.30 151.94 Net increase (decrease) from unitholders' transactions 8,660 16,454

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 28,359 44,390 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 301,463 273,104

Investment income and gains Distribution from underlying fund 10,528 8,544 Statement of Cash Flows Realized gains (losses) on sale of investments 12,108 4,953 Fund of funds (note 2) Unrealized gains (losses) 5,253 21,949 For the years ended December 31 2020 2019 27,889 35,446 (in thousands of dollars) $ $ Expenses Management fees (note 10) 8,171 7,493 Cash flows from operating activities Audit, legal and other fees (note 10) 19 17 Increase (decrease) in net assets attributable to 8,190 7,510 unitholders 19,699 27,936 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (12,108) (4,953) unitholders 19,699 27,936 Unrealized (gains) losses (5,253) (21,949) Current liabilities 42 124 Increase (decrease) in net assets attributable to Purchases of investments (43,868) (45,737) unitholders per unit (note 13) 10.62 16.40 Proceeds from the sale of investments 43,356 36,669 Net cash from operating activities 1,868 (7,910)

Cash flows from financing activities Distributions (10,528) (8,544) Proceeds from the issuance of units 47,497 48,946 Amounts paid on redemption of units (38,837) (32,492) Net cash from financing activities (1,868) 7,910

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

101 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Moderate Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators BlackRock Canada Universe Bond Index Fund 1,885,147 58,324,377 60,584,540 20.09% Co-operators BlackRock U.S. Equity Index Fund 455,188 11,022,139 15,146,322 5.02% Co-operators Canadian Equity Fund 238,257 33,252,974 44,939,790 14.91% Co-operators Canadian Fixed Income Fund 458,692 58,131,187 60,590,648 20.10% Co-operators Fidelity True North® Fund 154,958 24,869,570 29,997,600 9.95% Co-operators Mawer Canadian Equity Fund 197,395 25,924,023 29,987,943 9.95% Co-operators Mawer International Equity Fund 302,195 36,944,988 45,090,061 14.96% Co-operators U.S. Equity Fund 91,367 11,250,079 15,125,681 5.02% 3,783,199 259,719,337 301,462,585 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators BlackRock Canada Universe Bond Index Fund Co-operators BlackRock U.S. Equity Index Fund

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Co-operators Fidelity True North® Fund Co-operators Mawer Canadian Equity Fund

Royal Bank of Canada 6.85% Royal Bank of Canada 5.33% Toronto-Dominion Bank 5.19% Canadian Pacific Railway Ltd 5.20% Shopify Inc CL A 3.75% Toronto-Dominion Bank 5.12% Barrick Gold Corp 3.29% Shopify Inc 3.66% Canadian National Railway Co 3.19% TELUS Corp 3.49%

Co-operators Mawer International Equity Fund Co-operators U.S. Equity Fund

See accompanying notes to the financial statements. 102 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Moderate Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 4 Versatile Asset® Participants 231.73 215.87 192.25 201.49 189.61 Segment 5 Versatile Asset® II Participants 222.91 208.03 185.61 194.90 183.76 Segment 6 Versatile Asset® III Participants 210.82 197.27 176.42 185.68 175.48 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 215.54 201.53 180.14 189.52 179.02 Segment 9 Versatile Portfolios™ Participants (No-Load) 210.36 196.99 176.35 185.83 175.80 Segment 11 Versatile Portfolios™ TFSA 194.70 182.29 163.18 171.91 162.61 Segment 12 Versatile Portfolios™ Education Savings Plan 190.97 177.92 158.47 166.11 156.33 Segment 13 Versatile Portfolios Navigator™ 100/100 130.70 122.38 109.54 115.40 109.27 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 130.04 121.76 108.98 114.82 108.90 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 130.69 122.36 109.52 115.38 109.24 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 130.03 121.75 108.98 114.81 108.89 Segment 17 Versatile Portfolios Navigator™ 75/100 135.46 126.08 112.19 117.49 110.59 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 134.78 125.45 111.63 116.91 110.23 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 135.45 126.08 112.19 117.49 110.60 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 134.80 125.47 111.64 116.92 110.23 Segment 21 Versatile Portfolios Navigator™ 75/75 136.81 127.13 112.94 118.08 110.97 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 136.11 126.48 112.37 117.48 110.59 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 136.79 127.11 112.91 118.06 110.96 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 136.11 126.48 112.36 117.48 110.59

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 4 Versatile Asset® Participants 8,452,841 8,356,265 7,710,575 8,241,547 7,776,232 Segment 5 Versatile Asset® II Participants 6,402,746 6,260,379 6,953,695 7,145,281 6,616,282 Segment 6 Versatile Asset® III Participants 700,991 594,767 677,107 627,233 560,824 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 77,949,458 77,800,055 72,882,738 81,172,715 79,454,574 Segment 9 Versatile Portfolios™ Participants (No-Load) 18,593,563 18,829,412 17,933,431 20,268,807 19,338,554 Segment 11 Versatile Portfolios™ TFSA 9,193,279 8,506,112 8,109,078 8,836,333 7,809,663 Segment 12 Versatile Portfolios™ Education Savings Plan 13,284,523 11,304,580 8,953,756 7,766,631 5,932,617 Segment 13 Versatile Portfolios Navigator™ 100/100 17,628,244 20,868,476 20,441,842 22,210,581 10,908,835 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 23,391,761 19,429,137 11,780,196 10,170,223 3,864,147 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 987,744 850,148 735,442 741,866 397,960 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 6,471,635 4,973,029 4,232,519 3,079,563 1,317,517 Segment 17 Versatile Portfolios Navigator™ 75/100 17,557,741 17,129,322 16,322,176 16,056,970 8,645,043 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 34,607,442 27,468,932 15,693,005 7,941,517 3,075,088 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 949,665 860,340 752,815 928,408 623,426 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 8,749,289 6,669,650 4,374,421 2,706,714 1,031,356 Segment 21 Versatile Portfolios Navigator™ 75/75 13,079,351 12,539,665 12,363,695 12,714,224 6,615,012 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 32,911,159 23,174,057 13,871,864 7,362,433 3,122,485 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 664,245 598,321 518,045 543,439 356,638 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 9,886,910 6,891,265 4,407,647 2,852,646 1,286,631

103 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Moderate Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 4 Versatile Asset® Participants 36,477 38,710 40,108 40,903 41,011 Segment 5 Versatile Asset® II Participants 28,724 30,093 37,465 36,661 36,005 Segment 6 Versatile Asset® III Participants 3,325 3,015 3,838 3,378 3,196 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 361,646 386,042 404,580 428,307 443,841 Segment 9 Versatile Portfolios™ Participants (No-Load) 88,390 95,588 101,692 109,073 110,003 Segment 11 Versatile Portfolios™ TFSA 47,218 46,662 49,695 51,400 48,028 Segment 12 Versatile Portfolios™ Education Savings Plan 69,563 63,538 56,503 46,757 37,949 Segment 13 Versatile Portfolios Navigator™ 100/100 134,872 170,528 186,615 192,464 99,832 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 179,882 159,574 108,091 88,578 35,485 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 7,558 6,948 6,715 6,430 3,643 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 49,769 40,846 38,838 26,823 12,100 Segment 17 Versatile Portfolios Navigator™ 75/100 129,620 135,863 145,491 136,670 78,171 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 256,769 218,959 140,581 67,931 27,898 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 7,011 6,824 6,710 7,902 5,637 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 64,908 53,159 39,183 23,151 9,356 Segment 21 Versatile Portfolios Navigator™ 75/75 95,604 98,638 109,474 107,674 59,611 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 241,799 183,217 123,453 62,668 28,235 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 4,856 4,707 4,588 4,603 3,214 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 72,641 54,484 39,227 24,281 11,634 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.75% 2.76% 2.75% 2.75% 2.75% Segment 5 Versatile Asset® II Participants 2.95% 2.94% 2.94% 2.95% 2.94% Segment 6 Versatile Asset® III Participants 3.20% 3.20% 3.18% 3.18% 3.17% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.14% 3.14% 3.14% 3.14% 3.13% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.29% 3.29% 3.30% 3.29% 3.29% Segment 11 Versatile Portfolios™ TFSA 3.28% 3.28% 3.28% 3.28% 3.28% Segment 12 Versatile Portfolios™ Education Savings Plan 2.77% 2.77% 2.76% 2.76% 2.76% Segment 13 Versatile Portfolios Navigator™ 100/100 3.28% 3.28% 3.28% 3.39% 3.37% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.28% 3.28% 3.28% 3.54% 3.54% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.28% 3.28% 3.28% 3.39% 3.37% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.28% 3.28% 3.28% 3.54% 3.54% Segment 17 Versatile Portfolios Navigator™ 75/100 2.67% 2.67% 2.67% 2.78% 2.77% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.67% 2.67% 2.67% 2.93% 2.93% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.67% 2.67% 2.67% 2.78% 2.77% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.67% 2.67% 2.67% 2.93% 2.93% Segment 21 Versatile Portfolios Navigator™ 75/75 2.50% 2.50% 2.50% 2.61% 2.60% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.51% 2.50% 2.50% 2.77% 2.77% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.50% 2.50% 2.50% 2.61% 2.60% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.51% 2.50% 2.50% 2.77% 2.77% Portfolio turnover rate (note 11) 63.20% 61.20% 55.47% 30.44% 44.90%

See accompanying notes to the financial statements. 104 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Very Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 4,240 8,040 Accounts payable 157 149 Transactions with unitholders Net assets attributable to unitholders 58,929 54,082 Unitholders' contributions 7,914 7,964 Unitholders' withdrawals (4,775) (4,209) Transfers (to) from other funds (2,532) (1,834) Net assets attributable to unitholders per unit 194.48 181.92 Net increase (decrease) from unitholders' transactions 607 1,921

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 4,847 9,961 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 58,929 54,082

Investment income and gains Distribution from underlying fund 2,191 1,852 Statement of Cash Flows Realized gains (losses) on sale of investments 2,910 1,005 Fund of funds (note 2) Unrealized gains (losses) 863 6,811 For the years ended December 31 2020 2019 5,964 9,668 (in thousands of dollars) $ $ Expenses Management fees (note 10) 1,721 1,625 Cash flows from operating activities Audit, legal and other fees (note 10) 3 3 Increase (decrease) in net assets attributable to 1,724 1,628 unitholders 4,240 8,040 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (2,910) (1,005) unitholders 4,240 8,040 Unrealized (gains) losses (863) (6,811) Current liabilities 8 30 Increase (decrease) in net assets attributable to Purchases of investments (9,028) (8,815) unitholders per unit (note 13) 13.75 27.46 Proceeds from the sale of investments 10,137 8,492 Net cash from operating activities 1,584 (69)

Cash flows from financing activities Distributions (2,191) (1,852) Proceeds from the issuance of units 7,914 7,964 Amounts paid on redemption of units (7,307) (6,043) Net cash from financing activities (1,584) 69

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

105 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators BlackRock Canadian Equity Index Fund 137,655 5,214,608 5,889,127 9.99% Co-operators BlackRock U.S. Equity Index Fund 133,862 3,197,747 4,454,256 7.56% Co-operators Canadian Equity Fund 62,282 8,575,603 11,747,529 19.93% Co-operators Fidelity Global Fund 27,613 4,115,256 5,909,488 10.03% Co-operators Fidelity True North® Fund 45,570 7,214,689 8,821,748 14.97% Co-operators Mawer Canadian Equity Fund 58,050 7,520,875 8,818,906 14.97% Co-operators Mawer International Equity Fund 59,247 7,145,947 8,840,113 15.00% Co-operators U.S. Equity Fund 26,869 3,263,526 4,448,186 7.55% 551,148 46,248,251 58,929,353 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators BlackRock Canadian Equity Index Fund Co-operators BlackRock U.S. Equity Index Fund

Shopify 6.37% Apple Inc 6.66% Royal Bank of Canada 6.00% Microsoft Corp 5.28% Toronto Dominion Bank 5.26% Amazon Com Inc 4.36% Canadian National Railway 4.01% Facebook Class A Inc 2.06% Bank of Nova Scotia 3.36% Tesla Inc 1.68%

Co-operators Canadian Equity Fund Co-operators Fidelity Global Fund

Toronto Dominion Bank 6.53% Alphabet Inc CL A 2.91% Brookfield Asset Management 6.17% Microsoft Corp 2.87% Royal Bank of Canada 5.86% Fidelity U.S. Money Market 2.45% Bank of Nova Scotia 4.93% Apple Inc 2.28% Shopify Inc 4.85% Amazon.com Inc 1.97%

Co-operators Fidelity True North® Fund Co-operators Mawer Canadian Equity Fund

Co-operators Mawer International Equity Fund Co-operators U.S. Equity Fund

See accompanying notes to the financial statements. 106 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Very Aggressive Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 4 Versatile Asset® Participants 276.80 256.76 217.16 234.62 213.25 Segment 5 Versatile Asset® II Participants 272.90 253.78 215.12 233.01 212.30 Segment 6 Versatile Asset® III Participants 258.77 241.56 205.20 222.82 203.47 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 263.82 245.76 208.72 226.49 206.72 Segment 9 Versatile Portfolios™ Participants (No-Load) 257.45 240.19 204.31 222.06 202.99 Segment 11 Versatile Portfolios™ TFSA 248.41 231.72 197.08 214.17 195.75 Segment 12 Versatile Portfolios™ Education Savings Plan 234.24 217.44 184.00 198.95 180.92 Segment 13 Versatile Portfolios Navigator™ 100/100 144.30 135.10 115.32 125.77 115.49 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 143.60 134.45 114.76 125.17 115.15 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 144.29 135.11 115.34 125.75 115.49 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 143.56 134.39 114.71 125.13 115.09 Segment 17 Versatile Portfolios Navigator™ 75/100 150.96 140.28 118.85 128.64 117.25 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 150.22 139.60 118.28 128.02 116.87 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 150.98 140.29 118.88 128.69 117.26 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 150.21 139.61 118.25 128.04 116.80 Segment 21 Versatile Portfolios Navigator™ 75/75 152.94 141.81 119.88 129.48 117.76 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 152.20 141.14 119.31 128.87 117.40 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 153.01 141.91 119.95 129.56 117.73 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 152.18 141.11 119.28 128.84 117.38

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 4 Versatile Asset® Participants 3,429,601 3,316,828 2,733,000 2,833,316 2,388,013 Segment 5 Versatile Asset® II Participants 1,967,605 1,944,938 1,630,165 2,048,180 1,810,470 Segment 6 Versatile Asset® III Participants 68,057 135,999 114,297 145,502 98,681 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 17,553,496 16,701,763 15,370,227 17,115,203 15,471,582 Segment 9 Versatile Portfolios™ Participants (No-Load) 4,881,982 4,156,777 3,385,217 3,692,919 3,550,130 Segment 11 Versatile Portfolios™ TFSA 1,608,710 1,652,881 1,417,787 1,315,869 1,073,878 Segment 12 Versatile Portfolios™ Education Savings Plan 2,160,203 1,648,159 1,121,844 919,942 651,853 Segment 13 Versatile Portfolios Navigator™ 100/100 2,408,587 2,478,729 2,097,211 2,550,053 1,648,403 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3,083,168 2,998,036 2,754,467 928,019 439,058 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 194,933 190,907 158,011 149,260 121,033 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 752,263 646,141 572,769 391,651 114,053 Segment 17 Versatile Portfolios Navigator™ 75/100 3,236,921 3,321,491 2,671,950 2,749,826 1,349,521 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2,965,102 2,487,417 1,387,197 859,150 142,459 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 260,295 228,816 217,083 192,131 65,430 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 839,981 576,434 386,099 236,103 41,582 Segment 21 Versatile Portfolios Navigator™ 75/75 3,705,021 3,609,382 3,170,838 3,192,699 1,554,553 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 7,541,834 6,048,685 3,584,321 1,655,799 457,292 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 151,481 133,394 107,713 107,278 53,333 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2,120,115 1,805,650 1,241,153 878,804 353,432

107 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Very Aggressive Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 4 Versatile Asset® Participants 12,390 12,918 12,585 12,076 11,198 Segment 5 Versatile Asset® II Participants 7,210 7,664 7,578 8,790 8,528 Segment 6 Versatile Asset® III Participants 263 563 557 653 485 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 66,537 67,961 73,640 75,568 74,842 Segment 9 Versatile Portfolios™ Participants (No-Load) 18,963 17,306 16,569 16,630 17,489 Segment 11 Versatile Portfolios™ TFSA 6,476 7,133 7,194 6,144 5,486 Segment 12 Versatile Portfolios™ Education Savings Plan 9,222 7,580 6,097 4,624 3,603 Segment 13 Versatile Portfolios Navigator™ 100/100 16,692 18,348 18,186 20,276 14,273 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 21,471 22,299 24,001 7,414 3,813 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 1,351 1,413 1,370 1,187 1,048 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 5,240 4,808 4,993 3,130 991 Segment 17 Versatile Portfolios Navigator™ 75/100 21,442 23,677 22,482 21,376 11,510 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 19,738 17,818 11,728 6,711 1,219 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 1,724 1,631 1,826 1,493 558 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 5,592 4,129 3,265 1,844 356 Segment 21 Versatile Portfolios Navigator™ 75/75 24,226 25,452 26,449 24,657 13,201 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 49,551 42,857 30,041 12,849 3,895 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 990 940 898 828 453 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 13,932 12,796 10,405 6,821 3,011 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.86% 2.87% 2.86% 2.86% 2.86% Segment 5 Versatile Asset® II Participants 3.11% 3.11% 3.11% 3.11% 3.11% Segment 6 Versatile Asset® III Participants 3.37% 3.37% 3.35% 3.35% 3.34% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 3.30% 3.30% 3.30% 3.30% 3.30% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.46% 3.46% 3.47% 3.46% 3.45% Segment 11 Versatile Portfolios™ TFSA 3.44% 3.45% 3.44% 3.44% 3.44% Segment 12 Versatile Portfolios™ Education Savings Plan 2.93% 2.93% 2.93% 2.93% 2.92% Segment 13 Versatile Portfolios Navigator™ 100/100 3.82% 3.82% 3.82% 3.93% 3.91% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 3.82% 3.82% 3.82% 4.08% 4.08% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 3.82% 3.82% 3.82% 3.93% 3.91% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 3.82% 3.82% 3.82% 4.08% 4.08% Segment 17 Versatile Portfolios Navigator™ 75/100 3.05% 3.05% 3.04% 3.16% 3.14% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 3.05% 3.05% 3.04% 3.31% 3.31% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3.05% 3.05% 3.04% 3.16% 3.14% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 3.05% 3.05% 3.04% 3.31% 3.31% Segment 21 Versatile Portfolios Navigator™ 75/75 2.82% 2.83% 2.82% 2.93% 2.92% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.83% 2.82% 2.82% 3.09% 3.09% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.82% 2.83% 2.82% 2.93% 2.92% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.83% 2.82% 2.82% 3.09% 3.09% Portfolio turnover rate (note 11) 37.31% 23.39% 16.48% 17.68% 24.62%

See accompanying notes to the financial statements. 108 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Very Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd.

