<SEC-DOCUMENT>0001279569-20-001591.txt : 20201117
<SEC-HEADER>0001279569-20-001591.hdr.sgml : 20201117
<ACCEPTANCE-DATETIME>20201116183716
ACCESSION NUMBER:		0001279569-20-001591
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201116
FILED AS OF DATE:		20201117
DATE AS OF CHANGE:		20201116

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:		201318842

	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>sunlife6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="text-align: center; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="margin: 0; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B><BR> <B>Washington, D.C. 20549</B></FONT><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 18pt"><B>FORM 6-K</B></FONT><B><FONT STYLE="font-size: 10pt">
</FONT></B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&#160;13a-16 or 15d-16<BR>
under the Securities Exchange Act of 1934 </B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: white; width: 100%; font: 10pt times new roman; font-size: 10pt">
<TR>
    <TD STYLE="width: 50%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold">For the month
    of    November 2020</TD>
    <TD STYLE="width: 50%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">Commission File Number: 001-15014</TD></TR>
</TABLE>
<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 24pt Arial, Helvetica, Sans-Serif"><B>SUN LIFE FINANCIAL INC.</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(the "Company")</FONT></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Translation of registrant's name into English)</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1
York Street, 31st Floor, Toronto, Ontario, M5J 0B6</B></FONT></P>

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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Address of principal executive offices)</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#160;</FONT></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or
Form&#160;40-F.</FONT></P>

<P STYLE="margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; width: 47%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form&#160;20-F
    &#9744;</FONT></TD>
    <TD STYLE="width: 6%; font: x-small Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 47%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form&#160;40-F
    &#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark if the registrant is submitting the Form 6-K&nbsp; in paper as permitted by Regulation S-T Rule 101(b)(1):____</FONT></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):____</FONT></P>

<P STYLE="margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="text-align: center; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 52%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Sun
    Life Financial Inc.</I></B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="font-size: 10pt"><I>(Registrant)</I></FONT></FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-bottom: 2px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:&#160;
    November 16, 2020 </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 2px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    &ldquo;<I>Tracie Allan</I>&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tracie Allan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assistant
                                         Vice-President and Managing Counsel, Sun Life Financial</FONT></P>


</TD></TR>
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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: black 2px solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibits</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; font-size: xx-small"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; font-size: xx-small; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="ex991.htm"><FONT STYLE="font-size: 10pt">99.1</FONT></A></FONT></TD>
    <TD STYLE="font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="ex991.htm"><FONT STYLE="font-size: 10pt">Amended and restated By-Law No. 1, approved by
the Board of Directors of the Company on November 4, 2020</FONT></A></FONT></TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>



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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAW NO. 1, APPROVED BY THE BOARD OF DIRECTORS OF THE COMPANY ON NOVEMBER 4, 2020
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1.5pt solid; width: 50%">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 11pt GiovanniEFBook; margin: 0; text-align: center">SUN LIFE FINANCIAL INC.</P>

<P STYLE="font: bold 11pt GiovanniEFBook; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt GiovanniEFBook; margin: 0; text-align: center">BY-LAW NO. 1</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: center"><B>An Amended and Re-stated By-law relating generally to the
conduct of the business<BR>
and affairs of Sun Life Financial Inc.</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: center"><B>SECTION 1.</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>DEFINITIONS</B></P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><B>1.1</B></TD><TD><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 63pt; text-align: left">In this By-law No. 1:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Act&rdquo;
means the <I>Insurance Companies Act</I> (Canada), S.C. 1991, c.47, as amended from time to time, and every statute that may be
substituted therefor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Applicable
Securities Laws&rdquo; means the applicable securities legislation of each relevant province and territory of Canada, as amended
from time to time, the rules, regulations and forms made or promulgated under any such legislation and the published national instruments,
multilateral instruments, policies, bulletins and notices of the securities commission or similar regulatory authority of each
province and territory of Canada;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Board&rdquo;
means the Board of Directors of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Corporation&rdquo;
means Sun Life Financial Inc.; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;public
announcement&rdquo; means disclosure in a news release reported by a national news service in Canada, or in a document publicly
filed by the Corporation under its profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>SECTION 2.<BR>
BOARD OF DIRECTORS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt GiovanniEFBook; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><B>2.1</B></TD><TD><B>Manage the Business and Affairs of the Corporation</B></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">The Board shall manage or supervise
the management of the business and affairs of the Corporation in accordance with and subject to the Act.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Directors</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">The Corporation shall have a
minimum of eight directors and a maximum of 20 directors. The number of directors to be elected at any annual meeting of the Corporation
shall be such as is fixed by the directors prior to the annual meeting. The Board may appoint one or more additional directors
to hold office for a term expiring not later than the close of the next annual meeting of shareholders, provided that: (a) the
total number of directors so appointed shall not exceed one third of the number of directors elected at the previous annual meeting;
and (b) the maximum number of directors is not exceeded.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term of Office</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">Each director shall be elected
or appointed for a term ending immediately prior to the election of directors at the annual meeting of shareholders next following
the director&rsquo;s election or appointment. Directors are eligible for re-election or re-appointment.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of the Board</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Board shall meet regularly
without notice on such dates, at such times and at such places as shall be determined from time to time by the directors. Special
meetings of the Board may be called at any time upon 24 hours&rsquo; notice by either the Chairman of the Board or any three directors.
