<SEC-DOCUMENT>0001193125-20-035809.txt : 20200214
<SEC-HEADER>0001193125-20-035809.hdr.sgml : 20200214
<ACCEPTANCE-DATETIME>20200213173703
ACCESSION NUMBER:		0001193125-20-035809
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200213
FILED AS OF DATE:		20200214
DATE AS OF CHANGE:		20200213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUN LIFE FINANCIAL INC
		CENTRAL INDEX KEY:			0001097362
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15014
		FILM NUMBER:		20612318

	BUSINESS ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6
		BUSINESS PHONE:		4169794800

	MAIL ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES INC
		DATE OF NAME CHANGE:	20030702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES OF CANADA INC
		DATE OF NAME CHANGE:	20000224
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d881573d6k.htm
<DESCRIPTION>6-K
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<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of February, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-15014</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SUN LIFE FINANCIAL INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1 York
Street, 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> Floor, Toronto, Ontario M5J 0B6 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive
offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F</FONT><B>&nbsp;&nbsp;</B>&#9746;<B></B><B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1): &#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7): &#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Explanatory Note: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attached as Exhibit 99.1 to this Form 6-K is the report of independent registered public accounting firm to the shareholders and directors of Sun Life
Financial Inc. (the &#147;<B>Company</B>&#148;) on the basis of its audit conducted under Canadian generally accepted auditing standards (&#147;<B>Canadian GAAS</B>&#148;) with respect to the Company&#146;s 2019 consolidated annual financial
statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s 2019 consolidated annual financial statements were previously filed on the date hereof as an exhibit to the Company&#146;s
Annual Report on Form 40-F, which had included an unqualified report of independent registered public accounting firm to the shareholders and directors of the Company with respect to the Company&#146;s 2019 consolidated annual financial statements
on the basis of their audit conducted under the standards of the U.S. Public Company Accounting Oversight Board (&#147;<B>PCAOB</B>&#148;). </P>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibits:</U></B></P></TD>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Canadian GAAS audit report in respect of the Company&#146;s consolidated annual financial statements for the year ended December 31,
2019</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the <U>Securities Exchange Act of 1934</U>, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Sun Life Financial Inc.</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="3">(Registrant)</TD></TR>
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<TD VALIGN="top">Date: February&nbsp;13, 2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Tracie Allan</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Tracie Allan</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assistant Vice-President &amp; Managing Counsel</P></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d881573dex991.htm
<DESCRIPTION>EX-99.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:arial"><B>Independent Auditor&#146;s Report </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">To the Shareholders and the Board of
Directors of Sun Life Financial Inc. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Opinion </B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">We have audited the
consolidated financial statements of Sun Life Financial Inc. (the &#147;Company&#148;), which comprise the consolidated statements of financial position as at December&nbsp;31,&nbsp;2019 and 2018, and the consolidated statements of operations,
comprehensive income (loss), changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the &#147;financial
statements&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at
December&nbsp;31,&nbsp;2019 and 2018, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board
(&#147;IFRS&#148;). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Basis for Opinion </B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">We conducted our audit in
accordance with Canadian generally accepted auditing standards (&#147;Canadian GAAS&#148;). Our responsibilities under those standards are further described in the <I>Auditor&#146;s Responsibilities for the Audit of the Financial Statements
</I>section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Key Audit Matters
</B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the
year ended December&nbsp;31,&nbsp;2019. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon, and we do not provide a separate opinion on these
matters. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Insurance Contract Liabilities - Refer to Notes 1 and 10 to the Financial Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Key Audit Matter Description </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">The Company has significant insurance contract
liabilities representing the majority of its total liabilities. Application of different assumptions may result in different measurement of the insurance contract liabilities. There is insurance risk from the uncertainty of product performance due
to differences between the actual experience and expected experience. The Company also uses various actuarial models to determine insurance contract liabilities some of which involve high levels of complexity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">While there are many assumptions which management makes, the assumptions with the greatest uncertainty are those related to lapse and other policyholder behaviour.