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 9,140 8,077 Accounts payable 331 284 Transactions with unitholders Net assets attributable to unitholders 155,650 127,457 Unitholders' contributions 33,519 28,407 Unitholders' withdrawals (23,932) (20,476) Transfers (to) from other funds 9,466 1,629 Net assets attributable to unitholders per unit 133.89 127.09 Net increase (decrease) from unitholders' transactions 19,053 9,560

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 28,193 17,637 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 155,650 127,457

Investment income and gains Distribution from underlying fund 4,223 3,651 Statement of Cash Flows Realized gains (losses) on sale of investments 4,010 1,697 Fund of funds (note 2) Unrealized gains (losses) 4,477 5,837 For the years ended December 31 2020 2019 12,710 11,185 (in thousands of dollars) $ $ Expenses Management fees (note 10) 3,562 3,101 Cash flows from operating activities Audit, legal and other fees (note 10) 8 7 Increase (decrease) in net assets attributable to 3,570 3,108 unitholders 9,140 8,077 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (4,010) (1,697) unitholders 9,140 8,077 Unrealized (gains) losses (4,477) (5,837) Current liabilities 47 42 Increase (decrease) in net assets attributable to Purchases of investments (45,431) (30,166) unitholders per unit (note 13) 8.57 8.61 Proceeds from the sale of investments 29,901 23,672 Net cash from operating activities (14,830) (5,909)

Cash flows from financing activities Distributions (4,223) (3,651) Proceeds from the issuance of units 42,985 30,036 Amounts paid on redemption of units (23,932) (20,476) Net cash from financing activities 14,830 5,909

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

109 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators BlackRock Canada Universe Bond Index Fund 1,454,912 43,409,970 46,757,715 30.04% Co-operators BlackRock U.S. Equity Index Fund 117,101 2,734,779 3,896,526 2.50% Co-operators Canadian Equity Fund 40,863 5,503,011 7,707,441 4.95% Co-operators Canadian Fixed Income Fund 354,008 43,266,762 46,762,430 30.04% Co-operators Fidelity Canadian Bond Fund 251,180 28,362,198 31,187,205 20.04% Co-operators Mawer Canadian Equity Fund 50,782 6,433,797 7,714,665 4.96% Co-operators Mawer International Equity Fund 51,828 6,111,881 7,733,208 4.97% Co-operators U.S. Equity Fund 23,505 2,790,571 3,891,217 2.50% 2,344,179 138,612,969 155,650,407 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators BlackRock Canada Universe Bond Index Fund Co-operators BlackRock U.S. Equity Index Fund

Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund

Co-operators Fidelity Canadian Bond Fund Co-operators Mawer Canadian Equity Fund

Co-operators Mawer International Equity Fund Co-operators U.S. Equity Fund

See accompanying notes to the financial statements. 110 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Very Conservative Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 4 Versatile Asset® Participants 183.22 171.44 159.78 163.29 159.42 Segment 5 Versatile Asset® II Participants 175.44 164.38 153.40 156.97 153.46 Segment 6 Versatile Asset® III Participants 165.70 155.69 145.65 149.41 146.33 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 171.08 160.59 150.15 153.94 150.77 Segment 9 Versatile Portfolios™ Participants (No-Load) 166.98 156.99 147.00 150.95 148.08 Segment 11 Versatile Portfolios™ TFSA 149.01 140.06 131.14 134.64 132.05 Segment 12 Versatile Portfolios™ Education Savings Plan 150.90 141.14 131.49 134.32 131.07 Segment 13 Versatile Portfolios Navigator™ 100/100 119.12 111.49 103.93 106.24 103.87 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 118.52 110.94 103.42 105.72 103.52 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 119.12 111.48 103.97 106.26 103.89 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 118.53 110.95 103.43 105.73 103.52 Segment 17 Versatile Portfolios Navigator™ 75/100 121.88 113.65 105.54 107.47 104.67 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 121.28 113.09 105.02 106.95 104.33 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 121.87 113.62 105.55 107.48 104.67 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 121.27 113.08 105.02 106.94 104.32 Segment 21 Versatile Portfolios Navigator™ 75/75 122.68 114.27 106.00 107.83 104.90 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 122.08 113.69 105.47 107.28 104.54 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 122.70 114.26 106.01 107.84 104.92 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 122.07 113.70 105.47 107.29 104.55

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 4 Versatile Asset® Participants 2,916,288 2,210,383 2,591,867 2,542,195 3,278,471 Segment 5 Versatile Asset® II Participants 2,355,048 1,821,378 1,644,103 2,051,944 1,675,316 Segment 6 Versatile Asset® III Participants 308,366 283,984 263,192 261,164 74,627 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 28,473,719 27,600,553 27,778,929 32,176,683 35,962,092 Segment 9 Versatile Portfolios™ Participants (No-Load) 13,123,909 12,580,475 13,514,389 15,505,179 16,739,981 Segment 11 Versatile Portfolios™ TFSA 4,665,977 4,315,084 3,970,599 4,529,267 4,678,178 Segment 12 Versatile Portfolios™ Education Savings Plan 1,872,531 1,436,099 1,161,839 1,009,378 808,551 Segment 13 Versatile Portfolios Navigator™ 100/100 5,333,529 5,072,048 4,978,897 6,900,021 5,488,395 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 13,994,619 10,898,337 6,942,710 5,356,024 5,183,563 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 338,659 157,744 170,095 160,134 153,233 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 4,972,508 3,788,460 2,850,739 2,131,006 1,826,690 Segment 17 Versatile Portfolios Navigator™ 75/100 10,158,556 10,098,159 9,493,323 10,732,101 9,781,373 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 27,945,583 19,125,975 14,056,603 9,746,280 6,304,335 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 377,689 385,070 318,752 332,866 263,652 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 6,067,218 4,037,314 2,630,148 2,149,505 1,396,173 Segment 21 Versatile Portfolios Navigator™ 75/75 5,310,923 4,691,847 4,713,665 5,022,435 2,813,611 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 20,467,264 14,310,544 9,411,178 5,655,658 4,704,119 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 382,448 372,146 335,325 401,371 261,559 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 6,585,573 4,271,337 2,993,754 2,032,810 1,142,228

111 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators Very Conservative Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

Ratios and Supplemental Data (continued)

2020 2019 2018 2017 2016 Number of units outstanding (schedule 2) Segment 4 Versatile Asset® Participants 15,917 12,893 16,221 15,569 20,565 Segment 5 Versatile Asset® II Participants 13,424 11,080 10,718 13,072 10,917 Segment 6 Versatile Asset® III Participants 1,861 1,824 1,807 1,748 510 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 166,439 171,865 185,012 209,026 238,519 Segment 9 Versatile Portfolios™ Participants (No-Load) 78,595 80,138 91,937 102,717 113,050 Segment 11 Versatile Portfolios™ TFSA 31,314 30,808 30,278 33,640 35,426 Segment 12 Versatile Portfolios™ Education Savings Plan 12,409 10,175 8,836 7,515 6,169 Segment 13 Versatile Portfolios Navigator™ 100/100 44,775 45,492 47,904 64,946 52,841 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 118,074 98,237 67,133 50,664 50,074 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2,843 1,415 1,636 1,507 1,475 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 41,951 34,146 27,563 20,156 17,645 Segment 17 Versatile Portfolios Navigator™ 75/100 83,347 88,856 89,950 99,857 93,446 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 230,429 169,129 133,849 91,132 60,427 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 3,099 3,389 3,020 3,097 2,519 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 50,030 35,702 25,045 20,100 13,383 Segment 21 Versatile Portfolios Navigator™ 75/75 43,290 41,060 44,468 46,579 26,821 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 167,659 125,869 89,233 52,718 44,998 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 3,117 3,257 3,163 3,722 2,493 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 53,947 37,567 28,384 18,947 10,925 Management expense ratio (note 10) Segment 4 Versatile Asset® Participants 2.64% 2.65% 2.64% 2.64% 2.64% Segment 5 Versatile Asset® II Participants 2.78% 2.78% 2.78% 2.78% 2.78% Segment 6 Versatile Asset® III Participants 3.03% 3.03% 3.01% 3.01% 3.01% Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2.97% 2.97% 2.97% 2.97% 2.97% Segment 9 Versatile Portfolios™ Participants (No-Load) 3.13% 3.13% 3.14% 3.13% 3.12% Segment 11 Versatile Portfolios™ TFSA 3.12% 3.12% 3.12% 3.11% 3.11% Segment 12 Versatile Portfolios™ Education Savings Plan 2.60% 2.60% 2.60% 2.60% 2.59% Segment 13 Versatile Portfolios Navigator™ 100/100 2.67% 2.67% 2.67% 2.78% 2.77% Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2.67% 2.67% 2.67% 2.93% 2.93% Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2.67% 2.67% 2.67% 2.78% 2.77% Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2.67% 2.67% 2.67% 2.93% 2.93% Segment 17 Versatile Portfolios Navigator™ 75/100 2.28% 2.28% 2.28% 2.39% 2.38% Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2.29% 2.28% 2.28% 2.55% 2.55% Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2.28% 2.28% 2.28% 2.39% 2.38% Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2.29% 2.28% 2.28% 2.55% 2.55% Segment 21 Versatile Portfolios Navigator™ 75/75 2.17% 2.17% 2.17% 2.28% 2.27% Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2.17% 2.17% 2.17% 2.44% 2.44% Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2.17% 2.17% 2.17% 2.28% 2.27% Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2.17% 2.17% 2.17% 2.44% 2.44% Portfolio turnover rate (note 11) 73.84% 84.03% 83.84% 44.07% 57.80%

See accompanying notes to the financial statements. 112 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Diversified Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 2,045 1,762 Accounts payable 49 34 Transactions with unitholders Net assets attributable to unitholders 33,922 23,478 Unitholders' contributions 12,005 12,133 Unitholders' withdrawals (3,264) (6,115) Transfers (to) from other funds (342) 185 Net assets attributable to unitholders per unit 111.83 107.27 Net increase (decrease) from unitholders' transactions 8,399 6,203

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 10,444 7,965 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 33,922 23,478

Investment income and gains Distribution from underlying fund 969 702 Statement of Cash Flows Realized gains (losses) on sale of investments 51 172 Fund of funds (note 2) Unreal ized gains (losses) 1,510 1,258 For the years ended December 31 2020 2019 2,530 2,132 (in thousands of dollars) $ $ Expenses Management fees (note 10) 481 366 Cash flows from operating activities Audit, legal and other fees (note 10) 4 4 Increase (decrease) in net assets attributable to 485 370 unitholders 2,045 1,762 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (51) (172) unitholders 2,045 1,762 Unrealized (gains) losses (1,510) (1,258) Current liabilities 15 12 Increase (decrease) in net assets attributable to Purchases of investments (13,052) (11,969) unitholders per unit (note 13) 7.50 8.33 Proceeds from the sale of investments 5,123 6,124 Net cash from operating activities (7,430) (5,501)

Cash flows from financing activities Distributions (969) (702) Proceeds from the issuance of units 12,005 12,318 Amounts paid on redemption of units (3,606) (6,115) Net cash from financing activities 7,430 5,501

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

113 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Diversified Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators Bissett Canadian Equity Fund 16,096 2,470,678 2,528,140 7.45% Co-operators Commercial Mortgage Fund 332,824 3,358,474 3,391,811 10.00% Co-operators Concentrated Canadian Equity Fund 22,463 2,254,922 2,520,232 7.43% Co-operators Corporate Bond Fund 547,856 5,689,850 5,949,167 17.54% Co-operators Fidelity Global Real Estate Fund 114,914 1,791,845 1,692,321 4.99% Co-operators Franklin High Income Fund 326,841 2,524,935 2,538,801 7.48% Co-operators Global Equity Fund 25,134 3,015,936 3,382,390 9.97% Co-operators Preferred Share Equity Fund 724,962 6,513,746 6,820,439 20.11% Co-operators Small-Cap U.S. Equity Index Fund 19,532 2,056,865 2,550,665 7.52% Co-operators Templeton Emerging Markets Fund 32,024 711,249 857,990 2.53% Co-operators Templeton Global Bond Fund 149,502 1,765,044 1,690,491 4.98% 2,312,148 32,153,544 33,922,447 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators Bissett Canadian Equity Fund Co-operators Commercial Mortgage Fund

Royal Bank of Canada 5.27% Addenda Pooled Fund - Commercial Mortgage DC 100.00% Brookfield Asset Management Inc. A 5.17% The Toronto-Dominion Bank 4.88% Canadian Pacific Railway Ltd. 4.43% Canadian National Railway Co. 4.14%

Co-operators Concentrated Canadian Equity Fund Co-operators Corporate Bond Fund

Brookfield Asset Management 6.70% Bank of Nova Scotia 2.49% Sep 23 2024 2.81% Shopify Inc 6.44% Royal Bank of Canada FF 2.74% Jul 25 2024-29 2.77% Royal Bank of Canada 5.57% Hydro One Inc 3.63% June 25 2049 2.06% Toronto Dominion Bank 5.49% CIBC 2.35% Aug 28 2024 1.98% Canadian National Railway 5.01% Manulife Fin Corp 3.049% Aug 20 2024 -29 1.84%

Co-operators Fidelity Global Real Estate Fund Co-operators Franklin High Income Fund

Prologis Inc REIT 6.71% HCA Inc. Senior Bond, 3.5%, 09/01/2030, 2.06% Digital Realty Trust Inc 4.51% Sprint Corp. Senior Bond, 7.875%, 09/15/2023 1.50% Vonovia SE 3.67% Altice France Hldg SA Sr Sec Note, 10.5%, 05/15/2027 1.46% Duke Realty Corp REIT 3.67% Sunoco LP/Finance Corp. Sr Note, 6%, 04/15/2027 1.38% Welltower Inc 3.06% B&G Foods Inc. Senior Note, 5.25%, 09/15/2027 1.38%

Co-operators Global Equity Fund Co-operators Preferred Share Equity Fund

Nidec Corporation 3.56% Bank of Montreal 3.70% UnitedHealth Group Inc 3.46% Toronto Dominion Bank 3.66% Thermo Fisher Scientific Inc 3.36% Manulife Financial Corp 3.44% Fiserv Inc 3.29% Toronto Dominion Bank 3.30% Visa Inc 3.20% Toronto Dominion Bank 2.86%

See accompanying notes to the financial statements. 114 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Diversified Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Top Holdings of Underlying Funds (unaudited) continued As at December 31, 2020

Co-operators Small-Cap U.S. Equity Index Fund Co-operators Templeton Emerging Markets Fund

I-Shares - Russell 2000 ETF 99.38% Samsung Electronics Co. Ltd. 10.69% CAD 0.40% Taiwan Semiconductor Manufacturing Co. Ltd. 10.08% USD 0.22% Alibaba Group Holding Ltd. 8.99% Tencent Holdings Ltd. 7.13% Naver Corp. 4.12%

Co-operators Templeton Global Bond Fund

Korea Treasury Bond Senior Note, 1.375%, 09/10/2021 8.21% Govt of Indonesia Sr Bond FR70, 8.375%, 03/15/2024 5.76% Govt of Mexico Senior Note M, 7.25%, 12/09/2021 4.41% Government of Norway, 3.75%, 05/25/2021 4.01% Nota do Tesouro Nacional, 9.6092%, 01/01/2021 3.84%

115 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Diversified Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 25 Aviator™ Portfolios Series 500 75/100 113.30 107.19 98.19 102.58 - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 113.28 107.16 - - - Segment 27 Aviator™ Portfolios Series 500 75/75 113.92 107.60 98.41 102.63 - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 113.94 107.69 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 105.79 100.38 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 106.04 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 106.08 - - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 106.06 - - - -

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 25 Aviator™ Portfolios Series 500 75/100 14,321,169 15,064,427 11,242,163 1,316,184 - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 66,606 63,013 - - - Segment 27 Aviator™ Portfolios Series 500 75/75 11,927,599 8,065,625 4,270,473 811,774 - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 238,930 84,210 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 3,250,597 200,365 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 102,121 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 3,632,226 - - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 383,200 - - - - Number of units outstanding (schedule 2) Segment 25 Aviator™ Portfolios Series 500 75/100 126,397 140,537 114,491 12,831 - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 588 588 - - - Segment 27 Aviator™ Portfolios Series 500 75/75 104,702 74,958 43,396 7,910 - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 2,097 782 - - - Segment 32 Aviator™ Portfolios Series 100 75/100 30,728 1,996 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 963 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 34,239 - - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 3,613 - - - - Management expense ratio (note 10) Segment 25 Aviator™ Portfolios Series 500 75/100 1.76% 1.75% 1.76% 1.75% - Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 1.76% 1.75% - - - Segment 27 Aviator™ Portfolios Series 500 75/75 1.60% 1.58% 1.59% 1.59% - Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 1.60% 1.58% - - - Segment 32 Aviator™ Portfolios Series 100 75/100 1.99% 1.97% - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 1.99% - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 1.82% - - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 1.82% - - - - Portfolio turnover rate (note 11) 44.50% 57.04% 70.70% 158.69% -

The Co-operators AviatorTM Diversified Portfolio only came into existence in 2017 and therefore comparative information for prior years is not applicable.