A majority of the directors shall constitute a quorum at any meeting of the Board.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes to Govern</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">Subject to the Act, all questions
to be decided at meetings of the Board shall be decided by a majority of the votes cast. If a vote is tied, the Chairman of the
Board shall not have a second or casting vote.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of Committees of the Board</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">Committees of the Board shall
determine their own procedures, including notice requirements, if any, for the calling and conduct of meetings, subject to any
regulations imposed by the Board.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remuneration of Directors</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The aggregate of all amounts that
are to be paid to all directors of the Corporation in respect of directors&rsquo; remuneration during a financial year of the Corporation
is hereby fixed at a maximum of $2,600,000. The directors are also entitled to such additional amounts as may be necessary to reimburse
them for their reasonable expenses properly incurred in respect of their services as directors.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>SECTION 3.<BR>
REQUIREMENTS FOR NOMINATIONS OF DIRECTORS</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomination Procedures</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">Subject to the Act, only individuals
who are nominated in accordance with the procedures set out in this Section 3 shall be eligible for election as directors of the
Corporation at any meeting of shareholders of the Corporation. Nominations of individuals for election to the Board may be made
at any annual meeting of shareholders or at any special meeting of shareholders if one of the purposes for which the special meeting
was called is the election of directors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">by or at the
direction of the Board, including pursuant to a notice of meeting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">by or at the
direction or request of one or more shareholders pursuant to a proposal or a requisition made in accordance with the provisions
of the Act; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">by any person
(a &ldquo;Nominating Shareholder&rdquo;) who:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">on the date of
the giving of the notice provided for below and on the record date for notice of such meeting is a registered holder of shares
that are entitled to be voted at such meeting on the election of directors; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">complies with
the notice procedures set forth in this Section 3.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0; text-align: justify"><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timely
Notice</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">In addition to any other applicable
requirements, for a nomination to be made by a Nominating Shareholder, the Nominating Shareholder must have given timely notice
thereof in proper written form to the Corporate Secretary of the Corporation at the principal executive offices of the Corporation
as set forth below.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0; text-align: justify"><B>3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manner
of Timely Notice</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">To be timely, a Nominating Shareholder&rsquo;s
notice to the Corporate Secretary of the Corporation must be made:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">in the case of
an annual meeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders;
provided, however, that if the annual meeting of shareholders is to be held on a date that is less than 50 days after the date
on which the first public announcement of the date of the annual meeting was made (the &ldquo;Notice Date&rdquo;), notice by the
Nominating Shareholder may be made not later than the 10th day following the Notice Date; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">in the case of
a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or
not called for other purposes), not later than the 15th day following the day on which the first public announcement of the date
of the special meeting of shareholders was made.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 6pt 0.5in; text-align: justify">In no event shall any adjournment or postponement
of a meeting of shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder&rsquo;s
notice as described above.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0; text-align: justify"><B>3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proper
Form of Timely Notice</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 6pt 0.5in; text-align: justify">To be in proper written form, a Nominating
Shareholder&rsquo;s notice to the Corporate Secretary of the Corporation must set forth:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">as to each individual
whom the Nominating Shareholder proposes to nominate for election as a director:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">the name, age,
business address and residential address of the individual;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">the principal
occupation or employment of the individual;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">the number of
shares of the Corporation beneficially owned, or controlled or directed, directly or indirectly, by the individual as of the record
date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as
of the date of such notice; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">any other information
relating to the individual that would be required to be disclosed in a dissident&rsquo;s proxy circular in connection with solicitations
of proxies for election of directors pursuant to the Act and Applicable Securities Laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">as to the Nominating
Shareholder giving the notice and any beneficial owner respecting which the notice was given, the names of such person(s) and:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">the number of
shares of the Corporation beneficially owned, or controlled or directed, directly or indirectly, by such person(s) and each person
acting jointly or in concert with any of them; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">any proxy, contract,
arrangement, understanding or relationship pursuant to which such Nominating Shareholder has a right to vote shares of the Corporation
for the election of directors; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">any other information
relating to such Nominating Shareholder that would be required to be disclosed in a dissident&rsquo;s proxy circular in connection
with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0.5in; text-align: justify">The Corporation may require any proposed
nominee to furnish such other information as may reasonably be required by the Corporation to comply with requirements of the Office
of the Superintendent of Financial Institutions (Canada) relating to assessing the suitability of directors and potential changes
to the Board, determine the eligibility of such proposed nominee to serve as an independent director of the Corporation, or that
could be material to a reasonable shareholder&rsquo;s understanding of the independence, or lack thereof, of such proposed nominee.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1.5pt solid; width: 50%">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 50%; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 6pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0; text-align: justify"><B>3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility
for Nomination as a Director</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">No individual shall be eligible
for election as a director of the Corporation unless nominated in accordance with the provisions of this By-law; provided, however,
that nothing in this By-law shall preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting
of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of
the Act. The Chairman of the meeting shall have the power and duty to determine whether a nomination was made in accordance with
