Fidelity – IG Canadian Equity Pool Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 2021 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This Annual Management Report of Fund Performance contains financial highlights but does not This report may contain forward-looking statements that reflect our current contain the complete annual financial statements of the investment fund. You may obtain a copy expectations or forecasts of future events. Forward-looking statements include of the annual financial statements, at no cost, by calling 1-888-746-6344 (1-800-661-4578 if you statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “intends”, “plans”, live in Quebec) or by writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5 (2001, “believes”, “estimates”, “preliminary”, “typical” and other similar expressions. boulevard Robert-Bourassa, bureau 2000, Montreal (Quebec), H3A 2A6 if you live in Quebec), or In addition, these statements may relate to future corporate actions, future by visiting the SEDAR website at www.sedar.com. financial performance of a fund or a security and their future investment strategies and prospects. Forward-looking statements are inherently subject to, Securityholders may also contact us using one of these methods to request a copy of the investment among other things, risks, uncertainties and assumptions that could cause actual events, results, performance or prospects to differ materially from those expressed fund’s interim financial report, proxy voting policies and procedures, proxy voting disclosure record in, or implied by, these forward-looking statements. These risks, uncertainties or quarterly portfolio disclosure. For more information, please refer to the Fund’s Simplified and assumptions include, without limitation, general economic, political Prospectus, Annual Information Form and Fund Facts, which may also be obtained, at no cost, using and market factors in North America and internationally, interest and foreign exchange rates, the volatility of global equity and capital markets, business any of the methods outlined above. competition, technological change, changes in government regulations, changes For the Fund’s current net asset values per security and for more recent information on general in securities laws and regulations, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, outbreaks of disease or pandemics market events, please visit our website at www.ig.ca (such as COVID-19), and the ability of manager to attract or retain key employees. References to “Consultant” or “Consultants” mean “Representative” or “Representatives” in Quebec. The foregoing list of important risks, uncertainties and assumptions is not exhaustive. Please consider these and other factors carefully and do not place undue reliance on forward-looking statements. The forward-looking information contained in this report is current only as of the date of this report. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise. © Copyright Investors Group Inc. 2021 TM Trademarks, including IG Wealth Management, are owned by IGM Financial Inc. and licensed to its subsidiary corporations. Fidelity – IG Canadian Equity Pool ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021 Canadian equities rebounded strongly over the period, reaching Management Discussion of all-time highs after plunging earlier in 2020 over fears about the impact of the COVID-19 pandemic. Significant government and central Fund Performance bank stimulus both globally and in Canada, coupled with progress on JUNE 8, 2021 vaccination programs in developed countries, led investors to factor higher levels of economic growth into equity valuations. The prospect This management discussion of Fund performance presents views of the of global economic reopening lifted valuations in the Canadian energy portfolio management team about the significant factors and developments sector. during the past year that have affected the Fund’s performance and outlook. Within the S&P/TSX Composite Index, consumer discretionary, Please read the Caution Regarding Forward-looking Statements located on information technology and health care were the strongest sectors, the first page of this document. while communication services, consumer staples and utilities were the Investment Objective and Strategies weakest. The Fund aims to provide long-term growth by investing primarily The Fund underperformed the index, with stock selection in the in the equity securities of Canadian companies in the same sectors financials and materials sectors detracting from performance. and in approximately the same proportion as the S&P/TSX Capped Underweight exposure and security selection in the communication Composite Index, although the Fund’s investments may or may not be services sector and overweight exposure to the consumer discretionary included in this index. The Fund intends to invest from 0% to 30% of sector contributed to performance. Holdings in the United States also its assets in foreign securities, but may invest up to 50%. contributed. Risk Recent Developments The risks of the Fund remain as discussed in the Fund’s initial The portfolio management team believes a high level of uncertainty Simplified Prospectus. exists in equity markets. The team believes recent equity performance was heavily influenced by specific macro investment trends and less by The Fund is suitable for long-term investors looking for capital growth company earnings. The team expects that as economies gradually reopen, who have a medium tolerance for risk. investors will focus more on company earnings and fundamentals. Against The Fund is currently available for investment only by other IG Wealth this backdrop, the Fund is focused on companies with strong balance Management Funds. sheets, with the goal of adding portfolio value through investments in businesses with attractive growth potential, strong management and Results of Operations favourable risk-reward profiles. CHANGES IN NET ASSETS The Fund’s exposure to Canada increased over the period, while exposure The Fund’s net assets increased by 50.2% during the period to to the U.S. decreased. Select U.S. holdings were reduced in favour of $431.7 million. This change was comprised primarily of gains from investment opportunities with more attractive risk-reward potential. operations of $116.7 million and an increase of $27.6 million due to net securityholder activity. Other Developments FEES AND EXPENSES COVID-19 The management expense ratio (MER) for the Fund is similar to the Governments worldwide have enacted various measures in seeking to MER for the period ended March 31, 2020. Total expenses paid vary combat the spread of the COVID-19 virus. These measures have led period to period mainly as a result of changes in average assets in each to significant volatility in equity markets and material disruption to series. businesses globally, resulting in an economic slowdown. INVESTMENT PERFORMANCE Ongoing uncertainty regarding the duration and long-term impact of In accordance with National Instrument 81-106, the following the pandemic and the implementation of vaccination programs, as well comparison to one or more market indices has been included to as the efficacy of government and central bank monetary and fiscal help you understand the Fund’s performance relative to the general interventions, may continue to affect the Fund’s performance in future performance of the markets. However, the portfolio management team periods. cautions that the Fund’s mandate may be different from the index or indices shown. For a description of the index or indices, see Annual Compound Returns. Also, it is important to note that investors cannot invest in an index. Indirect investments in an index are available; however, there are fees and transaction costs and other variables that will impact returns when investing in these products. Index returns included in the comparison below do not reflect these costs and variables. For longer-term performance of the Fund, see the Past Performance section of this report. For the year ended March 31, 2021, the Series P securities returned 40.1% (after deducting fees and expenses paid by the Fund). In comparison, the S&P/TSX Composite Index returned 44.2%. Fidelity – IG Canadian Equity Pool ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE MARCH 31, 2021 Related Party Transactions Management Fees I.G. Investment Management, Ltd. is the Manager, Trustee and Portfolio Advisor of the Fund. The Fund is only available for purchase The Fund is only available for purchase by other IG Wealth by other IG Wealth Management Funds and is not available for Management Funds and is not available for purchase by retail purchase by retail investors. The Manager, Portfolio Advisor and investors. In order to avoid duplication of fees in the other IG Wealth Trustee are, indirectly, wholly owned subsidiaries of IGM Financial Inc. Management Funds, the Fund does not pay a management fee. Certain other investment funds, distributed by IG Wealth Management, and other qualified investors may invest in Series P of this Fund. As at March 31, 2021, this series comprised 100.0% of the Fund’s net assets. The Manager relied on standing instructions approved