See accompanying notes to the financial statements. 116 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Growth Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 766 824 Accounts payable 23 17 Transactions with unitholders Net assets attributable to unitholders 14,261 10,793 Unitholders' contributions 6,147 7,085 Unitholders' withdrawals (3,378) (3,026) Transfers (to) from other funds (67) (201) Net assets attributable to unitholders per unit 110.84 107.56 Net increase (decrease) from unitholders' transactions 2,702 3,858

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 3,468 4,682 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 14,261 10,793

Investment income and gains Distribution from underlying fund 397 268 Statement of Cash Flows Realized gains (losses) on sale of investments (26) 91 Fund of funds (note 2) Unrealized gains (losses) 617 640 For the years ended December 31 2020 2019 988 999 (in thousands of dollars) $ $ Expenses Management fees (note 10) 220 172 Cash flows from operating activities Audit, legal and other fees (note 10) 2 3 Increase (decrease) in net assets attributable to 222 175 unitholders 766 824 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments 26 (91) unitholders 766 824 Unrealized (gains) losses (617) (640) Current liabilities 6 7 Increase (decrease) in net assets attributable to Purchases of investments (7,138) (7,381) unitholders per unit (note 13) 6.87 9.37 Proceeds from the sale of investments 4,652 3,691 Net cash from operating activities (2,305) (3,590)

Cash flows from financing activities Distributions (397) (268) Proceeds from the issuance of units 6,147 7,085 Amounts paid on redemption of units (3,445) (3,227) Net cash from financing activities 2,305 3,590

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

117 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Growth Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators Bissett Canadian Equity Fund 9,030 1,319,454 1,418,351 9.95% Co-operators Commercial Mortgage Fund 91,027 874,551 927,660 6.50% Co-operators Concentrated Canadian Equity Fund 12,602 1,203,627 1,413,915 9.91% Co-operators Fidelity Global Real Estate Fund 96,704 1,434,553 1,424,153 9.99% Co-operators Franklin High Income Fund 183,366 1,348,260 1,424,332 9.99% Co-operators Global Equity Fund 15,864 1,810,619 2,134,809 14.97% Co-operators Preferred Share Equity Fund 305,042 2,609,341 2,869,831 20.13% Co-operators Small-Cap U.S. Equity Index Fund 10,958 1,098,228 1,430,989 10.03% Co-operators Templeton Emerging Markets Fund 18,864 398,736 505,422 3.54% Co-operators Templeton Global Bond Fund 62,906 707,009 711,307 4.99% 806,363 12,804,378 14,260,769 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators Bissett Canadian Equity Fund Co-operators Commercial Mortgage Fund

Co-operators Concentrated Canadian Equity Fund Co-operators Fidelity Global Real Estate Fund

Brookfield Asset Management 6.70% Prologis Inc REIT 6.71% Shopify Inc 6.44% Digital Realty Trust Inc 4.51% Royal Bank of Canada 5.57% Vonovia SE 3.67% Toronto Dominion Bank 5.49% Duke Realty Corp REIT 3.67% Canadian National Railway 5.01% Welltower Inc 3.06%

Co-operators Franklin High Income Fund Co-operators Global Equity Fund

HCA Inc. Senior Bond, 3.5%, 09/01/2030, 2.06% Nidec Corporation 3.56% Sprint Corp. Senior Bond, 7.875%, 09/15/2023 1.50% UnitedHealth Group Inc 3.46% Altice France Hldg SA Sr Sec Note, 10.5%, 05/15/2027 1.46% Thermo Fisher Scientific Inc 3.36% Sunoco LP/Finance Corp. Sr Note, 6%, 04/15/2027 1.38% Fiserv Inc 3.29% B&G Foods Inc. Senior Note, 5.25%, 09/15/2027 1.38% Visa Inc 3.20%

Co-operators Preferred Share Equity Fund Co-operators Small-Cap U.S. Equity Index Fund

Bank of Montreal 3.70% I-Shares - Russell 2000 ETF 99.38% Toronto Dominion Bank 3.66% CAD 0.40% Manulife Financial Corp 3.44% USD 0.22% Toronto Dominion Bank 3.30% Toronto Dominion Bank 2.86%

Co-operators Templeton Emerging Markets Fund Co-operators Templeton Global Bond Fund

Samsung Electronics Co. Ltd. 10.69% Korea Treasury Bond Senior Note, 1.375%, 09/10/2021 8.21% Taiwan Semiconductor Manufacturing Co. Ltd. 10.08% Govt of Indonesia Sr Bond FR70, 8.375%, 03/15/2024 5.76% Alibaba Group Holding Ltd. 8.99% Govt of Mexico Senior Note M, 7.25%, 12/09/2021 4.41% Tencent Holdings Ltd. 7.13% Government of Norway, 3.75%, 05/25/2021 4.01% Naver Corp. 4.12% Nota do Tesouro Nacional, 9.6092%, 01/01/2021 3.84%

See accompanying notes to the financial statements. 118 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Growth Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 25 Aviator™ Portfolios Series 500 75/100 112.46 107.65 97.26 103.28 - Segment 27 Aviator™ Portfolios Series 500 75/75 113.08 108.08 97.49 - - Segment 32 Aviator™ Portfolios Series 100 75/100 104.85 100.49 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 105.05 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 105.20 100.66 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 105.21 - - - -

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 25 Aviator™ Portfolios Series 500 75/100 7,662,494 7,047,247 5,075,999 1,907,774 - Segment 27 Aviator™ Portfolios Series 500 75/75 3,395,625 3,418,008 1,034,809 - - Segment 32 Aviator™ Portfolios Series 100 75/100 1,697,353 26, 631 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 125,637 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 1,298,436 301,164 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 8 1,224 - - - - Number of units outstanding (schedule 2) Segment 25 Aviator™ Portfolios Series 500 75/100 68, 137 65, 466 52, 192 18, 472 - Segment 27 Aviator™ Portfolios Series 500 75/75 30, 028 31, 626 10, 615 - - Segment 32 Aviator™ Portfolios Series 100 75/100 16, 189 265 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 1,196 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 12, 342 2,992 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 772 - - - - Management expense ratio (note 10) Segment 25 Aviator™ Portfolios Series 500 75/100 1.99% 1.97% 1.98% 1.97% - Segment 27 Aviator™ Portfolios Series 500 75/75 1.82% 1.80% 1.81% - - Segment 32 Aviator™ Portfolios Series 100 75/100 2.21% 2.19% - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2.21% - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2.04% 2.02% - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 2.04% - - - - Portfolio turnover rate (note 11) 44.27% 63.02% 57.98% 118.42% -

The Co-operators AviatorTM Growth Portfolio only came into existence in 2017 and therefore comparative information for prior years is not applicable.

119 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Income Plus Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Liabilities Increase (decrease) in net assets attributable to Current liabilities unitholders 1,963 937 Accounts payable 50 33 Transactions with unitholders Net assets attributable to unitholders 37,128 25,254 Unitholders' contributions 17,292 14,228 Unitholders' withdrawals (7,779) (3,979) Transfers (to) from other funds 398 16 Net assets attributable to unitholders per unit 109.93 105.25 Net increase (decrease) from unitholders' transactions 9,911 10,265

Net increase (decrease) in net assets Statement of Comprehensive Income attributable to unitholders 11,874 11,202 Fund of Funds (note 2) For the years ended December 31 2020 2019 Net assets attributable to unitholders at end of (in thousands of dollars except per unit amounts) $ $ year 37,128 2 5,254

Investment income and gains Distribution from underlying fund 1,033 682 Statement of Cash Flows Realized gains (losses) on sale of investments 349 212 Fund of funds (note 2) Unrealized gains (losses) 1, 075 337 For the years ended December 31 2020 2019 2,457 1,231 (in thousands of dollars) $ $ Expenses Management fees (note 10) 493 293 Cash flows from operating activities Audit, legal and other fees (note 10) 1 1 Increase (decrease) in net assets attributable to 494 294 unitholders 1,963 937 Adjustments for: Increase (decrease) in net assets attributable to Realized (gains) losses on sale of investments (349) (212) unitholders 1,963 937 Unrealized (gains) losses (1,075) (337) Current liabilities 17 15 Increase (decrease) in net assets attributable to Purchases of investments (18,999) (15,143) unitholders per unit (note 13) 6.69 5.06 Proceeds from the sale of investments 9,565 5,157 Net cash from operating activities (8,878) (9,583)

Cash flows from financing activities Distributions (1,033) (682) Proceeds from the issuance of units 17,690 14,244 Amounts paid on redemption of units (7,779) (3,979) Net cash from financing activities 8,878 9,583

Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of year - -

See accompanying notes to the financial statements. 120 Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Income Plus Portfolio Underlying funds managed by Addenda Capital Inc. and Franklin Templeton Investments

Schedule of Investment Portfolio As at December 31, 2020 (in thousands of dollars except unit amounts) Number of Average Fair % of Net Investment Units Cost Value Assets

Co-operators Bissett Canadian Equity Fund 11,732 1,802,928 1,842,732 4.96% Co-operators Bissett Short Duration Bond Fund 173,106 1,818,136 1,853,295 4.99% Co-operators Canadian Fixed Income Fund 56,298 6,477,576 7,436,635 20.03% Co-operators Commercial Mortgage Fund 545,831 5,512,731 5,562,568 14.98% Co-operators Corporate Bond Fund 855,698 8,894,784 9,292,028 25.04% Co-operators Franklin High Income Fund 238,230 1,842,463 1,850,503 4.98% Co-operators Global Equity Fund 13,740 1,649,471 1,849,039 4.98% Co-operators Preferred Share Equity Fund 594,468 5,347,313 5,592,757 15.06% Co-operators Templeton Global Bond Fund 163,455 1,931,693 1,848,269 4.98% 2,652,558 35,277,095 37,127,826 100.00%

Top Holdings of Underlying Funds (unaudited) As at December 31, 2020

Co-operators Bissett Canadian Equity Fund Co-operators Bissett Short Duration Bond Fund

Royal Bank of Canada 5.27% Canada Housing Trust, 2.35%, 09/15/2023 3.82% Brookfield Asset Management Inc. A 5.17% Canada Housing Trust, 2.35%, 06/15/2023 2.79% The Toronto-Dominion Bank 4.88% Province of Ontario, 2.6%, 09/08/2023 2.41% Canadian Pacific Railway Ltd. 4.43% Canada Housing Trust, 2.4%, 12/15/2022 1.99% Canadian National Railway Co. 4.14% Province of Ontario, 2.6%, 06/02/2025 1.97%

Co-operators Canadian Fixed Income Fund Co-operators Commercial Mortgage Fund

Ontario Prov, 1.35%, 2030-12-02 7.61% Addenda Pooled Fund - Commercial Mortgage DC 100.00% Canada Govt, 2.0%, 2051-12-01 6.85% Ontario Prov, 6.2%, 2031-06-02 6.34% Hydro Quebec, 6.0%, 2040-02-15 5.64% Canada Housing Trust, 1.75%, 2022-06-15 4.88%

Co-operators Corporate Bond Fund Co-operators Franklin High Income Fund

Bank of Nova Scotia 2.49% Sep 23 2024 2.81% HCA Inc. Senior Bond, 3.5%, 09/01/2030, 2.06% Royal Bank of Canada FF 2.74% Jul 25 2024-29 2.77% Sprint Corp. Senior Bond, 7.875%, 09/15/2023 1.50% Hydro One Inc 3.63% June 25 2049 2.06% Altice France Hldg SA Sr Sec Note, 10.5%, 05/15/2027 1.46% CIBC 2.35% Aug 28 2024 1.98% Sunoco LP/Finance Corp. Sr Note, 6%, 04/15/2027 1.38% Manulife Financial Corp 3.049% Aug 20 2024 -29 1.84% B&G Foods Inc. Senior Note, 5.25%, 09/15/2027 1.38%

Co-operators Global Equity Fund Co-operators Preferred Share Equity Fund

Co-operators Templeton Global Bond Fund

121 See accompanying notes to the financial statements. Co-operators Life Insurance Company Pooled Investment Funds

Co-operators AviatorTM Income Plus Portfolio

Financial Highlights (unaudited) For the years ended December 31

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years.

The Fund's Net Asset Value per Unit

2020 2019 2018 2017 2016 Net Asset Value per Unit (note 9) Segment 25 Aviator™ Portfolios Series 500 75/100 111.77 105.29 99.69 101.37 - Segment 27 Aviator™ Portfolios Series 500 75/75 112.36 105.68 99.89 101.42 - Segment 32 Aviator™ Portfolios Series 100 75/100 105.64 99.84 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 105.72 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 1 05.91 99.85 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 1 05.97 - - - -

Ratios and Supplemental Data

2020 2019 2018 2017 2016 Net assets Segment 25 Aviator™ Portfolios Series 500 75/100 17,532,752 16,086,103 9,997,537 2,737,926 - Segment 27 Aviator™ Portfolios Series 500 75/75 7,907,791 8,424,309 4,054,801 654,956 - Segment 32 Aviator™ Portfolios Series 100 75/100 5,625,397 478,530 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 214,296 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 5,777,650 265,091 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 69,940 - - - - Number of units outstanding (schedule 2) Segment 25 Aviator™ Portfolios Series 500 75/100 156,858 152,780 100,287 27,009 - Segment 27 Aviator™ Portfolios Series 500 75/75 70,378 79,718 40,592 6,458 - Segment 32 Aviator™ Portfolios Series 100 75/100 53,249 4,793 - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2,027 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 54,554 2,655 - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 660 - - - - Management expense ratio (note 10) Segment 25 Aviator™ Portfolios Series 500 75/100 1.61% 1.59% 1.60% 1.60% - Segment 27 Aviator™ Portfolios Series 500 75/75 1.44% 1.43% 1.44% 1.43% - Segment 32 Aviator™ Portfolios Series 100 75/100 1.83% 1.81% - - - Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 1.83% - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 1.66% 1.65% - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 1.66% - - - - Portfolio turnover rate (note 11) 73.72% 88.64% 104.35% 165.32% -

The Co-operators AviatorTM Income Plus Portfolio only came into existence in 2017 and therefore comparative information for prior years is not applicable.

See accompanying notes to the financial statements. 122 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

1. Description of the funds

The Pooled Fund Accounts (the Funds) are established as segregated funds by Co-operators Life Insurance Company (the Company) in accordance with Section 451 of the Insurance Companies Act (Canada). The Company is the sole issuer of the individual variable insurance contracts providing for investment in each Fund. The assets of the Funds are owned by the Company and are segregated from other assets. The Funds themselves are not separate legal entities. The Company is domiciled in Canada and the address of the Company’s registered office is 1900 Albert Street, Regina, Saskatchewan. The Company’s common shares are 100% owned by Co-operators Financial Services Limited (CFSL), which in turn is owned 100% by the Co-operators Group Limited (CGL).

Segregated funds consist of a specified group of assets that are segregated from the other assets of the Company. The fair value of the net assets determines the aggregate liability of the Company in respect of the arrangements it supports.

Segments of the Funds represent various options available to the unitholders with separate terms and assets notionally separated for valuation purposes. The segments represented in these financial statements are as follows:

Segment 1 - Group Retirement Products - unitholders are groups that are provided a full service plan, including investment management and full administrative services. Segment 2 - Seed Money - sole unitholder is the Company which provides seed capital upon the inception of new funds. Segment 3 - Group Retirement Products - unitholders are groups that are provided investment management services only. Segment 4 - Versatile Asset® Participants - unitholders are individual contractholders. Segment 5 - Versatile Asset® II Participants - unitholders are individual contractholders. Segment 6 - Versatile Asset® III Participants - unitholders are individual contractholders. Segment 7 - Versatile Asset® IV Participants - unitholders are individual contractholders. Segment 8 - Versatile Portfolios™ Participants - unitholders are individual contractholders of an individual variable insurance contract with a back-end load option. Segment 9 - Versatile Portfolios™ Participants - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 10 - Co-operators Group Retirement Income Product – unitholders are retired employees of the Company. Segment 11 - Versatile Portfolios™ Tax Free Savings Account – unitholders are individual contractholders of an individual variable insurance contract. Segment 12 - Versatile Portfolios™ Education Savings Plan – unitholders are individual contractholders of an individual variable insurance contract. Segment 13 - Versatile Portfolios Navigator™ 100/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 14 - Versatile Portfolios Navigator™ 100/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 15 - Versatile Portfolios Navigator™ Tax Free Savings Account 100/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 16 - Versatile Portfolios Navigator™ Tax Free Savings Account 100/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 17 - Versatile Portfolios Navigator™ 75/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 18 - Versatile Portfolios Navigator™ 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 19 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract. Segment 20 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 21 - Versatile Portfolios Navigator™ 75/75 - unitholders are individual contractholders of an individual variable insurance contract. Segment 22 - Versatile Portfolios Navigator™ 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 23 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract. Segment 24 - Versatile Portfolios Navigator™ Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 25 - AviatorTM Portfolios Series 500 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option.

123 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

1. Description of the funds (continued)

Segment 26 - AviatorTM Portfolios Series 500 Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 27 - AviatorTM Portfolios Series 500 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 28 - AviatorTM Portfolios Series 500 Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 32 - AviatorTM Portfolios Series 100 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 33 - AviatorTM Portfolios Series 100 Tax Free Savings Account 75/100 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 34 - AviatorTM Portfolios Series 100 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 35 - AviatorTM Portfolios Series 100 Tax Free Savings Account 75/75 - unitholders are individual contractholders of an individual variable insurance contract with a no-load option.

The Funds are open-ended with the value of the assets held in each Fund described for reporting purposes by reference to notional units (units) of the Fund. Such units represent simply a means of measuring the liability of the Company to the unitholder in respect of the Fund. Transactions with unitholders occur at the notional net asset value per unit.

The Funds statements include two types of funds. The asset based funds directly hold investment assets which include cash, short-term notes, bonds and debentures, and stocks. The fund of funds are segregated funds which invest entirely in units of one or more underlying funds.

Contributions, withdrawals and transfers from or to the unitholders between funds are used to acquire or redeem units in the Funds. The unit value is determined by dividing the market value of the fund, reduced by applicable fees and expenses, by the total number of units outstanding in the Funds.

The investment portfolios within each fund are professionally managed by: Addenda Capital Inc. (Addenda) BlackRock Asset Management Canada Limited Fidelity Investments Canada ULC Franklin Templeton Investments Mawer Investment Management Ltd. NEI Investments

All fund managers are independent of the Company with the exception of Addenda, a significantly-controlled subsidiary of CFSL.

2. Fund of funds

Fund of funds are segregated funds that invest solely in underlying segregated funds, underlying pooled funds or underlying mutual funds.

Each fund of funds has a target portfolio mix of underlying funds. As each underlying fund moves separately in the market, the portfolio mix will shift due to market changes. On a weekly basis, units of the underlying funds are bought or sold to bring the fund back to its target portfolio mix. These actions are shown as Fund of funds rebalancing on the Statement of Changes in Net Assets.

As the fund of funds’ assets are invested in underlying funds, the fund of funds pay their portion of the management fees and operating expenses of the underlying fund. To avoid duplication of fees and expenses, the fund of funds are directly charged only for those operating expenses that are specifically related to the operation of the fund. All such charges are included in the management expense ratio of the fund of funds.

124 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

3. Summary of significant accounting policies

Basis of preparation and statement of compliance

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") which was adopted by the Funds for fiscal years beginning January 1, 2014. References to IFRS are based on Canadian Generally Accepted Accounting Principles for publicly accountable enterprises as set out in Part 1 of the Chartered Professional Accountants of Canada (CPA) Handbook - Accounting. Part 1 of the CPA Handbook incorporates IFRS as issued by the International Accounting Standards Board (IASB).

Under IFRS, IAS 32 “Financial instruments: presentation” requires that units or shares of an entity which include a contractual obligation for the issuer to repurchase or redeem them for cash or another financial asset be classified as financial liability. As an exception, the Funds' units that meet the definition of a financial liability can be classified as equity if it meets certain conditions outlined in IAS 32. The Funds’ units do not meet the criteria in IAS 32 for classification as equity and therefore, have been classified as financial liabilities.

Classification of financial instruments

The Fund classifies its investments based on both the Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and overall performance is evaluated on a fair value basis. The contractual cash flows of the Fund’s debt instruments are solely principal and interest, however, these instruments are not held for the purpose of collecting contractual cash flows. The collection of contractual cash flows is only incidental to achieving the Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss (FVTPL). All other financial assets, including investment income receivable and receivables from investments sold, and liabilities, including payments for investments purchased and accounts payable, are held for collection or payment of contractual cash flows, and are measured at amortized cost.

Valuation of financial instruments

Under IFRS, the Fund measures the fair values of its investments using the guidance in IFRS 13 “Fair Value Measurement” which requires that if an asset or a liability has a bid price and an ask price, then its fair value is to be based on a price within the bid-ask spread that is most representative of fair value. It also allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. Consistent with industry practice, the Funds use bid price to determine the unit value used for purchase and redemption of units. A reconciliation of the trading net asset value (ask price) and GAAP net asset value (bid price) as stated in the financial statements has been provided in Note 6.

Asset based funds Investments are designated as fair value through profit or loss in accordance with IAS 39 “Financial Instruments: Recognition and Measurement”, and therefore, are recorded at fair value. The fair value of investments traded in active markets is based on quoted market prices at the close of trading on the reporting date. The quoted market price used for investments held by the pooled investment funds is the current bid price. The fair value of investments that are not traded in an active market is determined by using various valuation techniques.

Short-term notes are valued at cost. The cost of short-term notes together with accrued interest approximates their fair value.