the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions,
to declare that such defective nomination shall be disregarded.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0; text-align: justify"><B>3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of Notice</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">Notwithstanding any other provision
of the Corporation&rsquo;s By-laws, notice given to the Corporate Secretary of the Corporation pursuant to this By-law may only
be given by personal delivery, facsimile transmission or by email (at the email address indicated under the Corporation&rsquo;s
profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com), and shall be deemed to have been given
and made only at the time it is served by personal delivery, email (at the aforesaid address) or sent by facsimile transmission
(provided that receipt of confirmation of such transmission has been received) to the Corporate Secretary at the address of the
principal executive offices of the Corporation; provided that if such delivery or electronic communication is made on a day which
is not a business day or later than 5:00&nbsp;p.m. (Toronto time) on a day which is a business day, then such delivery or electronic
communication shall be deemed to have been made on the next day that is a business day.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0.25in 0 0; text-align: justify"><B>3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
Discretion</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Notwithstanding the foregoing,
the Board may, in its sole discretion, waive any requirement of Section&nbsp;3.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>SECTION 4.<BR>
INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and
Officers</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify">Subject to any limitations contained in the Act,
the Corporation shall indemnify a director or officer, a former director or officer or any person who acts or acted, at the Corporation&rsquo;s
request, as a director or officer of, or in a similar capacity for, another entity, and each of such person&rsquo;s heirs and personal
representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by such person in respect of any civil, criminal, administrative, investigative or other proceeding in which such person
is or was involved because of that association with the Corporation or such other entity, if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">such person acted honestly and in good
faith with a view to the best interests of, as the case may be, the Corporation or such other entity, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt CG Omega; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">in the case of a criminal or administrative
action or proceeding enforced by a monetary penalty, such person had reasonable grounds for believing that their conduct was lawful.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify">The Corporation may enter into agreements evidencing
its indemnity in favour of the foregoing persons to the full extent permitted by law.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>SECTION 5.<BR>
MEETINGS OF SHAREHOLDERS</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">The chairman
at all meetings of shareholders of the Corporation shall be:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt GiovanniEFBook; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(a)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">the Chairman of the Board; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt GiovanniEFBook; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the absence of the Chairman of the Board, a non-management director chosen as the chairman of
the meeting by the directors who are present.</TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">At any meeting of shareholders,
two persons present in person or by proxy and representing at least 25% of the shares entitled to vote at such meeting shall constitute
a quorum for the transaction of business.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>SECTION 6.<BR>
CORPORATE MATTERS</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Year</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in">The financial year of the Corporation
shall end on the expiration of the 31st day of December in each year.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Seal</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The seal of the Corporation shall
be such as the Board may adopt.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution of Documents</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Documents to be executed by the
Corporation shall be executed by such persons and in such manner as may be determined by the Board.</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Black 1pt solid; padding-top: 8pt; width: 50%">November 4, 2020</TD><TD STYLE="border-top: Black 1pt solid; text-align: right; width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"></P>

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</TABLE>

<P STYLE="font: bold 11pt GiovanniEFBook; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt GiovanniEFBook; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt GiovanniEFBook; margin: 0; text-align: center">SUN LIFE FINANCIAL INC.</P>

<P STYLE="font: bold 11pt GiovanniEFBook; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt GiovanniEFBook; margin: 0; text-align: center">BY-LAW NO. 2</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: center"><B>An Amended and Restated By-law creating classes of shares
of Sun Life Financial Inc.</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0; text-align: center"><B>SECTION 1.</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="font-style: normal">In
this By-law No. 2:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Act&rdquo;
means the <I>Insurance Companies Act</I> (Canada), S.C. 1991, c.47, as amended from time to time, and every statute that may be
substituted therefor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Board&rdquo;
means the Board of Directors of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Cancellation
Time&rdquo; means 11:59 p.m., Toronto time, on the thirty-fifth month anniversary of the Effective Date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Class&nbsp;A
Shares&rdquo; means the Class&nbsp;A Shares of any series in the capital of the Corporation, without nominal or par value, now
existing or hereafter created;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Class&nbsp;B
Shares&rdquo; means the Class&nbsp;B Shares of any series in the capital of the Corporation, without nominal or par value, now
existing or hereafter created;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(f)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Common
Shares&rdquo; means the common shares in the capital of the Corporation, without nominal or par value, now existing or hereafter
created;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Conversion
Plan&rdquo; means the conversion proposal of Sun Life as approved by the Minister which constitutes a Conversion Proposal as contemplated
by the Act;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(h)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Corporation&rdquo;
means Sun Life Financial Inc.;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Effective
Date&rdquo; means the effective date specified in the Letters Patent of Conversion issued to Sun Life;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(j)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Letters
Patent of Conversion&rdquo; has the meaning ascribed thereto in the Conversion Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(k)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Lost Policyholder&rdquo;
has the meaning ascribed thereto in the Conversion Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(l)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Regulations&rdquo;
means the regulations made under the Act, as amended or replaced from time to time;</FONT></TD></TR></TABLE>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(m)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">&ldquo;Share Constraint Regime&rdquo; means the provisions