These assumptions required subjective and complex auditor judgment in certain circumstances where (i) there is limited Company and industry experience data, (ii) the historical experience may not be a good indicator of the future, and (iii) the
lapse and other policyholder behaviour may be irrational. Auditing of certain actuarial models and lapse and other policyholder behaviour required a high degree of auditor judgment and an increased extent of audit effort, including the need for the
integral involvement of actuarial specialists. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>How the Key Audit Matter Was Addressed in the Audit </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Our audit procedures related to actuarial models and assumptions of lapse and other policyholder behaviour included the following, among others: </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluating the effectiveness of controls over actuarial models and the determination of the lapse and other policyholder
behaviour assumptions used in the calculation of insurance contract liabilities as well as access and change management controls over those actuarial models. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">With the assistance of actuarial specialists, testing the reasonableness of key lapse and policyholder behaviour
assumptions, by: </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluating management&#146;s methods and assumptions in accordance with actuarial principles and practices under the
Canadian actuarial standards of practice. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Testing experience studies and other inputs used in the determination of the lapse and other policyholder behaviour
assumptions. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Analyzing management&#146;s interpretation of its experience study results, evaluating triggers and drivers for revisions
of assumptions, assessing reasonable possible alternative assumptions, and considering industry and other external sources of data, where applicable. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">With the assistance of actuarial specialists, testing the appropriateness of actuarial models used in the estimation
process by: </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Calculating an independent estimate of the insurance contract liability for a sample of insurance policies and comparing
the results to the Company&#146;s results. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Testing the accuracy of a sample of actuarial models for changes in key assumptions. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Valuation of Investment Properties - Refer to Notes 1 and 5 to the Financial Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Key Audit Matter Description </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Investment properties are accounted for at
fair value. The fair value of investment properties is generally determined using property valuation models that are based on expected capitalization rates and models that discount expected future net cash flows at current market interest rates
reflective of the characteristics, location, and market of each property. Expected future net cash flows include contractual and projected cash flows and forecasted operating expenses, and take into account interest, rental, and occupancy rates
derived from market surveys. The estimates of future cash inflows in addition to expected rental income from current leases, include projected income from future leases based on significant assumptions that are consistent with current market
conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">While there are many assumptions which management makes, the assumptions with the greatest uncertainty are the discount rates, terminal capitalization
rates and future rental rates. Performing audit procedures to evaluate valuation models and inputs required a high degree of auditor judgment and an increased extent of audit effort, including the need for the integral involvement of fair value
specialists. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>How the Key Audit Matter Was Addressed in the Audit </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Our audit procedures related to valuation models and assumptions including discount rates, terminal capitalization rates, and future rental rates included the
following, among others: </P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluating the effectiveness of controls over the fair value process for investment properties. These controls include an
assessment and approval by senior management of the discount rates, terminal capitalization rates, and future rental rates assumptions used in the calculation of the valuation of investment properties and an assessment of the valuation model used.
</P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">With the assistance of fair value specialists, evaluating on a sample basis the reasonableness of the discount rates,
terminal capitalization rates, and future rental rates assumptions and the valuation model by calculating an independent estimate and comparing those to the discount rates, terminal capitalization rates and future rental rates selected by
management. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>BentallGreenOak Put Option Liability - Refer to Note 3 to the Financial Statements </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Key Audit Matter Description </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">The Company, through its subsidiary Bentall
Kennedy group of companies (&#147;Bentall Kennedy&#148;), acquired a 56% interest of GreenOak Real Estate (&#147;GreenOak&#148;) on July&nbsp;1,&nbsp;2019, to form BentallGreenOak (&#147;BGO&#148;). The consideration for the acquisition was a
combination of cash and shares in Bentall Kennedy. The acquisition involved multiple contractual arrangements including a put option whereby, if exercised, the Company would acquire the remaining outstanding shares in BGO commencing in 2027. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">While there are multiple contractual arrangements, the arrangement with the most judgment was the put option liability. The determination of the present value of the
put option liability necessitated significant management judgment in selecting inputs related to the future earnings before interest, tax, depreciation and amortization (&#147;EBITDA&#148;) and weighting of forecasted scenarios. Given the nature of
the put option liability, which gave rise to complex accounting, performing audit procedures to determine the appropriateness of the accounting required a high degree of specialized accounting knowledge. Performing audit procedures to evaluate the
reasonableness of the inputs and the complex accounting required a high degree of auditor judgment and increased extent of effort including the need for the integral involvement of fair value specialists. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>How the Key Audit Matter Was Addressed in the Audit </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Our audit procedures
related to the future EBITDA, weighting of forecasted scenarios and selection of discount rate used to value the put option liability, as well as the complex accounting of the put option liability included the following, among others: </P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluating the effectiveness of controls over the review of the appropriateness of the accounting. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluating the effectiveness of controls over the valuation of the put option liability including controls over the
inputs, including future EBITDA, weighting of forecasted scenarios and the selection of discount rate. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Assessing the reasonableness of management&#146;s forecasts of future EBITDA by comparing the projections to historical
results and certain peer companies. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Examining the contractual arrangements to ensure that the put option liability was accounted for appropriately.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">With the assistance of fair value specialists, evaluating the weighting of forecasted scenarios to assess the
reasonableness given the range of possible future outcomes relating to the put option liability. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Other Information </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Management is responsible for the other information. The other information comprises: </P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Management&#146;s Discussion and Analysis </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">The information, other than the financial statements and our auditor&#146;s reports thereon, in the Annual Report.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion
thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">We obtained Management&#146;s Discussion and Analysis prior to the date of
this auditor&#146;s report. If, based on the work we have performed on this&nbsp;other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor&#146;s report. We
have nothing to report in this regard. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">The Annual Report is expected to be made available to us after the date of the auditor&#146;s reports. If, based on the work
we will perform on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact to those charged with governance. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Responsibilities of Management and Those Charged with Governance for the Financial Statements </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Management is responsible for the preparation and fair presentation of the financial statements 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">In preparing the
financial statements, management is responsible for assessing the Company&#146;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Those charged with governance are responsible for
overseeing the Company&#146;s financial reporting process. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial"><B>Auditor&#146;s Responsibilities for the Audit of the Financial Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor&#146;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 GAAS will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: </P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">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 Company&#146;s internal control. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Conclude on the appropriateness of management&#146;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 Company&#146;s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor&#146;s report to the related disclosures in the financial statements or, if&nbsp;such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor&#146;s report. However, future events or conditions may cause the Company to cease to continue as a going concern. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:8.5pt">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">The engagement partner on the audit resulting in this independent auditor&#146;s report is William A. Cunningham. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">/s/ Deloitte LLP </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Chartered Professional Accountants </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Licensed Public Accountants </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">Toronto, Ontario, Canada </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial">February&nbsp;12,&nbsp;2020 </P>
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