Bonds and debentures are valued at their fair value based on the closing bid price from available public quotations of recognized dealers.

Stocks are valued at their closing bid market value based on major securities exchange listings.

There are no assets that are valued by other than quoted values.

Fund of funds Investments in underlying funds are carried at the quoted market value of the units of the underlying funds held.

125 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

3. Summary of significant accounting policies (continued)

Receivables and Other financial liabilities carried at amortized cost The Funds adopted ‘Investment Entities’, the amendment to IFRS 10, IFRS 12, and IAS 27, for the annual period beginning January 1, 2014. The amendments define an investment entity and introduce an exception to consolidating particular subsidiaries for investment entities. The Funds have applied the exception to consolidation by accounting for its investments in underlying funds at fair value through profit or loss.

Cash and cash equivalents Cash and cash equivalents include short-term investments with a maturity of three months or less from the date of acquisition.

Increase (decrease) in net assets attributable to unitholders per unit

The increase (decrease) in net assets attributable to unitholders per unit is calculated by dividing the increase (decrease) in net assets attributable to unitholders by the weighted average number of units outstanding during the year. Refer to Note 13 for the calculation.

Foreign currency

Monetary assets and liabilities in foreign currencies are translated into Canadian dollars, which is the Funds’ functional and presentation currency, at the closing rate of exchange on the valuation date. Purchases and sales of investments, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Foreign exchange gains and losses are presented as “Foreign exchange gain (loss)” in the Statement of Comprehensive Income.

Investment transactions and income recognition

Investment transactions are accounted for on the trade date, and realized gains and losses from such transactions are calculated on an average cost basis. Unrealized gains and losses are calculated by the change in fair value compared to the change in average cost. Dividend income is recorded on the ex-dividend date. Interest income is recognized pro rata over the term of the investment net of the amortization of the premium or discount. Dividends, interest and capital gains from underlying funds are recorded in the period to which the distribution relates.

Earnings

The earnings of each segregated fund are re-invested in the Fund, and result in higher unit values.

Transaction costs

Brokerage commissions and other transaction costs incurred in the purchase or sale of investments in the Funds are included in transaction costs and are expensed in the period incurred. Funds that invest only in units of an underlying investment fund are not subject to transaction costs.

Tax status

The Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada). Income of a segregated fund is deemed to be allocated to the unitholders and therefore the segregated funds will not have taxable income. In addition, capital gains and losses are deemed to be those of the unitholders and not of the Funds. Realized gains or losses may be reduced by the amount of gains or losses realized by unitholders on the redemption of their investments. As a result, no provision for income tax is required in the financial statements of the Funds.

Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. The fair value of investments is a financial statement component subject to management judgment and estimates. Actual results could differ from these estimates. Changes in estimates are recorded in the accounting period in which they are determined.

126 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

4. Adoption of new and amended accounting standards

IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”

Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" were issued in October 2018. The amendments are effective for annual periods beginning on or after January 1, 2020. The amendments update the definition of 'material' and the meaning of 'primary users of general purpose financial statements'. The Fund has determined there are no impacts of these amendments on its financial statements.

Conceptual Framework for Financial Reporting

In March 2018, the IASB revised its conceptual framework for financial reporting. The revised framework includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting). The IASB has also issued amendments that update references to the framework in certain standards. The amendments are effective for annual periods beginning on or after January 1, 2020. The Fund has determined there are no impacts of these amendments on its financial statements.

5. Future changes in accounting policies

2018-2020 Annual Improvements Cycle

Annual Improvements 2018-2020 Cycle was issued in May 2020 by the IASB and included minor amendments to IFRS 9 “Financial Instruments”. The annual improvements process is used to make necessary but non-urgent changes to IFRS that are not included in other projects. The amendments issued are all effective for annual periods beginning on or after January 1, 2022. The Fund is currently evaluating the impact that these amendments will have in its financial statements.

6. Reconciliation of trading net asset value to GAAP net asset value

The difference between trading net asset value used for unitholder valuations and GAAP net asset value reflected in the financial statements is as follows (in thousands of dollars, except per unit figures):

Net assets per unit as at Net assets as at December 31, 2020 December 31, 2020 Trading GAAP Trading GAAP net asset IAS 39 net asset net asset net asset value adjustment value value value Co-operators Balanced Fund $ 142,038 $ (211) $ 141,827 $ 297.18 $ 296.74 Co-operators Canadian Equity Fund 191,954 (448) 191,506 189.06 188.62 Co-operators Canadian Fixed Income Fund 257,117 (277) 256,840 132.24 132.09 Co-operators Canadian Resource Fund 14,661 (24) 14,637 162.60 162.33 Co-operators Money Market Fund 44,264 - 44,264 106.14 106.14 Co-operators U.S. Equity Fund 103,708 (18) 103,690 165.58 165.55

Net assets per unit as at Net assets as at December 31, 2019 December 31, 2019 Trading GAAP Trading GAAP net asset IA S 39 net asset net asset net asset value adjustment value value value Co-operators Balanced Fund $ 135,631 $ (158) $ 135,473 $ 285.04 $ 284.71 Co-operators Canadian Equity Fund 183,020 (321) 182,699 194.78 194.44 Co-operators Canadian Fixed Income Fund 228,351 (200) 228,151 125.83 125.72 Co-operators Canadian Resource Fund 22,521 (41) 22,480 184.76 184.42 Co-operators Money Market Fund 22,952 - 22,952 108.65 108.65 Co-operators U.S. Equity Fund 50,714 (22) 50,692 213.93 213.84

127 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

7. Financial risk management

There are several types of risk to which a segregated fund or an underlying fund may be subject. These include credit risk, market risk and liquidity risk. The Company sets the risk management policy for those funds managed by Addenda. A segregated fund which invests in the units of an underlying fund will be subject to the same investment risks as the underlying fund. Risks for funds managed by other than Addenda will be subject to the risk management policy of the fund manager of the underlying fund. To understand those risks and how they are managed, unitholders should consult the financial statements of those underlying funds.

The Funds are also exposed to operational risks such as custody risk. Custody risk is the risk of loss of securities held in custody occasioned by the insolvency or negligence of the custodian. Although an appropriate legal framework is in place that reduces the risk of loss of value of the securities held by the custodian, in the event of its failure, the ability of the Fund to transfer the securities might be temporarily impaired.

The risk management policy for Addenda is outlined below.

To minimize exposure to financial risk, the following investments and practices are prohibited: a) Short sales; b) Margin trading; c) Commodities; d) Lending money, except in connection with the acquisition of publicly distributed bonds, debentures or other corporate or government obligations; and e) Use of derivatives for speculation.

Credit risk

Credit risk refers to the risk of financial loss from the failure of a counterparty/debtor to honour its obligation to the Funds. The Funds are exposed to credit risk principally through investments in fixed income securities. There is an increased chance of credit risk when there is a concentration of investments made in entities in similar industry sectors, in the same geographical area or within a single entity.

The investment policy manages credit risk on the bond portfolio by setting portfolio limits for composition, issuer type, bond quality, single issuer, corporate sector, and general guidelines for geographic exposure. The bond portfolio remains very high quality. The percentage of bonds rated A or better are: December 31 December 31 2020 2019 Co-operators Balanced Fund 82.1% 84.3% Co-operators Canadian Fixed Income Fund 82.3% 85.8% Co-operators Money Market Fund 100.0% 100.0%

Short-term securities are only purchased from an approved list of investments within single issuer and quality limits (R-1 by Dominion Bond Rating Service). Bonds, debentures, notes and mortgage-backed securities are eligible to be purchased in the Canadian bond portfolio. Units or warrants are eligible only if they convert to any of the items mentioned above. There is no limit for Canadian bonds rated BBB or better, Canadian bonds rated BB or lower are not purchased unless they are convertible to the above mentioned items. The bond investments in the securities of one issuer will not be more than 10% of the total fair value of the fund unless guaranteed by the Government of Canada or one of the provinces of Canada. U.S. bonds, debentures and notes are eligible to be purchased if rated A or better by Moody’s Investor Service or Standard & Poor’s. Credit risk is also minimized through the use of guarantees. The guarantor will provide the investor with the applicable investment return, per the agreement. There is, however, still a risk that the guarantor will not be able to fulfill the guarantee.

128 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

7. Financial risk management (continued)

The Company’s credit risk exposure is the carrying value of the invested assets. Investments in Canadian equities will only be made in shares which are publicly traded on a prescribed Canadian stock exchange, relatively liquid, and for which material information is attainable. Convertibles, warrants, rights, receipts or units are allowed to be purchased as long as the underlying security is stocks. Investments in U.S. equities will be in shares listed on the New York Stock Exchange (NYSE), American Stock Exchange (AMEX) or National Association of Securities Dealers Automated Quotation System (NASDAQ). Convertibles, warrants, rights, receipts or units will be allowed to be purchased as long as the underlying security is a qualified stock. Investments in Global equities will be in shares listed on stock exchanges anywhere in the world. This primarily includes, but is not limited to the Toronto Stock Exchange (TSX), NYSE, NASDAQ, AMEX, Frankfurt Stock Exchange, London Stock Exchange, Paris Stock Exchange, Tokyo Stock Exchange, and Singapore Stock Exchange. Convertibles, warrants, rights, receipts or units will be allowed to be purchased as long as the underlying security is a qualified stock. A single stock investment will not be more than 10% of the fair value of all stocks held by the Fund and no more than 10% of any class of the outstanding voting securities of a single issuer may be acquired.

The Funds may use derivatives, such as options, forwards, and futures to hedge against potential loss. The Funds may also use derivatives for non-hedging purposes in order to invest indirectly in securities or financial markets, to gain exposure to other currencies and to provide protection for the Funds’ assets. Any use of derivatives will be consistent with the investment objectives of the Funds and will comply with Canadian securities regulations. The Funds will not use derivatives for speculation. These practices are put in place to minimize the Funds’ exposure to risk due to: the risk that changes in the value of a hedging instrument will not match those of the investment being hedged; a market may not exist when the Funds want to close out their position in a derivative; the Funds could experience a loss if the other party to a derivative is unable to fulfil its obligations and the Funds could experience a loss if they have an open position in certain derivatives with a dealer who goes bankrupt.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is comprised of three types of risks:

a) Equity Risk

Equity risk is where fluctuations in the value of equity securities affects the level and timing of recognition of gains and losses on securities held, and causes changes in realized and unrealized gains and losses.

The following table represents the fair value of stocks, the percentage of the fair value of stocks in total investments, and the estimated effect on net assets of a 10% movement in stock markets with all other variables held constant (in thousands of dollars): Percentage of Effect of 10% total movement on Fair value investments net assets December 31 December 31 December 31 2020 2020 2020 Co-operators Balanced Fund $ 80,204 56.64% $ 8,020 Co-operators Canadian Equity Fund 187,385 97.81% 18,739 Co-operators Canadian Resource Fund 14,431 98.68% 1,443 Co-operators U.S. Equity Fund 103,479 99.59% 10,348

Effect of 10% Percentage of movement on net Fair value total investments assets December 31 December 31 December 31 2019 2019 2019 Co-operators Balanced Fund $ 81,830 60.52% $ 8,183 Co-operators Canadian Equity Fund 176,090 96.37% 17,609 Co-operators Canadian Resource Fund 22,000 97.99% 2,200 Co-operators U.S. Equity Fund 50,501 99.48% 5,050

129 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

7. Financial risk management (continued)

b) Foreign Exchange Risk

Foreign exchange risk represents the risk that the Funds incur losses due to exposure to foreign currency fluctuations.

The Funds’ foreign exchange risk is related to its stock holdings. A 10% change in the value of the United States dollar would affect the net assets by (in thousands of dollars): December 31 December 31 2020 2019 Co-operators Balanced Fund $ 1,910 $ 2,015 Co-operators U.S. Equity Fund 10,348 5,050

c) Interest Rate Risk

Interest rate risk is the potential for financial loss arising from changes in interest rates. This risk arises when the asset cash flows do not coincide with the cash flows arising from the liabilities, as this may result in the need to either sell assets to meet portfolio payments and expenses or reinvest excess asset cash flows under unfavorable interest environments.

The value of a fund that invests in fixed income securities, such as bonds, treasury bills and commercial paper, is directly affected by changes in the general level of interest rates. As interest rates increase, the price of these types of securities tends to fall. Conversely, if interest rates fall, the price of fixed income securities increases. As a result, funds that invest in certain fixed income securities can experience gains or losses during periods of changing interest rates. Many kinds of fixed income securities have prepayment terms which allow the issuer to repay the principal prior to maturity. During periods of falling interest rates, the Funds may be compelled to unexpectedly reinvest in securities with lower interest rates.

The impact on the net assets of the Funds from a 1% move in interest rate would be (in thousands of dollars):

December 31 December 31 2020 2019 Co-operators Balanced Fund $ 5,300 $ 4,083 Co-operators Canadian Fixed Income Fund 22,816 18,978 Co-operators Money Market Fund 189 98

The following tables represents the exposure to debt instruments by maturity date (in thousands of dollars):

December 31, 2020 Less than 6 - 10 Greater 1 year 1 - 3 years 4 - 5 years years than 10 Co-operators Balanced Fund $ 3,651 $ 12,265 $ 7,739 $ 12,333 $ 25,426 Co-operators Canadian Equity Fund 3,408 - - - - Co-operators Canadian Fixed Income Fund 8,231 47,860 34,176 59,612 106,479 Co-operators Money Market Fund 45,048 - - - -

December 31, 2019 Less than 1 Greater year 1 - 3 years 4 - 5 years 6 - 10 years than 10 Co-operators Balanced Fund $ 5,482 $ 9,065 $ 13,111 $ 6,996 $ 18,783 Co-operators Canadian Equity Fund 6,213 - - - - Co-operators Canadian Fixed Income Fund 7,453 37,518 62,368 41,060 81,086 Co-operators Canadian Resource Fund 372 - - - - Co-operators Money Market Fund 22,790 - - - -

130 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

7. Financial risk management (continued)

Liquidity risk

Liquidity risk is the risk of having insufficient cash resources to meet financial obligations or selling assets on a forced basis. The Funds are exposed to liquidity risk due to the possibility of daily cash redemptions of units, redemption of units in an illiquid market and the risk of fund managers not having the liquidity for payout. The Funds mitigate this risk by investing in liquid investments that are traded in an active market and can be readily disposed. All financial liabilities mature in less than three months.

8. Related party transactions

The Company provided capital to seed these funds at inception. The number of units held by the Company in the Funds is as follows: December 31 December 31 2020 2019 Co-operators Bissett Canadian Dividend Fund 494 494 Co-operators Ethical Canadian Equity Fund 347 347 Co-operators Ethical International Equity Fund 500 500 Co-operators Ethical Select Balanced Portfolio 250 250 Co-operators Ethical Select Conservative Portfolio 310 310 Co-operators Ethical Select Grow th Portfolio 180 180 Co-operators Ethical Select Income Portfolio 299 299 Co-operators Global Equity Fund 1,171 1,171 Co-operators Maw er Balanced Fund 207 207 Co-operators Maw er Canadian Equity Fund 129 129 Co-operators Maw er International Equity Fund 227 227

The Company ensures the daily administration of the Funds and provides the Funds, or ensures the Funds are provided, with all services required to function properly. The Funds paid the Company for management services which are in the normal course of operations and are established at terms and conditions using available market information as follows (in thousands of dollars):

December 2020 December 2019 Paid Payable Paid Payable Co-operators Balanced Fund $ 1,749 $ 165 $ 1,731 $ 170 Co-operators Canadian Equity Fund 4,117 405 4,010 401 Co-operators Canadian Fixed Income Fund 5,437 535 4,910 495 Co-operators Canadian Resource Fund 445 32 528 51 Co-operators Money Market Fund 427 52 271 28 Co-operators U.S. Equity Fund 2,165 234 1,063 111 Co-operators Global Equity Fund 217 24 150 18 $ 14,557 $ 1,447 $ 12,663 $ 1,274

9. Trading net asset value per unit

The trading net asset value is calculated for each segment by dividing the trading net asset value by the number of units outstanding. The trading net asset value per unit is determined as of the close of each business day. The units of the funds are sold and redeemable at the current trading net asset value per unit at the option of the unitholder.

131 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

10. Management expense ratio

Each fund is responsible for the payment of all third party expenses relating to its operations, including but not limited to, legal, accounting, audit, trustee, custodial fees and costs of regulatory documentation.

Management fees cover the charges incurred by the Funds for the investment and administration of the segregated funds, and are calculated based on the net asset value of the segregated funds. The management expense ratio is calculated by dividing all fees, charges and other expenses paid or payable by the segregated fund (plus taxes), during the financial year by the average net asset value of the segregated fund. Management expense ratios are calculated for individual retirement and investment services only.

11. Portfolio turnover rate

The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

The portfolio turnover rate is disclosed in the first full year after the underlying fund’s inception. The Fund may not have a fiscal year end of December 31, therefore the reported portfolio rates are not necessarily as at December 31.

The portfolio turnover ratio is not required to be disclosed for money market funds.

12. Fair value estimation

The Fund is responsible for determining the fair value of its investment portfolio by utilizing market-driven measurements obtained from active markets where available, by considering other observable and unobservable inputs and by employing valuation techniques that make use of current market data. Assets and liabilities recorded at fair value in the statement of net assets are measured and classified in a hierarchy consisting of three levels for disclosure purposes. The three levels are based on the significance and reliability of the inputs to the respective valuation techniques. The input levels are defined as follows:

Level 1 - Quoted prices

Level 1 – Quoted prices represents unadjusted quoted prices for identical instruments exchanged in active markets. The fair value is determined based on quoted prices in active markets obtained from external pricing sources. The investments classified within Level 1 are valued at the bid price recorded by the securities exchanges on which such investments are principally traded at the financial reporting date. Securities not traded on the valuation date are valued at the last recorded bid price used on the previous valuation day if the former is not available.

Level 2 - Significant other observable inputs

Level 2 – Significant other observable inputs includes directly or indirectly observable inputs other than quoted prices for identical instruments exchanged in active markets. These inputs include quoted prices for similar instruments exchanged in active markets; quoted prices for identical or similar instruments exchanged in inactive markets; inputs other than quoted prices that are observable for the instruments, such as interest rates and yield curves, volatilities, prepayment spreads, loss severities, credit risks and default rates where available; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Investment funds classified in Level 2 were fair valued using the net asset value of the investment fund, as reported by the respective investee fund administrator. For these investment funds management believes the Fund could have redeemed its investment at the net asset value per unit at the financial statement date.

132 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

12. Fair value estimation (continued)

Level 3 - Significant unobservable inputs

Level 3 – Significant unobservable inputs includes inputs that are not based on observable market data. Management is required to use its own assumptions regarding unobservable inputs as there is little, if any, market activity in these assets or liabilities or related observable inputs that can be corroborated at the measurement date. Unobservable inputs require significant management judgment or estimation to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities. To verify pricing, the Company assesses the reasonability of the fair values by comparing to industry accepted valuation models, to movements in credit spreads and to recent transaction prices for similar assets where available.