of the Act and the Regulations, if any, which establish rules restricting the purchase or other acquisition, issue, transfer and
voting of shares of the Corporation, as those provisions may be amended from time to time; and</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(n)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.25in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">&ldquo;Sun Life&rdquo;
means Sun Life Assurance Company of Canada.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="font-style: normal">In
this By-law No. 2, the terms &ldquo;control&rdquo;, &ldquo;entity&rdquo;, &ldquo;person&rdquo; and &ldquo;significant interest&rdquo;
and all other terms which are not defined herein shall have the meanings ascribed to those terms in the Act.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 6pt 0; text-align: center"><B>SECTION 2.<BR>
AUTHORIZED CAPITAL</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Capital</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">The
authorized capital of the Corporation consists of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 11pt Times New Roman, Times, Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">an unlimited number of Class&nbsp;A
Shares issuable in series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 11pt Times New Roman, Times, Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">an unlimited number of Class&nbsp;B
Shares issuable in series; and</FONT></TD></TR></TABLE>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">an unlimited number of Common Shares.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 6pt 0; text-align: center"><B>SECTION 3.<BR>
CLASS&nbsp;A SHARES</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
Class&nbsp;A Shares, as a class, shall have attached thereto the following rights, privileges, restrictions and conditions:</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board&rsquo;s Authority to Issue
in One or More Series</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
Board may issue the Class&nbsp;A Shares at any time or from time to time in one or more series. Before any shares of a series are
issued, the Board shall fix the number of shares that will form such series, if any, and shall, subject to any limitations set
out in the by-laws of the Corporation or in the Act, determine the designation, rights, privileges, restrictions and conditions
to be attached to the Class&nbsp;A Shares of the series. Before the issue of any shares of a series, the particulars of the series,
including the rights, privileges, restrictions and conditions determined by the Board, shall be sent to the Superintendent of Financial
Institutions (Canada).</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ranking of the Class&nbsp;A Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">No
rights, privileges, restrictions or conditions attached to a series of Class&nbsp;A Shares confer on the series a priority in respect
of dividends or return of capital over any other series of Class&nbsp;A Shares. The Class&nbsp;A Shares shall be entitled to a
preference over the Class&nbsp;B Shares, the Common Shares and any other shares ranking junior to the Class&nbsp;A Shares with
respect to priority in payment of dividends and in the distribution of assets in the event of the liquidation, dissolution or winding-up
of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders
for the specific purpose of winding up its affairs.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">If
any cumulative dividends, whether or not declared, or declared non-cumulative dividends or amounts payable on return of capital
are not paid in full in respect of any series of Class&nbsp;A Shares, then the Class&nbsp;A Shares of all series participate rateably
in respect of such dividends in accordance with the sums that would be payable on such shares if all such dividends were declared
and paid in full, and in respect of such return of capital in accordance with the sums that would be payable on such return of
capital if all sums so payable were paid in full; provided, however, that if there are insufficient assets to satisfy in full all
such claims as aforesaid, the claims of the holders of the Class&nbsp;A Shares with respect to return of capital shall be paid
and satisfied first and any assets remaining thereafter shall be applied towards the payment and satisfaction of claims in respect
of dividends. The Class&nbsp;A Shares of any series may also be given such other preferences not inconsistent with the rights,
privileges, restrictions and conditions attached to the Class&nbsp;A Shares as a class over the Class&nbsp;B Shares, the Common
Shares and any other shares ranking junior to the Class&nbsp;A Shares as may be determined in the case of such series of Class&nbsp;A
Shares.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Except
as hereinafter referred to or as required by law or as specified in the rights, privileges, restrictions and conditions attached
from time to time to any series of Class&nbsp;A Shares, the holders of the Class&nbsp;A Shares as a class are not entitled as such
to receive notice of, to attend or to vote at any meeting of the shareholders of the Corporation.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal"></FONT></P>


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<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constrained Shares</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">On and after the date upon which the
Corporation becomes the holding body corporate of a company that has converted from a mutual company into a company with common
shares, the Corporation shall not issue or allot any Class&nbsp;A Shares to any person, or any entity controlled by a person, the
Corporation shall refuse to allow the entry in the securities register of the Corporation of an issue or transfer of any Class&nbsp;A
Shares to any person, or any entity controlled by a person, and no person, or any entity controlled by a person, shall purchase
or otherwise acquire any Class&nbsp;A Shares, if such issue, transfer or purchase or other acquisition would cause the person to
have a significant interest in the Class&nbsp;A Shares. No person who has a significant interest in any class of shares of the
Corporation, or entity controlled by a person who has a significant interest in any class of shares of the Corporation, shall,
in person or by proxy, exercise any voting rights attached to Class&nbsp;A Shares beneficially owned by, or that are subject to
agreement pertaining to the exercise of voting rights entered into by, that person, or entity. In accordance with the authority
granted to the Board under the Act and the Regulations, the Board is hereby authorized to make such arrangements as the Board deems
necessary to carry out the intent of the acquisition, issue, transfer and voting restrictions contained in the Act, the Regulations
and the by-laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">If the purchase or other acquisition,
issue, transfer, or voting of any Class&nbsp;A Shares would be permitted under the Act and the Regulations, notwithstanding the
provisions of subsection 3.4(a), the Board is hereby authorized, in its discretion, to permit by resolution of the Board, any such
purchase or other acquisition, issue, transfer, or exercise of voting rights with respect to such Class&nbsp;A Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">Subject to subsection 3.4(d), if, after
the date of incorporation of the Corporation, the Share Constraint Regime is amended, replaced or deleted, such that the provisions
of subsection 3.4(a) are inconsistent with the Share Constraint Regime resulting from such amendment, replacement or deletion,
then the Board is hereby authorized to amend, replace or delete subsection 3.4(a) such that it will be consistent with the Share
Constraint Regime then in effect. The action of the Board to amend, replace or delete subsection 3.4(a) shall be by resolution
of the Board and such amendment, replacement or deletion of subsection 3.4(a) shall be effective without the approval of the holders
of any of the Class&nbsp;A Shares, the Class&nbsp;B Shares or the Common Shares. Promptly following any amendment, replacement
or deletion of subsection 3.4(a) by the Board, the Corporation shall give notice to the holders of the Class&nbsp;A Shares of the