The following table summarizes the inputs used in valuing the Fund’s investments at fair value as at (in thousands of dollars):

December 31, 2020 Fair Value Level 1 Level 2 Level 3 Total

Co-operators Balanced Fund Cash and cash equivalents $ 26 $ - $ - $ 26 Short-term notes - 2,069 - 2,069 Bonds and debentures - 59,345 - 59,345 Stocks 80,204 - - 80,204 $ 80,230 $ 61,414 $ - $ 141,644

Co-operators Canadian Equity Fund Cash and cash equivalents $ 888 $ - $ - $ 888 Short-term notes - 3,408 - 3,408 Stocks 187,385 - - 187,385 $ 188,273 $ 3,408 $ - $ 191,681

Co-operators Canadian Fixed Income Fund Cash and cash equivalents $ 973 $ - $ - $ 973 Short-term notes - 560 - 560 Bonds and debentures - 255,798 - 255,798 $ 973 $ 256,358 $ - $ 257,331

Co-operators Canadian Resource Fund Cash and cash equivalents $ (141) $ - $ - $ (141) Stocks 14,431 - - 14,431 $ 14,290 $ - $ - $ 14,290

Co-operators Money Market Fund Cash and cash equivalents $ (757) $ - $ - $ (757) Short-term notes - 43,390 - 43,390 Bonds and debentures - 1,658 - 1,658 $ (757) $ 45,048 $ - $ 44,291

Co-operators U.S. Equity Fund Cash and cash equivalents $ (70) $ - $ - $ (70) Stocks 103,479 - - 103,479 $ 103,409 $ - $ - $ 103,409

133 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

12. Fair value estimation (continued)

December 31, 2019 Fair Value Level 1 Level 2 Level 3 Total

Co-operators Balanced Fund Cash and cash equivalents $ (68) $ - $ - $ (68) Short-term notes - 4,853 - 4,853 Bonds and debentures - 48,584 - 48,584 Stocks 81,830 - - 81,830 $ 81,762 $ 53,437 $ - $ 135,199

Co-operators Canadian Equity Fund Cash and cash equivalents $ 419 $ - $ - $ 419 Short-term notes - 6,213 - 6,213 Stocks 176,090 - - 176,090 $ 176,509 $ 6,213 $ - $ 182,722

Co-operators Canadian Fixed Income Fund Cash and cash equivalents $ 1,163 $ - $ - $ 1,163 Short-term notes - 2,651 - 2,651 Bonds and debentures - 226,834 - 226,834 $ 1,163 $ 229,485 $ - $ 230,648

Co-operators Canadian Resource Fund Cash and cash equivalents $ 79 $ - $ - $ 79 Short-term notes - 372 - 372 Stocks 22,000 - - 22,000 $ 22,079 $ 372 $ - $ 22,451

Co-operators Money Market Fund Cash and cash equivalents $ 97 $ - $ - $ 97 Short-term notes - 20,789 - 20,789 Bonds and debentures - 2,001 - 2,001 $ 97 $ 22,790 $ - $ 22,887

Co-operators U.S. Equity Fund Cash and cash equivalents $ 294 $ - $ - $ 294 Stocks 50,501 - - 50,501 $ 50,795 $ - $ - $ 50,795

All Fund of funds investment in investment funds units have been classified as Level 2. During the years ended December 31, 2020 and 2019 there were no financial assets transferred between Level 1, Level 2 or Level 3.

134 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

13. Increase (decrease) in net assets attributable to unitholders per unit

The increase (decrease) in net assets attributable to unitholders per unit as of December 31 is as follows (in thousands of dollars except per unit amounts):

Increase (decrease) Weighted Increase (decrease) in net assets average units in net assets attributable outstanding attributable to to unitholders during the period unitholders per unit

Co-operators Balanced Fund 2020 8,930 480,389 18.59 2019 18,621 471,603 39.48 Co-operators Canadian Equity Fund 2020 3,247 1,011,523 3.21 2019 31,601 914,737 34.55 Co-operators Canadian Fixed Income Fund 2020 15,662 1,834,790 8.54 2019 9,864 1,700,841 5.80 Co-operators Canadian Resource Fund 2020 (3,099) 117,132 (26.46) 2019 3,763 126,700 29.70 Co-operators Money Market Fund 2020 (111) 327,612 (0.34) 2019 145 195,157 0.74 Co-operators U.S. Equity Fund 2020 14,567 610,743 23.85 2019 9,447 234,541 40.28 Co-operators Global Equity Fund 2020 1,210 106,822 11.33 2019 1,355 66,120 20.49 Co-operators Bissett Canadian Dividend Fund 2020 (1,634) 771,640 (2.12) 2019 3,766 738,367 5.10 Co-operators Ethical Canadian Equity Fund 2020 (14) 8,398 (1.67) 2019 191 8,420 22.68 Co-operators Ethical International Equity Fund 2020 17 1,859 9.14 2019 57 2,289 24.90 Co-operators Ethical Select Balanced Portfolio 2020 422 46,428 9.09 2019 676 46,164 14.64 Co-operators Ethical Select Conservative Portfolio 2020 181 27,069 6.69 2019 295 25,676 11.49 Co-operators Ethical Select Grow th Portfolio 2020 369 33,422 11.04 2019 568 30,894 18.39 Co-operators Ethical Select Income Portfolio 2020 65 11,282 5.76 2019 152 14,476 10.50 Co-operators Fidelity Canadian Bond Fund 2020 3,140 412,829 7.61 2019 2,049 371,369 5.52 Co-operators Fidelity Global Fund 2020 7,300 226,339 32.25 2019 6,371 217,632 29.27 Co-operators Fidelity True North® Fund 2020 7,630 436,860 17.47 2019 10,809 413,049 26.17 Co-operators Maw er Balanced Fund 2020 12,831 1,055,251 12.16 2019 13,979 887,140 15.76 Co-operators Maw er Canadian Equity Fund 2020 2,992 796,031 3.76 2019 17,091 715,282 23.89 Co-operators Maw er International Equity Fund 2020 14,010 978,592 14.32 2019 14,518 946,624 15.34

135 Co-operators Life Insurance Company Pooled Investment Funds

Notes to the Financial Statements

13. Increase (decrease) in net assets attributable to unitholders per unit (continued)

Increase (decrease) Weighted Increase (decrease) in net assets average units in net assets attributable outstanding attributable to to unitholders during the period unitholders per unit

Co-operators Aggressive Balanced Fund 2020 1,098 63,270 17.35 2019 2,330 65,350 35.65 Co-operators Conservative Balanced Fund 2020 774 51,304 15.09 2019 1,170 51,491 22.72 Co-operators Aggressive Portfolio 2020 12,149 992,722 12.24 2019 20,406 927,589 22.00 Co-operators Conservative Portfolio 2020 12,880 1,337,123 9.63 2019 15,467 1,229,311 12.58 Co-operators Moderate Portfolio 2020 19,699 1,854,541 10.62 2019 27,936 1,703,815 16.40 Co-operators Very Aggressive Portfolio 2020 4,240 308,314 13.75 2019 8,040 292,827 27.46 Co-operators Very Conservative Portfolio 2020 9,140 1,066,727 8.57 2019 8,077 938,198 8.61 Co-operators Aviator™ Diversified Portfolio 2020 2,045 272,497 7.50 2019 1,762 211,569 8.33 Co-operators Aviator™ Grow th Portfolio 2020 766 111,547 6.87 2019 824 87,947 9.37 Co-operators Aviator™ Income Plus Portfolio 2020 1,963 293,554 6.69 2019 937 185,249 5.06

14. Capital Management

Units issued and outstanding are considered to be capital of the Funds. The Funds are not subject to externally imposed capital requirements and have no legal restrictions on the issue, repurchase or resale of redeemable units. The capital received by a Fund is managed to achieve its investment objective while maintaining liquidity to satisfy unitholder redemptions.

Units are redeemable at the NAV per unit of the respective Fund. A right to redeem units of a Fund may be suspended with the approval of the Canadian Securities Administrators. Changes in the units issued and outstanding of each Fund for the year ended December 31, 2020, are reported in the Statements of Changes in Net Assets Attributable to Unitholders.

136 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 1 (unaudited)

Increase (decrease) in net assets attributable to unitholders per unit by segment

Increase (decrease) in net assets attributable to unitholders per unit by segment is as follows:

Increase (decrease) in net assets attributable to Segment Segment Segment Segment Segment Segment Segment unitholders per unit 4 5 6 7 8 9 11

Co-operators Balanced Fund 2020 34.49 15.67 14.83 14.89 13.69 12.55 12.77 2019 69.03 32.31 28.06 31.02 27.98 29.64 24.23 Co-operators Canadian Equity Fund 2020 7. 72 5. 08 4. 07 3. 96 3. 79 3. 46 3.25 2019 76.16 51.12 36.98 49.68 38.39 35.10 33.18 Co-operators Canadian Fixed Income Fund 2020 13.94 10.33 8. 54 11.28 9. 25 9. 25 8.15 2019 8. 66 6. 96 8. 15 6. 58 6. 13 6. 07 5.30 Co-operators Canadian Resource Fund 2020 (43.40) (38.82) (39.34) (26.99) (27.40) (34.28) (16.53) 2019 40.75 38.12 32.91 39.15 34.21 34.21 19.11 Co-operators Money Market Fund 2020 (0.42) (0.32) (0.04) (0.22) (0.43) (0.37) (0.58) 2019 0. 86 0. 65 0. 08 0. 73 0. 70 0. 72 0.76 Co-operators U.S. Equity Fund 2020 32.98 20.63 27.17 46.33 23.25 22.35 24.96 2019 69.71 26.16 37.27 53.05 45.58 47.49 61.08 Co-operators Bissett Canadian Dividend Fund 2020 (9.71) (9.20) (8.82) - (8.58) (8.90) (9.28) 2019 12.90 18.38 18.75 - 17.79 18.23 17.40 Co-operators Ethical Canadian Equity Fund 2020 (0.92) (1.21) - - (1.88) (1.91) (0.93) 2019 25.89 25.03 - - 23.77 23.72 27.07 Co-operators Ethical International Equity Fund 2020 10.45 9. 47 - - 6. 04 8. 19 8.98 2019 12.90 19.08 - - 24.37 29.42 22.08 Co-operators Ethical Select Balanced Portfolio 2020 2. 45 10.31 11.47 - 10.10 9. 28 10.54 2019 15.27 14.25 16.25 - 14.67 14.77 15.88 Co-operators Ethical Select Conservative Portfolio 2020 7. 23 - - - 6. 62 7. 03 7.16 2019 36.58 - - - 11.07 10.29 11.94 Co-operators Ethical Select Growth Portfolio 2020 13.00 12.32 - - 11.92 12.52 16.42 2019 20.27 19.77 - - 20.87 19.74 18.80 Co-operators Ethical Select Income Portfolio 2020 4. 24 4. 01 4. 11 - 0. 92 6. 10 4.48 2019 12.54 13.84 12.19 - 12.10 10.27 10.52 Co-operators Fidelity Canadian Bond Fund 2020 10.13 9. 44 8. 03 - 8. 59 8. 57 7.67 2019 5. 96 8. 70 6. 01 - 5. 99 5. 91 5.52 Co-operators Fidelity Global Fund 2020 35.03 35.14 31.57 - 33.95 36.46 44.26 2019 31.90 32.13 30.44 - 30.33 30.60 39.35 Co-operators Fidelity True North® Fund 2020 29.02 28.83 27.17 - 27.93 26.35 22.44 2019 41.66 39.30 38.62 - 39.45 36.79 31.90 Co-operators Mawer Balanced Fund 2020 13.48 16.50 25.50 - 13.81 13.73 13.90 2019 18.91 19.01 17.24 - 17.01 16.75 16.21 Co-operators Mawer Canadian Equity Fund 2020 4. 48 4. 49 4. 42 - 4. 34 4. 25 4.33 2019 26.32 25.44 27.07 - 26.40 26.30 26.68 Co-operators Mawer International Equity Fund 2020 20.48 19.80 20.24 - 19.73 19.50 19.87 2019 20.59 20.66 20.62 - 20.60 20.71 20.99 Co-operators Aggressive Balanced Fund 2020 17.56 16.59 15.62 10.38 14.88 13.46 10.57 2019 30.19 35.70 29.17 36.15 30.41 26.52 28.93 Co-operators Conservative Balanced Fund 2020 22.49 17.74 13.92 - 13.82 11.06 11.27 2019 26.93 24.95 20.84 - 21.28 20.85 17.15 Co-operators Aggressive Portfolio 2020 16.07 15.39 15.85 - 15.71 15.48 - 2019 28.47 27.87 26.26 - 26.52 26.94 25.15 Co-operators Conservative Portfolio 2020 13.78 12.87 9. 96 - 12.08 11.66 - 2019 13.72 15.92 14.30 - 15.09 14.69 13.89 Co-operators Moderate Portfolio 2020 14.56 13.99 14.43 - 13.65 13.36 - 2019 21.37 19.02 19.07 - 20.13 19.45 17.97 Co-operators Very Aggressive Portfolio 2020 19.12 18.71 12.06 - 18.48 18.69 - 2019 38.14 37.65 36.10 - 35.14 35.29 34.98 Co-operators Very Conservative Portfolio 2020 12.72 12.14 9. 78 - 10.05 9. 71 - 2019 9. 89 10.41 9. 87 - 9. 90 9. 22 9.17

137 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 1 (unaudited)

Increase (decrease) in net assets attributable to unitholders per unit by segment (continued)

Increase (decrease) in net assets attributable to Segment Segment Segment Segment Segment Segment Segment unitholders per unit 12 13 14 15 16 17 18

Co-operators Balanced Fund 2020 12.80 7.72 8.51 8.50 8.17 8.30 9.05 2019 25.57 16.74 20.41 14.51 18.72 16.93 21.32 Co-operators Canadian Equity Fund 2020 3.00 2.00 2.23 2.12 2.29 2.19 2.32 2019 30.72 21.18 25.77 21.82 22.84 22.40 27.24 Co-operators Canadian Fixed Income Fund 2020 8.77 6.36 7.21 7.27 7.39 6.99 7.75 2019 5.87 4.32 5.29 4.48 4.87 4.55 5.53 Co-operators Canadian Resource Fund 2020 (12.42) (8.47) (12.00) (17.54) (18.27) (17.58) (22.78) 2019 15.24 13.60 8.31 16.45 17.51 16.30 16.51 Co-operators Money Market Fund 2020 (0.44) (0.35) (0.42) - (0.37) (0.34) (0.26) 2019 0.78 0.64 0.52 - 0.55 0.54 0.88 Co-operators U.S. Equity Fund 2020 25.90 17.27 21.23 - 21.76 19.35 21.96 2019 69.41 25.06 34.02 - 39.77 28.74 34.95 Co-operators Global Equity Fund 2020 - 10.39 12.08 3.85 11.76 12.20 12.76 2019 - 8.19 15.74 19.47 14.91 15.80 24.35 Co-operators Bissett Canadian Dividend Fund 2020 (9.92) (8.10) (7.52) (7.28) (8.42) (8.27) (6.67) 2019 21.16 15.69 18.05 12.78 18.12 12.53 15.82 Co-operators Ethical Canadian Equity Fund 2020 (2.14) (1.26) (1.18) (1.25) (1.94) (1.36) (1.47) 2019 28.13 10.37 19.84 3.02 0.86 18.86 43.46 Co-operators Ethical International Equity Fund 2020 10.32 ------2019 36.97 ------Co-operators Ethical Select Balanced Portfolio 2020 10.89 8.91 9.03 - 8.48 4.96 9.52 2019 15.22 12.26 19.74 - 14.39 13.10 12.39 Co-operators Ethical Select Conservative Portfolio 2020 4.07 5.98 6.97 - 6.55 3.84 6.41 2019 10.74 10.17 13.61 3.06 21.56 12.23 11.83 Co-operators Ethical Select Growth Portfolio 2020 13.71 9.87 8.10 13.52 10.38 12.08 9.99 2019 22.03 15.84 16.46 31.14 14.11 16.32 17.26 Co-operators Ethical Select Income Portfolio 2020 4.01 - 9.68 3.99 5.41 - 7.25 2019 13.28 - 7.21 11.60 11.82 - 11.46 Co-operators Fidelity Canadian Bond Fund 2020 8.24 6.13 6.81 7.65 7.03 6.41 7.59 2019 5.94 4.37 5.43 4.27 5.01 4.66 5.43 Co-operators Fidelity Global Fund 2020 48.98 26.02 27.50 26.57 28.60 26.55 29.69 2019 45.44 23.89 25.01 23.23 25.83 24.99 28.94 Co-operators Fidelity True North® Fund 2020 20.11 11.00 12.39 11.24 12.76 11.87 12.78 2019 29.53 16.57 19.65 17.18 18.04 17.68 21.03 Co-operators Mawer Balanced Fund 2020 15.94 9.88 10.62 9.88 11.94 10.55 11.83 2019 20.84 12.94 15.04 12.82 15.51 12.85 16.99 Co-operators Mawer Canadian Equity Fund 2020 4.84 2.99 3.23 3.09 3.37 3.19 3.46 2019 29.90 18.42 22.66 19.07 20.10 19.84 24.08 Co-operators Mawer International Equity Fund 2020 22.08 13.66 15.56 14.82 15.89 14.55 16.34 2019 23.43 15.09 18.24 15.26 16.05 15.84 18.99 Co-operators Aggressive Balanced Fund 2020 12.55 13.47 - - - - - 2019 25.85 ------Co-operators Conservative Balanced Fund 2020 14.14 13.18 - - - - - 2019 20.42 ------Co-operators Aggressive Portfolio 2020 14.72 15.52 9.13 10.09 8.10 9.89 9.98 2019 26.77 15.89 19.21 15.74 17.47 16.73 19.89 Co-operators Conservative Portfolio 2020 11.32 11.28 7.68 8.19 7.82 8.57 8.02 2019 14.44 9.26 10.77 9.86 10.94 10.53 12.25 Co-operators Moderate Portfolio 2020 12.49 12.92 7.59 9.09 8.99 9.05 8.69 2019 19.18 12.03 15.34 13.01 12.99 12.65 16.24 Co-operators Very Aggressive Portfolio 2020 16.44 18.66 9.76 8.87 10.20 10.77 9.97 2019 35.43 20.19 17.73 19.28 17.77 21.30 22.83 Co-operators Very Conservative Portfolio 2020 8.73 9.78 6.59 7.53 9.47 7.75 6.98 2019 9.17 9.53 6.86 8.76 6.17 7.64 7.03

138 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 1 (unaudited)

Increase (decrease) in net assets attributable to unitholders per unit by segment (continued)

Increase (decrease) in net assets attributable to Segment Segment Segment Segment Segment Segment unitholders per unit 19 20 21 22 23 24

Co-operators Balanced Fund 2020 8.60 8.75 8.22 8.42 7.39 11.33 2019 15.76 18.81 17.19 22.99 18.28 18.64 Co-operators Canadian Equity Fund 2020 2.19 2.45 2.19 2.44 2.21 2.52 2019 22.31 26.27 22.33 27.58 22.54 25.68 Co-operators Canadian Fixed Income Fund 2020 6.82 7.92 6.98 7.65 6.86 8.14 2019 4.60 5.50 4.55 5.61 4.65 5.41 Co-operators Canadian Resource Fund 2020 (23.80) (17.73) (11.23) (6.45) (19.09) (13.21) 2019 20.42 16.16 16.66 22.00 14.96 20.44 Co-operators Money Market Fund 2020 (0.15) (0.29) (0.37) (0.35) (0.47) (0.31) 2019 0.16 1.09 0.62 0.84 0.64 0.89 Co-operators U.S. Equity Fund 2020 17.31 20.82 21.53 23.70 17.75 23.73 2019 30.05 42.05 32.14 36.34 32.32 30.03 Co-operators Global Equity Fund 2020 12.45 13.33 11.62 13.08 12.35 12.78 2019 16.39 16.48 14.50 22.68 15.93 18.08 Co-operators Bissett Canadian Dividend Fund 2020 (6.12) (9.34) (7.97) (7.85) (8.69) (5.44) 2019 18.15 14.79 19.40 20.24 18.55 19.01 Co-operators Ethical Canadian Equity Fund 2020 (1.80) (1.44) (1.44) (1.15) (0.76) (1.73) 2019 26.64 20.30 19.06 34.45 25.99 19.67 Co-operators Ethical Select Balanced Portfolio 2020 10.02 12.87 9.09 7.25 10.55 10.66 2019 14.55 12.73 13.00 14.98 13.42 15.87 Co-operators Ethical Select Conservative Portfolio 2020 - 8.02 6.30 11.80 - 6.78 2019 10.99 16.49 10.63 11.48 - 12.09 Co-operators Ethical Select Growth Portfolio 2020 - 9.40 10.53 10.25 10.24 12.11 2019 16.94 17.29 17.27 19.33 16.41 18.68 Co-operators Ethical Select Income Portfolio 2020 4.05 4.70 3.29 2.75 4.63 7.97 2019 13.72 14.85 4.52 10.46 12.00 15.95 Co-operators Fidelity Canadian Bond Fund 2020 6.16 7.70 6.39 7.34 6.38 7.83 2019 4.65 5.70 4.62 5.75 4.55 5.58 Co-operators Fidelity Global Fund 2020 27.14 29.56 27.93 33.07 28.33 32.77 2019 24.54 26.92 24.94 31.49 24.84 27.05 Co-operators Fidelity True North® Fund 2020 12.57 13.27 12.42 13.83 12.54 14.48 2019 17.98 21.08 17.76 21.77 18.39 20.32 Co-operators Mawer Balanced Fund 2020 10.93 11.85 10.89 12.59 11.22 11.98 2019 12.87 15.84 13.41 17.00 12.92 15.56 Co-operators Mawer Canadian Equity Fund 2020 3.23 3.59 3.20 3.49 3.24 3.68 2019 19.36 23.11 20.07 23.96 20.19 22.77 Co-operators Mawer International Equity Fund 2020 15.14 16.84 15.30 16.62 15.29 17.29 2019 15.07 18.33 15.90 19.03 16.23 18.04 Co-operators Aggressive Portfolio 2020 9.73 9.10 8.10 9.71 10.69 10.16 2019 16.52 19.08 16.86 21.01 16.10 18.26 Co-operators Conservative Portfolio 2020 8.72 7.65 7.82 7.81 8.37 7.61 2019 9.80 12.51 10.59 11.76 10.31 12.26 Co-operators Moderate Portfolio 2020 9.20 9.00 8.99 8.86 9.79 8.77 2019 13.00 15.15 12.39 15.50 13.11 15.07 Co-operators Very Aggressive Portfolio 2020 11.15 11.15 10.20 10.67 11.49 11.34 2019 19.87 23.20 20.80 25.02 21.53 22.65 Co-operators Very Conservative Portfolio 2020 8.61 6.69 9.47 7.31 8.31 7.12 2019 7.32 8.72 6.62 9.02 7.18 8.45

139 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 1 (unaudited)

Increase (decrease) in net assets attributable to unitholders per unit by segment (continued)

Increase (decrease) in net assets attributable Segment Segment Segment Segment Segment Segment Segment Segment to unitholders per unit 25 26 27 28 32 33 34 35

Co-operators Aviator™ Diversified Portfolio 2020 6.33 6.83 7.54 14.00 10.79 48.86 12.06 8.60 2019 7.94 13.10 9.01 10.46 15.41 - - - Co-operators Aviator™ Growth Portfolio 2020 6.20 - 7.13 - 10.08 18.04 7.22 8.80 2019 8.31 - 11.55 - 18.48 - 46.08 - Co-operators Aviator™ Income Plus Portfolio 2020 5.78 - 5.96 - 9.97 10.53 9.79 3.67 2019 4.51 - 6.19 - 12.13 - 8.89 -

140 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units

During the periods ended December 31 the number of units issued, redeemed and outstanding are as follows:

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Balanced Fund

Segment 1 Group Retirement Products 2020 263,372 15,536 20,204 258,704 2019 265,682 13,711 16,021 263,372 Segment 4 Versatile Asset® Participants 2020 28,317 603 2,877 26,043 2019 32,580 623 4,886 28,317 Segment 5 Versatile Asset® II Participants 2020 26,111 745 2,828 24,028 2019 28,975 509 3,373 26,111 Segment 6 Versatile Asset® III Participants 2020 1,597 111 39 1,669 2019 1,767 72 242 1,597 Segment 7 Versatile Asset® IV Participants 2020 216 - 28 188 2019 278 - 62 216 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 30,895 1,916 3,217 29,594 2019 36,108 581 5,794 30,895 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 9,873 1,084 2,342 8,615 2019 9,623 1,027 777 9,873 Segment 10 Co-operators Group Retirement Income Product 2020 6,792 1,116 945 6,963 2019 7,126 658 992 6,792 Segment 11 Versatile Portfolios™ TFSA 2020 3,503 1,327 192 4,638 2019 3,729 485 711 3,503 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 5,577 1,411 426 6,562 2019 5,063 759 245 5,577 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 10,939 122 978 10,083 2019 12,041 317 1,419 10,939 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 14,049 4,117 2,476 15,690 2019 10,333 4,859 1,143 14,049 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 382 118 57 443 2019 480 52 150 382 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 3,403 611 177 3,837 2019 2,735 839 171 3,403 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 11,235 411 413 11,233 2019 10,892 1,360 1,017 11,235 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 26,110 6,920 3,455 29,575 2019 18,273 12,852 5,015 26,110 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 393 37 - 430 2019 419 88 114 393 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 5,122 2,370 1,724 5,768 2019 4,210 2,245 1,333 5,122 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 11,946 321 3,050 9,217 2019 11,908 652 614 11,946 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 12,226 12,638 6,508 18,356 2019 7,339 6,323 1,436 12,226 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 555 47 200 402 2019 468 89 2 555 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 3,215 4,381 1,688 5,908 2019 2,776 1,663 1,224 3,215

141 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Canadian Equity Fund

Segment 1 Group Retirement Products 2020 97,001 22,722 20,429 99,294 2019 99,855 15,781 18,635 97,001 Segment 4 Versatile Asset® Participants 2020 31,836 5,861 7,204 30,493 2019 37,987 2,856 9,007 31,836 Segment 5 Versatile Asset® II Participants 2020 35,759 4,790 6,759 33,790 2019 40,557 2,270 7,068 35,759 Segment 6 Versatile Asset® III Participants 2020 2,681 482 524 2,639 2019 3,355 254 928 2,681 Segment 7 Versatile Asset® IV Participants 2020 232 3 51 184 2019 233 - 1 232 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 176,868 46,785 50,588 173,065 2019 202,202 22,599 47,933 176,868 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 50,683 15,567 15,684 50,566 2019 56,851 8,135 14,303 50,683 Segment 10 Co-operators Group Retirement Income Product 2020 50,646 18,258 16,169 52,735 2019 49,457 13,020 11,831 50,646 Segment 11 Versatile Portfolios™ TFSA 2020 21,762 9,498 8,223 23,037 2019 24,078 5,304 7,620 21,762 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 26,054 11,412 6,849 30,617 2019 24,870 6,675 5,491 26,054 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 60,507 17,597 21,700 56,404 2019 69,347 8,380 17,220 60,507 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 58,503 39,341 28,161 69,683 2019 46,774 30,148 18,419 58,503 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 2,468 1,157 1,003 2,622 2019 2,617 629 778 2,468 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 16,639 12,040 7,624 21,055 2019 16,088 7,540 6,989 16,639 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 54,616 16,613 15,382 55,847 2019 61,818 9,273 16,475 54,616 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 84,873 57,939 40,121 102,691 2019 63,307 44,210 22,644 84,873 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 2,692 826 1,009 2,509 2019 3,020 536 864 2,692 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 20,774 14,496 9,635 25,635 2019 17,026 9,563 5,815 20,774 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 44,326 13,427 13,055 44,698 2019 49,563 7,780 13,017 44,326 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 76,550 64,852 35,932 105,470 2019 55,393 43,528 22,371 76,550 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 2,392 931 810 2,513 2019 2,570 510 688 2,392 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 21,744 18,363 10,349 29,758 2019 18,034 10,884 7,174 21,744

142 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Canadian Fixed Income Fund

Segment 1 Group Retirement Products 2020 106,481 36,041 32,361 110,161 2019 98,316 27,417 19,252 106,481 Segment 3 Group Retirement - Investment Mgmt Only 2020 - - - - 2019 24,246 764 25,010 - Segment 4 Versatile Asset® Participants 2020 35,392 10,453 10,625 35,220 2019 37,939 7,946 10,493 35,392 Segment 5 Versatile Asset® II Participants 2020 40,219 9,201 12,677 36,743 2019 41,590 6,889 8,260 40,219 Segment 6 Versatile Asset® III Participants 2020 5,534 739 2,631 3,642 2019 4,322 2,239 1,027 5,534 Segment 7 Versatile Asset® IV Participants 2020 119 4 13 110 2019 180 4 65 119 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 365,665 78,792 99,001 345,456 2019 362,688 77,215 74,238 365,665 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 103,449 26,540 30,428 99,561 2019 106,393 21,238 24,182 103,449 Segment 10 Co-operators Group Retirement Income Product 2020 131,377 39,069 37,279 133,167 2019 109,669 37,763 16,055 131,377 Segment 11 Versatile Portfolios™ TFSA 2020 54,146 19,245 17,178 56,213 2019 53,223 15,241 14,318 54,146 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 40,872 15,320 11,186 45,006 2019 33,500 14,011 6,639 40,872 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 100,727 23,025 33,713 90,039 2019 101,776 20,737 21,786 100,727 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 117,260 66,383 49,014 134,629 2019 80,127 61,636 24,503 117,260 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 3,649 1,959 1,301 4,307 2019 3,431 1,089 871 3,649 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 34,825 21,136 13,316 42,645 2019 28,273 15,537 8,985 34,825 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 139,247 26,526 28,846 136,927 2019 137,669 26,295 24,717 139,247 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 183,397 124,101 73,923 233,575 2019 124,014 97,870 38,487 183,397 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 4,959 1,072 1,678 4,353 2019 4,719 1,240 1,000 4,959 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 45,360 28,874 15,852 58,382 2019 30,848 23,909 9,397 45,360 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 70,288 17,976 20,178 68,086 2019 69,038 19,348 18,098 70,288 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 137,712 114,256 73,510 178,458 2019 91,621 79,844 33,753 137,712 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 5,059 1,166 1,408 4,817 2019 4,689 1,194 824 5,059 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 42,309 31,385 16,546 57,148 2019 29,666 22,940 10,297 42,309 Segment 25 Aviator™ Portfolios Series 500 75/100 2020 29,667 9,326 8,850 30,143 2019 19,471 18,672 8,476 29,667 Segment 27 Aviator™ Portfolios Series 500 75/75 2020 15,479 7,302 9,258 13,523 2019 7,881 11,751 4,153 15,479 Segment 32 Aviator™ Portfolios Series 100 75/100 2020 968 12,442 2,784 10,626 2019 - 969 1 968 Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2020 - 542 137 405 2019 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2020 536 12,557 2,199 10,894 2019 - 536 - 536 Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 2020 - 389 257 132 2019 - - - -

143 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Canadian Resource Fund

Segment 1 Group Retirement Products 2020 9,410 2,158 1,776 9,792 2019 10,049 1,140 1,779 9,410 Segment 4 Versatile Asset® Participants 2020 5,882 311 940 5,253 2019 5,945 1,141 1,204 5,882 Segment 5 Versatile Asset® II Participants 2020 4,494 1,178 1,915 3,757 2019 4,908 460 874 4,494 Segment 6 Versatile Asset® III Participants 2020 290 58 19 329 2019 302 29 41 290 Segment 7 Versatile Asset® IV Participants 2020 3 1 2 2 2019 3 1 1 3 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 45,771 3,023 19,837 28,957 2019 49,293 2,681 6,203 45,771 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 10,879 1,416 3,636 8,659 2019 11,222 1,035 1,378 10,879 Segment 10 Co-operators Group Retirement Income Product 2020 - 23 5 18 2019 - - - - Segment 11 Versatile Portfolios™ TFSA 2020 9,519 1,709 5,117 6,111 2019 10,509 1,576 2,566 9,519 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 3,739 694 1,966 2,467 2019 4,112 476 849 3,739 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 3,466 291 2,187 1,570 2019 4,900 140 1,574 3,466 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 552 1,376 1,527 401 2019 1,989 192 1,629 552 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 49 - 1 48 2019 47 2 - 49 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 496 99 8 587 2019 390 107 1 496 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 8,323 1,233 1,483 8,073 2019 8,826 101 604 8,323 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 2,060 2,883 118 4,825 2019 1,477 907 324 2,060 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 123 700 - 823 2019 121 57 55 123 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 367 93 76 384 2019 298 171 102 367 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 6,360 108 3,006 3,462 2019 7,076 90 806 6,360 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 7,700 3,521 8,685 2,536 2019 5,173 3,903 1,376 7,700 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 454 20 3 471 2019 535 19 100 454 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 1,958 1,058 1,375 1,641 2019 803 1,368 213 1,958

144 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Money Market Fund

Segment 1 Group Retirement Products 2020 43,980 9,627 3,040 50,567 2019 42,394 5,869 4,283 43,980 Segment 4 Versatile Asset® Participants 2020 3,593 5,037 4,202 4,428 2019 3,991 2,143 2,541 3,593 Segment 5 Versatile Asset® II Participants 2020 4,041 2,977 1,531 5,487 2019 6,207 1,866 4,032 4,041 Segment 6 Versatile Asset® III Participants 2020 247 2,316 2,302 261 2019 2,360 14 2,127 247 Segment 7 Versatile Asset® IV Participants 2020 532 - 206 326 2019 584 - 52 532 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 33,642 68,658 26,697 75,603 2019 33,172 21,368 20,898 33,642 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 8,549 15,784 6,379 17,954 2019 10,432 2,884 4,767 8,549 Segment 10 Co-operators Group Retirement Income Product 2020 5,517 68,532 52,239 21,810 2019 4,400 29,829 28,712 5,517 Segment 11 Versatile Portfolios™ TFSA 2020 2,141 4,999 1,960 5,180 2019 1,539 1,667 1,065 2,141 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 3,364 7,691 482 10,573 2019 2,569 1,195 400 3,364 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 9,164 9,820 6,906 12,078 2019 9,404 222 462 9,164 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 671 11,408 2,485 9,594 2019 772 874 975 671 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 568 3,925 1,412 3,081 2019 484 1,069 985 568 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 12,965 15,243 4,975 23,233 2019 23,341 9,131 19,507 12,965 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 35,587 75,154 56,735 54,006 2019 22,573 26,372 13,358 35,587 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 37 68 87 18 2019 203 20 186 37 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 3,056 5,000 3,010 5,045 2019 1,254 2,218 416 3,056 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 10,235 12,851 4,816 18,270 2019 11,897 1,070 2,732 10,235 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 28,481 114,277 55,410 87,348 2019 15,388 36,256 23,163 28,481 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 518 624 6 1,136 2019 518 - - 518 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 4,365 15,803 9,147 11,021 2019 1,468 4,554 1,657 4,365

145 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators U.S. Equity Fund

Segment 1 Group Retirement Products 2020 42,330 10,475 13,024 39,781 2019 43,925 9,563 11,158 42,330 Segment 4 Versatile Asset® Participants 2020 6,731 17,685 6,834 17,582 2019 7,757 1,272 2,298 6,731 Segment 5 Versatile Asset® II Participants 2020 16,089 12,805 6,472 22,422 2019 17,248 1,839 2,998 16,089 Segment 6 Versatile Asset® III Participants 2020 499 1,135 461 1,173 2019 690 79 270 499 Segment 7 Versatile Asset® IV Participants 2020 103 1 4 100 2019 104 - 1 103 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 44,277 147,508 53,871 137,914 2019 52,110 4,638 12,471 44,277 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 9,795 42,495 15,969 36,321 2019 9,711 1,503 1,419 9,795 Segment 10 Co-operators Group Retirement Income Product 2020 1,043 1,039 553 1,529 2019 880 578 415 1,043 Segment 11 Versatile Portfolios™ TFSA 2020 4,428 19,255 7,680 16,003 2019 4,691 1,027 1,290 4,428 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 2,485 18,800 4,982 16,303 2019 2,264 654 433 2,485 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 13,309 33,200 15,864 30,645 2019 15,178 3,031 4,900 13,309 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 18,336 51,778 22,454 47,660 2019 12,074 9,982 3,720 18,336 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 670 1,766 843 1,593 2019 1,000 202 532 670 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 5,828 14,844 5,668 15,004 2019 2,583 4,002 757 5,828 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 13,186 32,108 10,725 34,569 2019 14,047 3,014 3,875 13,186 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 16,968 78,928 31,824 64,072 2019 11,942 11,568 6,542 16,968 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 365 1,728 791 1,302 2019 355 418 408 365 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 4,381 17,670 6,961 15,090 2019 2,495 2,690 804 4,381 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 12,066 37,525 13,738 35,853 2019 10,296 2,566 796 12,066 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 19,483 77,568 26,671 70,380 2019 16,019 13,117 9,653 19,483 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 698 1,604 830 1,472 2019 621 82 5 698 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 3,989 22,620 7,038 19,571 2019 4,276 1,360 1,647 3,989

146 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Global Equity Fund

Segment 1 Group Retirement Products 2020 34,016 11,530 10,437 35,109 2019 34,142 9,044 9,170 34,016 Segment 2 Seed Money 2020 1,171 - - 1,171 2019 1,488 - 317 1,171 Segment 10 Co-operators Group Retirement Income Product 2020 1,412 1,229 653 1,988 2019 1,006 825 419 1,412 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 933 2 369 566 2019 2,469 133 1,669 933 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 3,889 680 2,072 2,497 2019 3,716 770 597 3,889 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 15 3 13 5 2019 11 4 - 15 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 409 62 54 417 2019 426 334 351 409 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 638 12 21 629 2019 652 855 869 638 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 2,222 661 554 2,329 2019 654 2,141 573 2,222 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 104 2 3 103 2019 86 18 - 104 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 578 170 60 688 2019 691 263 376 578 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 2,084 428 517 1,995 2019 2,380 192 488 2,084 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 3,081 1,146 711 3,516 2019 1,501 1,868 288 3,081 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 40 - - 40 2019 40 - - 40 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 1,261 498 482 1,277 2019 1,007 776 522 1,261 Segment 25 Aviator™ Portfolios Series 500 75/100 2020 27,623 12,624 13,692 26,555 2019 8,662 24,564 5,603 27,623 Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 2020 48 12 13 47 2019 - 51 3 48 Segment 27 Aviator™ Portfolios Series 500 75/75 2020 14,250 10,898 9,415 15,733 2019 2,669 13,665 2,084 14,250 Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 2020 64 129 24 169 2019 - 69 5 64 Segment 32 Aviator™ Portfolios Series 100 75/100 2020 479 10,003 2,430 8,052 2019 - 480 1 479 Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2020 - 502 130 372 2019 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2020 585 11,365 4,046 7,904 2019 - 585 - 585 Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 2020 - 686 181 505 2019 - - - -