amendment, replacement or deletion thereto.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: GiovanniEFBook; font-size: 11pt">If, after the date of incorporation
of the Corporation, the Share Constraint Regime is amended or replaced and the Share Constraint Regime then in effect allows the
Corporation to determine the application to it and its shareholders of all or any part of such Share Constraint Regime then the
provisions of subsection 3.4(a) may only be amended or replaced with approval of the holders of the Class&nbsp;A Shares, the Class&nbsp;B
Shares and the Common Shares as provided in the Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment with Approval of Holders
of Class&nbsp;A Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
rights, privileges, restrictions and conditions attached to the Class&nbsp;A Shares as a class may be added to, changed or removed
but only with the approval of the holders of the Class&nbsp;A Shares given as hereinafter specified.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the Holders of the
Class&nbsp;A Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
approval of the holders of the Class&nbsp;A Shares to add to, change or remove any right, privilege, restriction or condition attaching
to the Class&nbsp;A Shares as a class or in respect of any other matter requiring the consent of the holders of the Class&nbsp;A
Shares may be given in such manner as may then be required by law, subject to a minimum requirement that such approval be given
by resolution signed by all the holders of the Class&nbsp;A Shares or passed by the affirmative vote of at least two-thirds (2/3)
of the votes cast at a meeting of the holders of the Class&nbsp;A Shares duly called for that purpose. Notwithstanding anything
else in this Section 3, the approval of the holders of the Class&nbsp;A Shares, voting separately as a class or series, is not
required on a proposal to amend the by-laws of the Corporation to:</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">increase or decrease the maximum number of authorized Class&nbsp;A
Shares, or increase the maximum number of authorized shares of a class of shares having rights or privileges equal or superior
to the Class&nbsp;A Shares;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">effect the exchange, reclassification or cancellation of all
or any part of the Class&nbsp;A Shares; or</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">create a new class of shares equal to or superior to the Class&nbsp;A
Shares.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
formalities to be observed with respect to the giving of notice of any such meeting or any continuation of an adjourned meeting,
the quorum required therefor and the conduct thereof shall be those from time to time required by the Act as in force at the time
of the meeting and those, if any, prescribed by the by-laws or the administrative resolutions of the Corporation with respect to
meetings of shareholders. On every poll taken at every meeting of the holders of the Class&nbsp;A Shares as a class, or at any
joint meeting of the holders of two or more series of Class&nbsp;A Shares, each holder of Class&nbsp;A Shares entitled to vote
thereat shall have one vote in respect of each Class&nbsp;A Share held.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to Holders of Class&nbsp;A
Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Any
notice, document, notice of redemption or other communication from the Corporation provided for herein or by the Act shall be sent
to the holders of the Class&nbsp;A Shares:</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">by mail, postage prepaid, at their respective addresses appearing
on the securities register of the Corporation or, in the event of the address of any such holder not so appearing, then at the
last address of such holder known to the Corporation; or </FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">by any other method permitted (or not prohibited) by the Act
and other applicable law from time to time, including by electronic means.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Accidental
failure to give any such notice, notice of redemption or other communication to one or more holders of Class&nbsp;A Shares shall
not affect the validity thereof, but, upon such failure being discovered, a copy of the notice, notice of redemption or other communication,
as the case may be, shall be sent or delivered forthwith to such holder or holders. Unless otherwise provided herein, any notice,
request, certificate or other communication from a holder of Class&nbsp;A Shares herein provided for shall be sent to the Corporation
by mail, postage prepaid, or delivered by hand to the Corporation at its head office, or sent or delivered by any other means acceptable
to the Corporation.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 0 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 6pt 0; text-align: center"><B>SECTION 4.<BR>
CLASS&nbsp;B SHARES</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0 0 6pt; text-align: justify">The Class&nbsp;B Shares, as a class, shall have attached
thereto the following rights, privileges, restrictions and conditions:</P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board&rsquo;s Authority to Issue
in One or More Series</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
Board may issue the Class&nbsp;B Shares at any time or from time to time in one or more series. Before any shares of a series are
issued, the Board shall fix the number of shares that will form such series, if any, and shall, subject to any limitations set
out in the by-laws of the Corporation or in the Act, determine the designation, rights, privileges, restrictions and conditions
to be attached to the Class&nbsp;B Shares of the series. Before the issue of any shares of a series, the particular of the series,
including the rights, privileges, restrictions and conditions determined by the Board, shall be sent to the Superintendent of Financial
Institutions (Canada).</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ranking of the Class&nbsp;B Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">No
rights, privileges, restrictions or conditions attached to a series of Class B Shares confer on the series a priority in respect
of dividends or return of capital over any other series of Class&nbsp;B Shares. The Class&nbsp;B Shares shall rank junior to the
Class A Shares with respect to priority in the payment of dividends and in the distribution of assets in the event of the liquidation,
dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the
Corporation among its shareholders for the specific purpose of winding up its affairs, but the Class&nbsp;B Shares shall be entitled
to a preference over the Common Shares and any other shares ranking junior to the Class&nbsp;B Shares with respect to priority
in the payment of dividends and in the distribution of assets in the event of the liquidation, dissolution or winding up of the
Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders
for the specific purpose of winding up its affairs. </FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">If
any cumulative dividends, whether or not declared, or declared non-cumulative dividends or amounts payable on return of capital
are not paid in full in respect of any series of the Class&nbsp;B Shares, then the Class&nbsp;B Shares of all series participate
rateably in respect of such dividends in accordance with the sums that would be payable on such shares if all such dividends were
declared and paid in full, and in respect of such return of capital in accordance with the sums that would be payable on such return
of capital if all sums so payable were paid in full; provided, however, that if there are insufficient assets to satisfy in full
all such claims as aforesaid, the claims of the holders of the Class&nbsp;B Shares with respect to return of capital shall be paid
and satisfied first and any assets remaining thereafter shall be applied towards the payment and satisfaction of claims in respect
of dividends. The Class&nbsp;B Shares of any series may also be given such other preferences not inconsistent with the rights,
privileges, restrictions and conditions attached to the Class&nbsp;B Shares as a class over the Common Shares and any other shares
ranking junior to the Class&nbsp;B Shares as may be determined in the case of such series of Class&nbsp;B Shares.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Except
as hereinafter referred to or as required by law or as specified in the rights, privileges, restrictions and conditions attached
from time to time to any series of Class&nbsp;B Shares, the holders of the Class&nbsp;B Shares as a class are not entitled as such
to receive notice of, to attend or to vote at any meeting of the shareholders of the Corporation.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constrained Shares</B></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">On and after the date upon which the Corporation becomes the
holding body corporate of a company that has converted from a mutual company into a company with common shares, the Corporation
shall not issue or allot any Class&nbsp;B Shares to any person, or any entity controlled by a person, the Corporation shall refuse
to allow the entry in the securities register of the Corporation of an issue or transfer of any Class&nbsp;B Shares to any person,
or any entity controlled by a person, and no person, or any entity controlled by a person, shall purchase or otherwise acquire
any Class&nbsp;B Shares, if such issue, transfer or purchase or other acquisition would cause the person to have a significant
interest in the Class&nbsp;B Shares. No person who has a significant interest in any class of shares of the Corporation, or entity
controlled by a person who has a significant interest in any class of shares of the Corporation shall, in person or by proxy, exercise
any voting rights attached to Class&nbsp;B Shares beneficially owned by, or that are subject to agreement pertaining to the exercise
of voting rights entered into by, that person, or entity. In accordance with the authority granted to the Board under the Act and
the Regulations, the Board is hereby authorized to make such arrangements as the Board deems necessary to carry out the intent
of the acquisition, issue, transfer and voting restrictions contained in the Act, the Regulations and the by-laws.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt/150% GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">If the purchase or other acquisition, issue, transfer, or
voting of any Class&nbsp;B Shares would be permitted under the Act and the Regulations, notwithstanding the provisions of subsection
4.4(a), the Board is hereby authorized, in its discretion, to permit by resolution of the Board, any such purchase or other acquisition,
issue, transfer, or exercise of voting rights with respect to such Class&nbsp;B Shares.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">Subject to subsection 4.4(d), if, after the date of incorporation
of the Corporation, the Share Constraint Regime is amended, replaced or deleted, such that the provisions of subsection 4.4(a)
are inconsistent with the Share Constraint Regime resulting from such amendment, replacement or deletion, then the Board is hereby
authorized to amend, replace or delete subsection 4.4(a) such that it will be consistent with the Share Constraint Regime then
in effect. The action of the Board to amend, replace or delete subsection 4.4(a) shall be by resolution of the Board and such amendment,
replacement or deletion of subsection 4.4(a) shall be effective without the approval of the holders of any of the Class&nbsp;A
Shares, the Class&nbsp;B Shares or the Common Shares. Promptly following any amendment, replacement or deletion of subsection 4.4(a)
by the Board, the Corporation shall give notice to the holders of the Class&nbsp;B Shares of the amendment, replacement or deletion
thereto.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">If, after the date of incorporation of the Corporation, the
Share Constraint Regime is amended or replaced and the Share Constraint Regime then in effect allows the Corporation to determine
the application to it and its shareholders of all or any part of such Share Constraint Regime then the provisions of subsection
4.4(a) may only be amended or replaced with approval of the holders of the Class A Shares, the Class&nbsp;B Shares and the Common
Shares as provided in the Act.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment with Approval of Holders
of Class&nbsp;B Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
rights, privileges, restrictions and conditions attached to the Class&nbsp;B Shares as a class may be added to, changed or removed
but only with the approval of the holders of the Class&nbsp;B Shares given as hereinafter specified.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the Holders of the
Class&nbsp;B Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
approval of the holders of the Class&nbsp;B Shares to add to, change or remove any right, privilege, restriction or condition attaching
to the Class&nbsp;B Shares as a class or in respect of any other matter requiring the consent of the holders of the Class&nbsp;B
Shares may be given in such manner as may then be required by law, subject to a minimum requirement that such approval be given
by resolution signed by all the holders of the Class&nbsp;B Shares or passed by the affirmative vote of at least two-thirds (2/3)
of the votes cast at a meeting of the holders of the Class&nbsp;B Shares duly called for that purpose. Notwithstanding anything
else in this Section 4, the approval of the holders of the Class&nbsp;B Shares, voting separately as a class or series, is not
required on a proposal to amend the by-laws of the Corporation to:</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">increase or decrease the maximum number of authorized Class&nbsp;B
Shares, or increase the maximum number of authorized shares of a class of shares having rights or privileges equal or superior
to the Class&nbsp;B Shares;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">effect the exchange, reclassification or cancellation of all
or any part of the Class&nbsp;B Shares; or</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">create a new class of shares equal to or superior to the Class&nbsp;B
Shares.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
formalities to be observed with respect to the giving of notice of any such meeting or any continuation of an adjourned meeting,
the quorum required therefor and the conduct thereof shall be those from time to time required by the Act as in force at the time
of the meeting and those, if any, prescribed by the by-laws or the administrative resolutions of the Corporation with respect to
meetings of shareholders. On every poll taken at every meeting of the holders of the Class&nbsp;B Shares as a class, or at any
joint meeting of the holders of two or more series of Class&nbsp;B Shares, each holder of Class&nbsp;B Shares entitled to vote
thereat shall have one vote in respect of each Class&nbsp;B Share held.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to Holders of Class&nbsp;B
Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Any
notice, document, notice of redemption or other communication from the Corporation provided for herein or by the Act shall be sent
to the holders of the Class&nbsp;B Shares:</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">by mail, postage prepaid, at their respective addresses appearing
on the securities register of the Corporation or, in the event of the address of any such holder not so appearing, then at the
last address of such holder known to the Corporation; or</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">by any other method permitted (or not prohibited) by the Act
and other applicable law from time to time, including by electronic means.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Accidental
failure to give any such notice, notice of redemption or other communication to one or more holders of Class&nbsp;B Shares shall
not affect the validity thereof, but, upon such failure being discovered, a copy of the notice, notice of redemption or other communication,
as the case may be, shall be sent or delivered forthwith to such holder or holders. Unless otherwise provided herein, any notice,
request, certificate or other communication from a holder of Class&nbsp;B Shares herein provided for shall be sent to the Corporation
by mail, postage prepaid, or delivered by hand to the Corporation at its head office, or sent or delivered by any other means acceptable