147 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Bissett Canadian Dividend Fund

Segment 1 Group Retirement Products 2020 4,655 792 164 5,283 2019 4,172 686 203 4,655 Segment 2 Seed Money 2020 494 - - 494 2019 494 - - 494 Segment 4 Versatile Asset® Participants 2020 2,139 136 130 2,145 2019 3,605 110 1,576 2,139 Segment 5 Versatile Asset® II Participants 2020 4,093 116 601 3,608 2019 4,443 152 502 4,093 Segment 6 Versatile Asset® III Participants 2020 339 7 95 251 2019 354 - 15 339 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 40,662 952 8,140 33,474 2019 48,163 973 8,474 40,662 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 12,769 285 1,461 11,593 2019 14,140 447 1,818 12,769 Segment 10 Co-operators Group Retirement Income Product 2020 608,552 234,377 177,564 665,365 2019 582,597 169,360 143,405 608,552 Segment 11 Versatile Portfolios™ TFSA 2020 5,343 603 580 5,366 2019 6,481 423 1,561 5,343 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 2,169 228 305 2,092 2019 1,919 372 122 2,169 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 8,843 174 1,115 7,902 2019 10,726 1,016 2,899 8,843 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 8,729 2,039 5,267 5,501 2019 8,101 1,967 1,339 8,729 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 319 - 47 272 2019 486 93 260 319 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 1,436 481 704 1,213 2019 1,124 639 327 1,436 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 6,611 103 600 6,114 2019 11,207 155 4,751 6,611 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 25,212 1,160 13,895 12,477 2019 31,847 2,634 9,269 25,212 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 398 45 185 258 2019 374 27 3 398 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 1,598 625 579 1,644 2019 2,098 513 1,013 1,598 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 7,725 130 2,901 4,954 2019 5,691 2,693 659 7,725 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 8,532 1,445 3,487 6,490 2019 6,580 2,739 787 8,532 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 887 - 100 787 2019 729 158 - 887 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 2,465 346 1,913 898 2019 1,784 916 235 2,465

148 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Ethical Canadian Equity Fund

Segment 1 Group Retirement Products 2020 73 72 - 145 2019 65 61 53 73 Segment 2 Seed Money 2020 347 - - 347 2019 347 - - 347 Segment 4 Versatile Asset® Participants 2020 126 - 106 20 2019 120 6 - 126 Segment 5 Versatile Asset® II Participants 2020 663 - 250 413 2019 663 - - 663 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 3,774 91 189 3,676 2019 4,001 73 300 3,774 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 437 40 73 404 2019 581 50 194 437 Segment 11 Versatile Portfolios™ TFSA 2020 230 16 163 83 2019 252 74 96 230 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 140 54 15 179 2019 117 23 - 140 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 339 14 67 286 2019 1,500 12 1,173 339 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 163 2 56 109 2019 102 103 42 163 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 5 - - 5 2019 76 - 71 5 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 1 5 3 3 2019 24 3 26 1 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 585 10 77 518 2019 577 8 - 585 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 72 198 59 211 2019 - 72 - 72 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 14 10 - 24 2019 5 9 - 14 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 307 11 11 307 2019 253 81 27 307 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 435 - 5 430 2019 427 10 2 435 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 267 584 478 373 2019 91 176 - 267 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 78 - 68 10 2019 10 68 - 78 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 221 337 148 410 2019 193 50 22 221

149 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Ethical International Equity Fund

Segment 1 Group Retirement Products 2020 92 21 - 113 2019 66 26 - 92 Segment 2 Seed Money 2020 500 - - 500 2019 500 - - 500 Segment 4 Versatile Asset® Participants 2020 129 19 5 143 2019 276 - 147 129 Segment 5 Versatile Asset® II Participants 2020 152 5 - 157 2019 277 34 159 152 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 668 4 370 302 2019 789 6 127 668 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 81 36 30 87 2019 72 54 45 81 Segment 11 Versatile Portfolios™ TFSA 2020 247 4 17 234 2019 293 48 94 247 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 153 55 15 193 2019 92 61 - 153

150 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Ethical Select Balanced Portfolio

Segment 1 Group Retirement Products 2020 154 218 4 368 2019 39 143 28 154 Segment 2 Seed Money 2020 250 - - 250 2019 250 - - 250 Segment 4 Versatile Asset® Participants 2020 2,427 276 2,146 557 2019 2,368 634 575 2,427 Segment 5 Versatile Asset® II Participants 2020 179 12 52 139 2019 223 9 53 179 Segment 6 Versatile Asset® III Participants 2020 5 - - 5 2019 5 - - 5 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 14,984 66 2,154 12,896 2019 15,744 479 1,239 14,984 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 4,564 321 861 4,024 2019 5,189 37 662 4,564 Segment 11 Versatile Portfolios™ TFSA 2020 3,091 288 446 2,933 2019 2,983 543 435 3,091 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 3,248 498 275 3,471 2019 3,280 426 458 3,248 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 2,607 9 5 2,611 2019 2,615 373 381 2,607 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 1,746 113 28 1,831 2019 894 951 99 1,746 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 549 46 117 478 2019 179 385 15 549 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 1,726 20 892 854 2019 1,706 20 - 1,726 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 1,814 512 412 1,914 2019 1,706 1,006 898 1,814 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 11 3 - 14 2019 8 3 - 11 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 527 463 77 913 2019 566 84 123 527 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 2,362 20 276 2,106 2019 2,500 19 157 2,362 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 5,296 702 1,624 4,374 2019 3,684 1,825 213 5,296 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 15 72 10 77 2019 15 - - 15 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 1,717 1,044 653 2,108 2019 1,267 577 127 1,717

151 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Ethical Select Conservative Portfolio

Segment 1 Group Retirement Products 2020 107 58 - 165 2019 49 58 - 107 Segment 2 Seed Money 2020 310 - - 310 2019 310 - - 310 Segment 4 Versatile Asset® Participants 2020 514 20 - 534 2019 - 514 - 514 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 2,486 9 365 2,130 2019 2,892 372 778 2,486 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 298 18 14 302 2019 428 64 194 298 Segment 11 Versatile Portfolios™ TFSA 2020 1,238 96 41 1,293 2019 1,126 269 157 1,238 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 636 61 380 317 2019 742 73 179 636 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 8,291 17 1,049 7,259 2019 9,409 34 1,152 8,291 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 1,776 1,257 34 2,999 2019 302 1,625 151 1,776 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 1 3 4 - 2019 4 11 14 1 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 659 316 148 827 2019 447 480 268 659 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 2,006 12 942 1,076 2019 1,707 301 2 2,006 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 3,012 63 132 2,943 2019 2,488 587 63 3,012 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 438 - 438 - 2019 438 - - 438 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 125 595 6 714 2019 70 88 33 125 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 1,793 - 136 1,657 2019 1,930 - 137 1,793 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 1,865 2,642 537 3,970 2019 1,495 781 411 1,865 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 971 441 387 1,025 2019 825 342 196 971

152 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Ethical Select Growth Portfolio

Segment 1 Group Retirement Products 2020 356 218 57 517 2019 317 183 144 356 Segment 2 Seed Money 2020 180 - - 180 2019 180 - - 180 Segment 4 Versatile Asset® Participants 2020 679 114 - 793 2019 676 3 - 679 Segment 5 Versatile Asset® II Participants 2020 204 15 17 202 2019 211 6 13 204 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 8,883 567 852 8,598 2019 8,141 1,418 676 8,883 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 496 31 39 488 2019 535 31 70 496 Segment 11 Versatile Portfolios™ TFSA 2020 676 873 207 1,342 2019 793 156 273 676 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 848 142 - 990 2019 785 228 165 848 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 4,722 14 450 4,286 2019 5,419 135 832 4,722 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 4,092 1,023 1,311 3,804 2019 3,879 528 315 4,092 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 17 19 - 36 2019 8 16 7 17 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 125 15 2 138 2019 419 87 381 125 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 2,153 623 140 2,636 2019 2,196 80 123 2,153 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 952 392 154 1,190 2019 668 493 209 952 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 22 - 22 - 2019 22 - - 22 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 444 59 150 353 2019 409 99 64 444 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 3,183 108 1 3,290 2019 2,867 346 30 3,183 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 2,236 1,021 868 2,389 2019 984 1,517 265 2,236 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 4 - - 4 2019 4 - - 4 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 1,646 1,071 624 2,093 2019 1,215 630 199 1,646

153 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Ethical Select Income Portfolio

Segment 1 Group Retirement Products 2020 274 127 - 401 2019 179 95 - 274 Segment 2 Seed Money 2020 299 - - 299 2019 299 - - 299 Segment 4 Versatile Asset® Participants 2020 112 - - 112 2019 112 - - 112 Segment 5 Versatile Asset® II Participants 2020 7 - - 7 2019 - 7 - 7 Segment 6 Versatile Asset® III Participants 2020 10 - - 10 2019 10 - - 10 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 1,761 - 1,488 273 2019 1,887 - 126 1,761 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 1,551 1,129 124 2,556 2019 1,200 1,194 843 1,551 Segment 11 Versatile Portfolios™ TFSA 2020 303 173 50 426 2019 376 81 154 303 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 250 11 178 83 2019 227 24 1 250 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 1,661 5,253 2,658 4,256 2019 4,762 981 4,082 1,661 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 101 - - 101 2019 135 2 36 101 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 531 280 63 748 2019 579 81 129 531 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 469 4,058 94 4,433 2019 438 158 127 469 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 86 - - 86 2019 58 28 - 86 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 396 164 141 419 2019 318 143 65 396 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 8 1 7 2 2019 35 1 28 8 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 4,546 584 4,410 720 2019 5,679 193 1,326 4,546 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 77 461 77 461 2019 80 - 3 77 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 68 629 144 553 2019 29 51 12 68

154 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Fidelity Canadian Bond Fund

Segment 4 Versatile Asset® Participants 2020 6,772 2,187 1,770 7,189 2019 8,279 973 2,480 6,772 Segment 5 Versatile Asset® II Participants 2020 7,365 2,190 1,454 8,101 2019 5,678 3,236 1,549 7,365 Segment 6 Versatile Asset® III Participants 2020 765 74 225 614 2019 763 88 86 765 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 80,513 16,471 19,581 77,403 2019 83,974 13,943 17,404 80,513 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 30,495 6,697 7,609 29,583 2019 33,485 4,237 7,227 30,495 Segment 11 Versatile Portfolios™ TFSA 2020 14,862 4,513 4,055 15,320 2019 14,294 3,577 3,009 14,862 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 6,278 2,224 1,344 7,158 2019 5,255 1,948 925 6,278 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 21,698 4,614 5,146 21,166 2019 22,630 3,005 3,937 21,698 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 34,632 21,929 15,866 40,695 2019 24,872 18,174 8,414 34,632 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 606 561 202 965 2019 625 115 134 606 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 11,723 6,818 3,964 14,577 2019 9,431 4,775 2,483 11,723 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 32,642 4,677 6,137 31,182 2019 31,866 5,712 4,936 32,642 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 60,201 36,804 18,652 78,353 2019 44,865 28,705 13,369 60,201 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 1,477 219 478 1,218 2019 1,411 270 204 1,477 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 13,459 8,374 4,063 17,770 2019 9,089 7,128 2,758 13,459 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 17,559 3,901 4,830 16,630 2019 16,868 4,052 3,361 17,559 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 41,859 30,975 18,237 54,597 2019 29,267 23,240 10,648 41,859 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 1,531 296 383 1,444 2019 1,545 291 305 1,531 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 13,645 9,692 4,591 18,746 2019 9,820 7,097 3,272 13,645

155 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Fidelity Global Fund

Segment 1 Group Retirement Products 2020 4,706 563 600 4,669 2019 4,901 341 536 4,706 Segment 3 Group Retirement - Investment Mgmt Only 2020 6,921 214 118 7,017 2019 6,803 212 94 6,921 Segment 4 Versatile Asset® Participants 2020 7,971 1,260 2,223 7,008 2019 8,707 994 1,730 7,971 Segment 5 Versatile Asset® II Participants 2020 5,934 769 1,328 5,375 2019 6,071 760 897 5,934 Segment 6 Versatile Asset® III Participants 2020 314 45 98 261 2019 342 36 64 314 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 51,646 9,494 14,980 46,160 2019 56,262 6,843 11,459 51,646 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 11,590 3,298 3,630 11,258 2019 13,230 1,987 3,627 11,590 Segment 10 Co-operators Group Retirement Income Product 2020 89 - - 89 2019 - 178 89 89 Segment 11 Versatile Portfolios™ TFSA 2020 4,181 1,037 1,545 3,673 2019 4,552 1,024 1,395 4,181 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 4,259 1,459 1,053 4,665 2019 3,631 1,258 630 4,259 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 16,682 2,742 4,444 14,980 2019 17,089 2,066 2,473 16,682 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 13,412 5,665 4,098 14,979 2019 12,861 4,741 4,190 13,412 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 580 182 225 537 2019 588 209 217 580 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 4,885 2,072 1,457 5,500 2019 3,543 2,453 1,111 4,885 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 12,668 1,928 3,088 11,508 2019 13,022 2,239 2,593 12,668 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 19,545 8,533 6,180 21,898 2019 13,647 9,929 4,031 19,545 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 487 83 152 418 2019 519 83 115 487 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 4,333 1,902 1,545 4,690 2019 3,471 2,011 1,149 4,333 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 13,762 2,627 3,254 13,135 2019 14,138 2,428 2,804 13,762 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 30,377 18,309 7,834 40,852 2019 16,793 18,506 4,922 30,377 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 639 422 198 863 2019 676 169 206 639 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 7,341 6,017 3,167 10,191 2019 6,252 3,176 2,087 7,341

156 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Fidelity True North® Fund

Segment 1 Group Retirement Products 2020 44,604 10,639 10,291 44,952 2019 44,400 8,355 8,151 44,604 Segment 3 Group Retirement - Investment Mgmt Only 2020 7,994 802 447 8,349 2019 9,412 754 2,172 7,994 Segment 4 Versatile Asset® Participants 2020 10,220 1,211 2,333 9,098 2019 11,496 1,045 2,321 10,220 Segment 5 Versatile Asset® II Participants 2020 8,578 895 1,326 8,147 2019 9,600 771 1,793 8,578 Segment 6 Versatile Asset® III Participants 2020 618 110 131 597 2019 696 48 126 618 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 75,896 10,426 16,057 70,265 2019 84,010 6,979 15,093 75,896 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 21,359 3,475 5,097 19,737 2019 23,408 2,426 4,475 21,359 Segment 10 Co-operators Group Retirement Income Product 2020 1,101 1,292 551 1,842 2019 795 538 232 1,101 Segment 11 Versatile Portfolios™ TFSA 2020 9,501 2,868 2,890 9,479 2019 10,420 1,843 2,762 9,501 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 11,962 3,863 2,976 12,849 2019 10,843 2,698 1,579 11,962 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 31,942 5,515 10,840 26,617 2019 37,208 3,371 8,637 31,942 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 31,060 14,265 11,508 33,817 2019 25,576 13,678 8,194 31,060 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 1,483 428 606 1,305 2019 1,558 341 416 1,483 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 7,067 4,048 2,869 8,246 2019 6,645 2,922 2,500 7,067 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 31,437 4,907 7,556 28,788 2019 33,145 3,835 5,543 31,437 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 41,845 19,057 15,956 44,946 2019 30,659 18,937 7,751 41,845 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 1,268 266 316 1,218 2019 1,327 264 323 1,268 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 10,235 5,303 3,817 11,721 2019 7,643 4,507 1,915 10,235 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 23,954 4,624 5,808 22,770 2019 25,555 3,321 4,922 23,954 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 40,519 24,236 14,435 50,320 2019 27,077 21,467 8,025 40,519 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 1,126 283 352 1,057 2019 1,063 268 205 1,126 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 11,004 8,217 4,542 14,679 2019 8,648 5,049 2,693 11,004

157 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Mawer Balanced Fund

Segment 1 Group Retirement Products 2020 16,626 2,438 1,439 17,625 2019 13,876 3,153 403 16,626 Segment 2 Seed Money 2020 207 - - 207 2019 207 - - 207 Segment 4 Versatile Asset® Participants 2020 20,814 4,907 5,318 20,403 2019 13,657 9,557 2,400 20,814 Segment 5 Versatile Asset® II Participants 2020 8,660 3,411 613 11,458 2019 5,957 3,426 723 8,660 Segment 6 Versatile Asset® III Participants 2020 1,473 1,516 161 2,828 2019 846 678 51 1,473 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 165,554 13,740 17,802 161,492 2019 151,428 32,957 18,831 165,554 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 29,226 6,176 6,953 28,449 2019 28,764 4,195 3,733 29,226 Segment 10 Co-operators Group Retirement Income Product 2020 2,378 1,516 338 3,556 2019 3,862 - 1,484 2,378 Segment 11 Versatile Portfolios™ TFSA 2020 14,933 2,680 2,809 14,804 2019 16,184 3,039 4,290 14,933 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 19,598 5,255 683 24,170 2019 13,386 6,869 657 19,598 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 51,946 3,619 6,719 48,846 2019 48,686 9,142 5,882 51,946 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 72,596 25,937 16,624 81,909 2019 50,615 34,499 12,518 72,596 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 1,966 206 327 1,845 2019 1,848 232 114 1,966 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 12,054 4,643 3,589 13,108 2019 9,402 5,249 2,597 12,054 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 114,978 6,378 6,856 114,500 2019 115,776 13,055 13,853 114,978 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 172,988 71,996 34,213 210,771 2019 95,942 89,739 12,693 172,988 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 4,839 439 249 5,029 2019 4,972 382 515 4,839 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 38,854 17,294 6,308 49,840 2019 25,941 14,939 2,026 38,854 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 64,235 4,679 7,178 61,736 2019 59,915 6,821 2,501 64,235 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 143,507 74,943 22,913 195,537 2019 71,339 82,102 9,934 143,507 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 2,228 402 62 2,568 2019 2,231 190 193 2,228 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 36,138 20,134 10,667 45,605 2019 25,384 15,199 4,445 36,138

158 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Mawer Canadian Equity Fund