to the Corporation.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 6pt 0; text-align: center"><B>SECTION 5.<BR>
COMMON SHARES</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
Common Shares shall have attached thereto the following rights, privileges, restrictions and conditions:</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends</B></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">Subject to the prior rights of the holders of the Class A
Shares, the Class&nbsp;B Shares and any other shares ranking senior to the Common Shares with respect to priority in payment of
dividends, the holders of Common Shares shall be entitled to receive dividends as and when declared by the Board out of monies
properly applicable to the payment of dividends, in such amount and in such forms as the Board may from time to time determine
and all dividends which the Board may declare on the Common Shares shall be declared and paid in equal amounts per share on all
Common Shares outstanding at the time.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt/150% GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">Any dividend (other than a stock dividend) unclaimed after
a period of six years from the date on which the same has been declared to be payable shall be forfeited and shall revert to the
Corporation.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dissolution</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">In
the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other distribution
of the assets of the Corporation among its shareholders for the specific purpose of winding up its affairs, subject to the prior
rights of the holders of the Class A Shares, the Class&nbsp;B Shares and any other shares ranking senior to the Common Shares with
respect to priority in the distribution of assets in the event of the liquidation, dissolution or winding up of the Corporation,
the holders of the Common Shares shall be entitled to receive the remaining property of the Corporation that pertains to shareholders,
in equal amounts per share, without preference or priority of one share over another.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
holders of Common Shares shall be entitled to receive notice of and to attend all meetings of the shareholders of the Corporation
and shall have one vote for each Common Share held at all meetings of the shareholders of the Corporation, except for meetings
at which only holders of another specified class or series of shares of the Corporation are entitled to vote separately as a class
or series.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constrained Shares</B></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">On and after the date upon which the Corporation becomes the
holding body corporate of a company that has converted from a mutual company into a company with common shares, the Corporation
shall not issue or allot any Common Shares to any person, or any entity controlled by a person, the Corporation shall refuse to
allow the entry in the securities register of the Corporation of an issue or transfer of any Common Shares to any person, or any
entity controlled by a person, and no person, or any entity controlled by a person, shall purchase or otherwise acquire any Common
Shares, if such issue, transfer or purchase or other acquisition would cause the person to have a significant interest in the Common
Shares. No person who has a significant interest in any class of shares of the Corporation, or entity controlled by a person who
has a significant interest in any class of shares of the Corporation, shall, in person or by proxy, exercise any voting rights
attached to Common Shares beneficially owned by, or that are subject to agreement pertaining to the exercise of voting rights entered
into by, that person, or entity. In accordance with the authority granted to the Board under the Act and the Regulations, the Board
is hereby authorized to make such arrangements as the Board deems necessary to carry out the intent of the acquisition, issue,
transfer and voting restrictions contained in the Act, the Regulations and the by-laws.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">If the purchase or other acquisition, issue, transfer, or
voting of any Common Shares would be permitted under the Act and the Regulations, notwithstanding the provisions of subsection
5.4(a), the Board is hereby authorized, in its discretion, to permit by resolution of the Board, any such purchase or other acquisition,
issue, transfer, or exercise of voting rights with respect to such Common Shares.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">Subject to subsection 5.4(d), if, after the date of incorporation
of the Corporation, the Share Constraint Regime is amended, replaced or deleted, such that the provisions of subsection 5.4(a)
are inconsistent with the Share Constraint Regime resulting from such amendment, replacement or deletion, then the Board is hereby
authorized to amend, replace or delete subsection 5.4(a) such that it will be consistent with the Share Constraint Regime then
in effect. The action of the Board to amend, replace or delete subsection 5.4(a) shall be by resolution of the Board and such amendment,
replacement or deletion of subsection 5.4(a) shall be effective without the approval of the holders of any of the Class&nbsp;A
Shares, the Class&nbsp;B Shares or the Common Shares. Promptly following any amendment, replacement or deletion of subsection 5.4(a)
by the Board, the Corporation shall give notice to the holders of the Common Shares of the amendment, replacement or deletion thereto.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt/150% GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">If, after the date of incorporation of the Corporation, the
Share Constraint Regime is amended or replaced and the Share Constraint Regime then in effect allows the Corporation to determine
the application to it and its shareholders of all or any part of such Share Constraint Regime then the provisions of subsection
5.4(a) may only be amended or replaced with approval of the holders of the Class A Shares, the Class&nbsp;B Shares and the Common
Shares as provided in the Act.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment with Approval of Holders
of Common Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
rights, privileges, restrictions and conditions attached to the Common Shares as a class may be added to, changed or removed but
only with the approval of the holders of the Common Shares given as hereinafter specified.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of Holders of Common Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
approval of the holders of the Common Shares to add to, change or remove any right, privilege, restriction or condition attaching
to the Common Shares as a class may be given in such manner as may then be required by law, subject to a minimum requirement that
such approval be given by resolution signed by all the holders of the Common Shares or passed by the affirmative vote of at least
two-thirds (2/3) of the votes cast at a meeting of the holders of the Common Shares duly called for that purpose. Notwithstanding
anything else in this Section 5, the approval of the holders of the Common Shares, voting separately as a class, is not required
on a proposal to amend the by-laws of the Corporation to:</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">increase or decrease the maximum number of authorized Common
Shares, or increase the maximum number of authorized shares of a class of shares having rights or privileges equal or superior
to the Common Shares;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">effect the exchange, reclassification or cancellation of all
or any part of the Common Shares; or</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">create a new class of shares equal to or superior to the Common
Shares.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">The
formalities to be observed with respect to the giving of notice of any such meeting or any adjourned meeting, the quorum required
therefor and the conduct thereof shall be those from time to time required by the Act as in force at the time of the meeting and
those, if any, prescribed by the by-laws or the administrative resolutions of the Corporation with respect to meetings of shareholders.