Segment 1 Group Retirement Products 2020 7,767 3,255 1,468 9,554 2019 2,278 6,006 517 7,767 Segment 2 Seed Money 2020 129 - - 129 2019 129 - - 129 Segment 4 Versatile Asset® Participants 2020 21,162 5,595 5,781 20,976 2019 23,619 3,300 5,757 21,162 Segment 5 Versatile Asset® II Participants 2020 14,165 5,011 4,355 14,821 2019 16,514 2,068 4,417 14,165 Segment 6 Versatile Asset® III Participants 2020 1,969 558 443 2,084 2019 2,046 269 346 1,969 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 183,008 51,378 55,160 179,226 2019 198,474 24,821 40,287 183,008 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 49,166 16,614 17,219 48,561 2019 52,442 9,001 12,277 49,166 Segment 10 Co-operators Group Retirement Income Product 2020 601 910 50 1,461 2019 970 427 796 601 Segment 11 Versatile Portfolios™ TFSA 2020 20,570 8,760 8,364 20,966 2019 21,855 5,085 6,370 20,570 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 19,489 8,890 5,362 23,017 2019 17,009 5,309 2,829 19,489 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 53,093 16,049 19,321 49,821 2019 60,519 7,437 14,863 53,093 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 53,184 34,004 25,639 61,549 2019 39,137 27,941 13,894 53,184 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 2,159 1,078 1,050 2,187 2019 2,242 512 595 2,159 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 13,583 10,760 7,346 16,997 2019 12,968 6,639 6,024 13,583 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 56,588 15,360 16,159 55,789 2019 60,007 9,277 12,696 56,588 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 77,736 54,570 38,135 94,171 2019 53,064 41,817 17,145 77,736 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 2,924 851 1,181 2,594 2019 3,364 548 988 2,924 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 19,268 13,462 8,621 24,109 2019 14,974 9,166 4,872 19,268 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 50,048 12,006 16,027 46,027 2019 49,377 10,815 10,144 50,048 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 71,476 53,291 33,693 91,074 2019 48,890 40,884 18,298 71,476 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 2,248 890 887 2,251 2019 2,253 570 575 2,248 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 20,771 17,261 10,001 28,031 2019 16,282 10,218 5,729 20,771

159 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Mawer International Equity Fund

Segment 1 Group Retirement Products 2020 33,193 10,083 8,584 34,692 2019 27,709 11,820 6,336 33,193 Segment 2 Seed Money 2020 227 - - 227 2019 227 - - 227 Segment 4 Versatile Asset® Participants 2020 20,455 4,775 6,365 18,865 2019 22,588 4,214 6,347 20,455 Segment 5 Versatile Asset® II Participants 2020 14,080 4,294 5,620 12,754 2019 15,681 2,595 4,196 14,080 Segment 6 Versatile Asset® III Participants 2020 1,529 390 434 1,485 2019 1,812 254 537 1,529 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 173,501 38,572 55,980 156,093 2019 188,653 30,516 45,668 173,501 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 47,049 12,960 16,708 43,301 2019 49,819 9,881 12,651 47,049 Segment 10 Co-operators Group Retirement Income Product 2020 195,928 43,724 56,917 182,735 2019 182,674 56,084 42,830 195,928 Segment 11 Versatile Portfolios™ TFSA 2020 21,398 7,125 7,981 20,542 2019 22,384 5,941 6,927 21,398 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 19,535 7,448 5,834 21,149 2019 16,963 6,016 3,444 19,535 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 58,885 11,575 20,983 49,477 2019 62,514 10,032 13,661 58,885 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 52,060 28,721 23,272 57,509 2019 38,521 28,612 15,073 52,060 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 2,273 949 994 2,228 2019 2,303 689 719 2,273 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 14,575 9,463 6,816 17,222 2019 14,159 6,848 6,432 14,575 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 57,645 11,180 19,372 49,453 2019 60,494 10,519 13,368 57,645 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 82,675 46,835 34,608 94,902 2019 57,988 44,858 20,171 82,675 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 2,373 568 885 2,056 2019 2,808 551 986 2,373 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 18,804 11,078 8,272 21,610 2019 14,705 9,666 5,567 18,804 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 46,756 10,404 13,139 44,021 2019 48,594 8,769 10,607 46,756 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 81,237 49,629 34,067 96,799 2019 56,852 44,572 20,187 81,237 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 2,420 732 765 2,387 2019 2,366 566 512 2,420 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 22,841 15,700 10,283 28,258 2019 18,594 11,335 7,088 22,841

160 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Aggressive Balanced Fund

Segment 1 Group Retirement Products 2020 36,198 2,645 3,675 35,168 2019 35,377 4,198 3,377 36,198 Segment 4 Versatile Asset® Participants 2020 3,489 887 775 3,601 2019 4,841 342 1,694 3,489 Segment 5 Versatile Asset® II Participants 2020 8,059 148 1,664 6,543 2019 8,450 98 489 8,059 Segment 6 Versatile Asset® III Participants 2020 702 12 18 696 2019 784 10 92 702 Segment 7 Versatile Asset® IV Participants 2020 34 - 17 17 2019 34 - - 34 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 11,265 285 308 11,242 2019 11,362 218 315 11,265 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 1,619 95 424 1,290 2019 1,871 137 389 1,619 Segment 10 Co-operators Group Retirement Income Product 2020 - 116 6 110 2019 - - - - Segment 11 Versatile Portfolios™ TFSA 2020 2,229 258 523 1,964 2019 1,989 472 232 2,229 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 866 205 9 1,062 2019 864 135 133 866

Co-operators Conservative Balanced Fund

Segment 1 Group Retirement Products 2020 14,952 1,001 2,898 13,055 2019 16,132 2,213 3,393 14,952 Segment 4 Versatile Asset® Participants 2020 1,696 2,138 99 3,735 2019 1,811 9 124 1,696 Segment 5 Versatile Asset® II Participants 2020 2,765 199 255 2,709 2019 2,893 23 151 2,765 Segment 6 Versatile Asset® III Participants 2020 519 1 187 333 2019 542 191 214 519 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 21,546 276 2,126 19,696 2019 22,609 1,860 2,923 21,546 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 3,854 106 1,091 2,869 2019 3,849 275 270 3,854 Segment 10 Co-operators Group Retirement Income Product 2020 2,295 852 455 2,692 2019 2,383 - 88 2,295 Segment 11 Versatile Portfolios™ TFSA 2020 2,103 917 104 2,916 2019 2,417 325 639 2,103 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 1,285 172 35 1,422 2019 1,107 282 104 1,285

161 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Aggressive Portfolio

Segment 4 Versatile Asset® Participants 2020 32,419 1,342 5,289 28,472 2019 33,692 1,580 2,853 32,419 Segment 5 Versatile Asset® II Participants 2020 20,055 1,322 3,963 17,414 2019 21,231 524 1,700 20,055 Segment 6 Versatile Asset® III Participants 2020 1,473 92 126 1,439 2019 1,679 61 267 1,473 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 238,486 12,215 25,902 224,799 2019 253,944 6,365 21,823 238,486 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 60,600 3,455 6,675 57,380 2019 59,869 4,832 4,101 60,600 Segment 11 Versatile Portfolios™ TFSA 2020 17,961 3,105 3,190 17,876 2019 18,693 3,149 3,881 17,961 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 31,860 5,814 1,699 35,975 2019 27,313 5,710 1,163 31,860 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 86,965 3,974 9,981 80,958 2019 90,132 3,008 6,175 86,965 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 64,163 17,748 6,608 75,303 2019 44,397 26,770 7,004 64,163 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 4,067 479 1,327 3,219 2019 4,032 797 762 4,067 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 16,263 5,831 3,526 18,568 2019 13,589 6,401 3,727 16,263 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 70,760 4,274 4,552 70,482 2019 71,593 3,846 4,679 70,760 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 108,995 27,740 26,606 110,129 2019 77,312 42,432 10,749 108,995 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 2,412 153 782 1,783 2019 2,600 183 371 2,412 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 23,385 6,154 4,332 25,207 2019 17,176 7,884 1,675 23,385 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 70,385 3,140 5,753 67,772 2019 70,143 5,418 5,176 70,385 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 101,454 36,613 14,201 123,866 2019 59,925 56,639 15,110 101,454 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 3,506 658 454 3,710 2019 3,665 534 693 3,506 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 19,873 13,500 4,352 29,021 2019 16,064 8,200 4,391 19,873

162 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Conservative Portfolio

Segment 4 Versatile Asset® Participants 2020 16,928 2,390 2,090 17,228 2019 22,196 2,094 7,362 16,928 Segment 5 Versatile Asset® II Participants 2020 13,223 4,620 3,414 14,429 2019 13,446 1,907 2,130 13,223 Segment 6 Versatile Asset® III Participants 2020 2,156 18 810 1,364 2019 2,453 26 323 2,156 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 283,461 19,076 38,296 264,241 2019 294,483 16,552 27,574 283,461 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 83,628 9,361 10,555 82,434 2019 89,889 7,135 13,396 83,628 Segment 11 Versatile Portfolios™ TFSA 2020 52,387 9,169 7,793 53,763 2019 52,219 6,539 6,371 52,387 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 25,732 4,306 2,041 27,997 2019 21,659 5,902 1,829 25,732 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 101,033 3,327 7,446 96,914 2019 112,137 3,959 15,063 101,033 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 103,496 50,452 35,551 118,397 2019 80,274 36,715 13,493 103,496 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 2,656 798 356 3,098 2019 2,617 192 153 2,656 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 37,667 16,766 8,679 45,754 2019 32,826 12,639 7,798 37,667 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 95,028 7,213 8,640 93,601 2019 92,542 12,728 10,242 95,028 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 178,341 69,472 38,973 208,840 2019 122,797 79,118 23,574 178,341 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 6,145 521 2,289 4,377 2019 6,739 175 769 6,145 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 47,478 21,215 10,412 58,281 2019 32,274 20,784 5,580 47,478 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 72,670 1,389 10,673 63,386 2019 68,678 10,228 6,236 72,670 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 116,481 91,048 65,069 142,460 2019 91,537 49,434 24,490 116,481 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 6,781 240 1,098 5,923 2019 6,368 753 340 6,781 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 46,187 20,611 9,098 57,700 2019 33,138 19,954 6,905 46,187

163 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Moderate Portfolio

Segment 4 Versatile Asset® Participants 2020 38,710 1,708 3,941 36,477 2019 40,108 3,539 4,937 38,710 Segment 5 Versatile Asset® II Participants 2020 30,093 1,180 2,549 28,724 2019 37,465 1,245 8,617 30,093 Segment 6 Versatile Asset® III Participants 2020 3,015 496 186 3,325 2019 3,838 84 907 3,015 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 386,042 8,662 33,058 361,646 2019 404,580 11,791 30,329 386,042 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 95,588 5,055 12,253 88,390 2019 101,692 5,418 11,522 95,588 Segment 11 Versatile Portfolios™ TFSA 2020 46,662 8,327 7,771 47,218 2019 49,695 6,703 9,736 46,662 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 63,538 10,991 4,966 69,563 2019 56,503 9,710 2,675 63,538 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 170,528 5,853 41,509 134,872 2019 186,615 4,436 20,523 170,528 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 159,574 46,637 26,329 179,882 2019 108,091 68,664 17,181 159,574 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 6,948 1,476 866 7,558 2019 6,715 1,181 948 6,948 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 40,846 17,370 8,447 49,769 2019 38,838 10,570 8,562 40,846 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 135,863 4,819 11,062 129,620 2019 145,491 8,539 18,167 135,863 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 218,959 78,465 40,655 256,769 2019 140,581 96,683 18,305 218,959 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 6,824 475 288 7,011 2019 6,710 1,135 1,021 6,824 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 53,159 22,850 11,101 64,908 2019 39,183 20,004 6,028 53,159 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 98,638 4,846 7,880 95,604 2019 109,474 5,970 16,806 98,638 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 183,217 81,562 22,980 241,799 2019 123,453 78,503 18,739 183,217 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 4,707 487 338 4,856 2019 4,588 395 276 4,707 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 54,484 27,265 9,108 72,641 2019 39,227 23,022 7,765 54,484

164 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Very Aggressive Portfolio

Segment 4 Versatile Asset® Participants 2020 12,918 315 843 12,390 2019 12,585 564 231 12,918 Segment 5 Versatile Asset® II Participants 2020 7,664 383 837 7,210 2019 7,578 676 590 7,664 Segment 6 Versatile Asset® III Participants 2020 563 10 310 263 2019 557 6 - 563 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 67,961 4,485 5,909 66,537 2019 73,640 2,567 8,246 67,961 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 17,306 3,402 1,745 18,963 2019 16,569 2,202 1,465 17,306 Segment 11 Versatile Portfolios™ TFSA 2020 7,133 1,810 2,467 6,476 2019 7,194 1,456 1,517 7,133 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 7,580 2,485 843 9,222 2019 6,097 1,634 151 7,580 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 18,348 548 2,204 16,692 2019 18,186 973 811 18,348 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 22,299 10,384 11,212 21,471 2019 24,001 8,088 9,790 22,299 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 1,413 112 174 1,351 2019 1,370 189 146 1,413 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 4,808 2,259 1,827 5,240 2019 4,993 3,238 3,423 4,808 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 23,677 699 2,934 21,442 2019 22,482 2,455 1,260 23,677 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 17,818 7,559 5,639 19,738 2019 11,728 7,797 1,707 17,818 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 1,631 93 - 1,724 2019 1,826 102 297 1,631 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 4,129 1,862 399 5,592 2019 3,265 1,383 519 4,129 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 25,452 2,141 3,367 24,226 2019 26,449 1,651 2,648 25,452 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 42,857 15,752 9,058 49,551 2019 30,041 21,233 8,417 42,857 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 940 86 36 990 2019 898 90 48 940 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 12,796 4,414 3,278 13,932 2019 10,405 4,820 2,429 12,796

165 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Very Conservative Portfolio

Segment 4 Versatile Asset® Participants 2020 12,893 5,866 2,842 15,917 2019 16,221 473 3,801 12,893 Segment 5 Versatile Asset® II Participants 2020 11,080 4,811 2,467 13,424 2019 10,718 1,034 672 11,080 Segment 6 Versatile Asset® III Participants 2020 1,824 37 - 1,861 2019 1,807 18 1 1,824 Segment 8 Versatile Portfolios™ Participants (Back-end Load) 2020 171,865 22,938 28,364 166,439 2019 185,012 14,938 28,085 171,865 Segment 9 Versatile Portfolios™ Participants (No-Load) 2020 80,138 11,258 12,801 78,595 2019 91,937 2,322 14,121 80,138 Segment 11 Versatile Portfolios™ TFSA 2020 30,808 7,023 6,517 31,314 2019 30,278 4,760 4,230 30,808 Segment 12 Versatile Portfolios™ Education Savings Plan 2020 10,175 3,321 1,087 12,409 2019 8,836 2,380 1,041 10,175 Segment 13 Versatile Portfolios Navigator™ 100/100 2020 45,492 8,203 8,920 44,775 2019 47,904 503 2,915 45,492 Segment 14 Versatile Portfolios Navigator™ 100/100 (No-Load) 2020 98,237 57,615 37,778 118,074 2019 67,133 46,611 15,507 98,237 Segment 15 Versatile Portfolios Navigator™ 100/100 TFSA 2020 1,415 1,809 381 2,843 2019 1,636 134 355 1,415 Segment 16 Versatile Portfolios Navigator™ 100/100 TFSA (No-Load) 2020 34,146 15,996 8,191 41,951 2019 27,563 11,057 4,474 34,146 Segment 17 Versatile Portfolios Navigator™ 75/100 2020 88,856 3,935 9,444 83,347 2019 89,950 5,994 7,088 88,856 Segment 18 Versatile Portfolios Navigator™ 75/100 (No-Load) 2020 169,129 97,910 36,610 230,429 2019 133,849 69,436 34,156 169,129 Segment 19 Versatile Portfolios Navigator™ 75/100 TFSA 2020 3,389 139 429 3,099 2019 3,020 477 108 3,389 Segment 20 Versatile Portfolios Navigator™ 75/100 TFSA (No-Load) 2020 35,702 19,639 5,311 50,030 2019 25,045 17,193 6,536 35,702 Segment 21 Versatile Portfolios Navigator™ 75/75 2020 41,060 8,969 6,739 43,290 2019 44,468 3,852 7,260 41,060 Segment 22 Versatile Portfolios Navigator™ 75/75 (No-Load) 2020 125,869 71,931 30,141 167,659 2019 89,233 63,292 26,656 125,869 Segment 23 Versatile Portfolios Navigator™ 75/75 TFSA 2020 3,257 346 486 3,117 2019 3,163 253 159 3,257 Segment 24 Versatile Portfolios Navigator™ 75/75 TFSA (No-Load) 2020 37,567 24,622 8,242 53,947 2019 28,384 16,319 7,136 37,567

166 Co-operators Life Insurance Company Pooled Investment Funds

Schedule 2 (unaudited)

Redeemable units (continued)

Units Units oustanding Units Units outstanding beginning of year issued redeemed end of year

Co-operators Aviator™ Diversified Portfolio

Segment 25 Aviator™ Portfolios Series 500 75/100 2020 140,537 14,514 28,654 126,397 2019 114,491 73,280 47,234 140,537 Segment 26 Aviator™ Portfolios Series 500 75/100 TFSA 2020 588 - - 588 2019 - 588 - 588 Segment 27 Aviator™ Portfolios Series 500 75/75 2020 74,958 36,485 6,741 104,702 2019 43,396 40,374 8,812 74,958 Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 2020 782 1,315 - 2,097 2019 - 784 2 782 Segment 32 Aviator™ Portfolios Series 100 75/100 2020 1,996 30,417 1,685 30,728 2019 - 1,996 - 1,996 Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2020 - 1,536 573 963 2019 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2020 - 41,240 7,001 34,239 2019 - - - - Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 2020 - 3,613 - 3,613 2019 - - - -

Co-operators Aviator™ Growth Portfolio

Segment 25 Aviator™ Portfolios Series 500 75/100 2020 65,466 16,701 14,030 68,137 2019 52,192 36,143 22,869 65,466 Segment 27 Aviator™ Portfolios Series 500 75/75 2020 31,626 17,834 19,432 30,028 2019 10,615 31,703 10,692 31,626 Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 2020 - - - - 2019 - 3 3 - Segment 32 Aviator™ Portfolios Series 100 75/100 2020 265 16,638 714 16,189 2019 - 265 - 265 Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2020 - 1,196 - 1,196 2019 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2020 2,992 18,004 8,654 12,342 2019 - 2,992 - 2,992 Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 2020 - 772 - 772 2019 - - - -

Co-operators Aviator™ Income Plus Portfolio

Segment 25 Aviator™ Portfolios Series 500 75/100 2020 152,780 29,802 25,724 156,858 2019 100,287 82,680 30,187 152,780 Segment 27 Aviator™ Portfolios Series 500 75/75 2020 79,718 30,354 39,694 70,378 2019 40,592 55,778 16,652 79,718 Segment 28 Aviator™ Portfolios Series 500 75/75 TFSA 2020 - - - - 2019 - 1 1 - Segment 32 Aviator™ Portfolios Series 100 75/100 2020 4,793 60,295 11,839 53,249 2019 - 4,793 - 4,793 Segment 33 Aviator™ Portfolios Series 100 75/100 TFSA 2020 - 2,589 562 2,027 2019 - - - - Segment 34 Aviator™ Portfolios Series 100 75/75 2020 2,655 60,189 8,290 54,554 2019 - 2,655 - 2,655 Segment 35 Aviator™ Portfolios Series 100 75/75 TFSA 2020 - 1,854 1,194 660 2019 - - - -

167