On every poll taken at every meeting of the holders of the Common Shares as a class, each holder of Common Shares entitled to vote
thereat shall have one vote in respect of each Common Share held.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to the Holders of the Common
Shares</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Any
notice, document or other communication from the Corporation provided for herein or by the Act shall be sent to the holders of
the Common Shares:</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">by mail, postage prepaid, at their respective addresses appearing
on the securities register of the Corporation or, in the event of the address of any such holder not so appearing, then at the
last address of such holder known to the Corporation; or</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt/150% GiovanniEFBook; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">by any other method permitted (or not prohibited) by the Act
and other applicable law from time to time, including by electronic means.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Accidental
failure to give any such notice or other communication to one or more holders of Common Shares shall not affect the validity thereof,
but, upon such failure being discovered, a copy of the notice or other communication, as the case may be, shall be sent or delivered
forthwith to such holder or holders. Unless otherwise provided herein, any notice, request, certificate or other communication
from a holder of Common Shares herein provided for shall be sent to the Corporation by mail, postage prepaid, or delivered by hand
to the Corporation at its head office, or sent or delivered by any other means acceptable to the Corporation.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 6pt 0; text-align: center"><B>SECTION 6.<BR>
LOST POLICYHOLDERS</B></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restriction on Voting Rights</B></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">Subject to subsection 6.1(b), no Lost Policyholder shall,
in person or by proxy, exercise any voting rights that are attached to the Common Shares issued to such Lost Policyholder.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; letter-spacing: -0.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: GiovanniEFBook; font-style: normal">Subsection 6.1(a) shall cease to apply in respect of a Lost
Policyholder once such Lost Policyholder ceases to be a Lost Policyholder in accordance with Section 6.2.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirmation Criteria</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">A
Lost Policyholder shall cease to be a Lost Policyholder at any time from the Effective Date up to and including the Cancellation
Time if such Lost Policyholder confirms the current address at which he or she may be reached by mail by: (i) responding to a letter
from Sun Life or the Corporation requesting confirmation of the current address; (ii) contacting Sun Life or the Corporation and
confirming the current address; (iii) informing Sun Life or the Corporation of a change of address; or (iv) otherwise confirming
the current address with the Corporation, in a manner satisfactory to the Corporation.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Register</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">From
the Effective Date up to and including the Cancellation Time, the Corporation shall record in its securities register the status
of a person as a Lost Policyholder. If a Lost Policyholder ceases to be a Lost Policyholder in accordance with Section 6.2, the
Corporation shall amend its securities register accordingly.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">No
payments in respect of dividends or distributions declared by the Corporation in respect of the Common Shares issued pursuant to
the Conversion Plan shall be made in respect of a Lost Policyholder. However, the Corporation shall pay to a person who ceases
to be a Lost Policyholder, in accordance with Section 6.2, all dividends or distributions, without interest and net of any applicable
withholding taxes, to which such person was otherwise entitled as a shareholder of record of the Corporation, while such person
was a Lost Policyholder. The payment of such dividends or distributions shall be in accordance with the other provisions of this
By-law No.&nbsp;2.</FONT></P>

<P STYLE="font: 11pt GiovanniEFBook; margin: 0"><B>6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cancellation of Shares and Dividends
and Subsequent Reissuance</B></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">Upon
the Cancellation Time, the Corporation shall, for no consideration, cancel all Common Shares issued to Lost Policyholders who remain
as such at the Cancellation Time, and all such Common Shares shall be deemed to have been surrendered to the Corporation, together
with all entitlements to dividends and distributions thereon, including any proceeds of dissolution pursuant to the Act. Notwithstanding
the foregoing, the Corporation shall, from time to time in accordance with the Conversion Plan, subsequent to the Cancellation
Time reissue Common Shares and pay an amount in respect of dividends or issue securities or pay cash or other property to a person,
as the case may be, whose Common Shares were cancelled in accordance with this Section 6.5.</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt GiovanniEFBook; margin: 0 0 6pt 0.5in; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-style: normal">No
amount shall be deducted from, or added to, the stated capital account maintained for Common Shares in respect of the Common Shares
cancelled or reissued, respectively, pursuant to this Section 6.5.</FONT></P>

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