<SEC-DOCUMENT>0001193125-13-269071.txt : 20130624
<SEC-HEADER>0001193125-13-269071.hdr.sgml : 20130624
<ACCEPTANCE-DATETIME>20130624165155
ACCESSION NUMBER:		0001193125-13-269071
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130624
FILED AS OF DATE:		20130624
DATE AS OF CHANGE:		20130624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MANULIFE FINANCIAL CORP
		CENTRAL INDEX KEY:			0001086888
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14942
		FILM NUMBER:		13930091

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR ST EAST
		STREET 2:		NORTH TOWER 11
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			00000
		BUSINESS PHONE:		4169263500

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR ST EAST
		STREET 2:		NORTH TOWER 11
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d557988d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Form 6-K
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PURSUANT TO RULE 13a-16 OR 15d-16 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>OF THE SECURITIES EXCHANGE ACT OF 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the month of <U>June 2013</U> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Commission File Number 1-14942 </B></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>MANULIFE
FINANCIAL CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Translation of registrant&#146;s name into English) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>200 Bloor Street East, </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>North Tower 10 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Toronto, Ontario, Canada M4W 1E5 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(416) 926-3000 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive office) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 20-F&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">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):&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits&nbsp;99.1 and 99.2 to this Form 6-K are incorporated by reference in the registration statements filed with the Securities and Exchange
Commission by the registrant on Form S-8 (Registration Nos. 333-12610, 333-13072, 333-91102, 333-114951, 333-129430, and 333-157326), on Form F-3 (Registration No. 333-159176) and on Form F-10 (Registration No. 333-182632) and by the registrant and
John Hancock Life Insurance Company (U.S.A.) on Form F-3 (Registration Nos. 333-183233-01 and 333-183233, 333-179261-01 and 333-179261, 333-168694-01 and 333-168694, respectively). Except for the foregoing, no other document or portion of a document
filed with this Form 6-K is incorporated by reference in the above registration statements. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DOCUMENTS FILED AS PART OF THIS FORM 6-K </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:25pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description of Exhibit</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terms of Class 1 Shares Series 13</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terms of Class 1 Shares Series 14</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">MANULIFE FINANCIAL CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Melody Chen</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Melody Chen</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assistant Vice President and Assistant&nbsp;Corporate&nbsp;Secretary</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: June 24, 2013 </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:25pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description of Exhibit</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terms of Class 1 Shares Series 13</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terms of Class 1 Shares Series 14</FONT></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d557988dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Class 1 Shares Series 13 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following are the rights, privileges,
restrictions and conditions (the &#147;<U>Class 1 Shares Series 13 Provisions</U>&#148;) attaching to the Class 1 Shares Series 13 (the &#147;<U>Class 1 Shares Series 13</U>&#148;) of the Corporation. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Consideration for Issue</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The consideration for the issue of each Class 1 Share Series 13 shall be $25.00. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Dividends</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)
<B>Payment of Dividends.</B> The holders of Class 1 Shares Series 13 will be entitled to receive, and the Corporation will pay on the Class 1 Shares Series 13, as and when declared by the Board of Directors, but subject to the provisions of the
Insurance Act, quarterly non-cumulative preferential cash dividends at the rates and times herein provided. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the Initial Fixed Rate Period, dividends on the Class 1 Shares Series 13 will be payable quarterly at the Initial Fixed Dividend Rate. Accordingly, on each
Dividend Payment Date during the Initial Fixed Rate Period, other than June&nbsp;19, 2013 and September&nbsp;19, 2013, the dividend payable, if declared, will be equal to $0.2375 per share. No amount will be payable on June&nbsp;19, 2013. The amount
payable from and including the Issue Date up to, but excluding, September&nbsp;19, 2013, will be an amount in cash equal to $0.95 per share multiplied by a fraction, the numerator of which is the number of calendar days from and including the Issue
Date to, but excluding, September&nbsp;19, 2013, and the denominator of which is 365. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">During each Subsequent Fixed Rate Period, dividends on the Class 1 Shares Series 13 will, if declared, be in the amount per share per annum determined by multiplying
the Annual Fixed Dividend Rate applicable to such Subsequent Fixed Rate Period by $25.00, payable quarterly on each Dividend Payment Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation will, in respect of each Subsequent Fixed Rate Period, calculate on each Fixed Rate Calculation Date the Annual Fixed Dividend Rate for such Subsequent
Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the then holders of Class 1 Shares Series 13. Each such determination by the Corporation of the Annual Fixed Dividend Rate will, in the absence of
manifest error, be final and binding upon the Corporation and upon all holders of Class 1 Shares Series 13. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Board of Directors does not declare the dividends, or any part thereof, on the Class 1 Shares Series 13 on or before the Dividend Payment Date for a particular
Dividend Period, the entitlement of the holders of the Class 1 Shares Series 13 to such dividends, or to any part thereof, for the Dividend Period will be forever extinguished. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;2&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Method of Payment.</B> Dividends on the Class 1 Shares Series 13 will be paid by
cheque of the Corporation, in lawful money of Canada payable at par at any branch in Canada of a chartered bank or trust company, in the amount of the applicable dividend, rounded to the nearest whole cent ($0.01), less any tax required to be
deducted and withheld by the Corporation. The mailing by ordinary unregistered first class prepaid mail of such a cheque to a holder of Class 1 Shares Series 13 to the address of the holder as it appears on the register of holders, or if the address
of any such holder does not so appear, then to the last known address of such holder, on or before the fifth Business Day before the Dividend Payment Date will be deemed to be payment and will satisfy and discharge all liabilities for dividends
payable on that Dividend Payment Date to the extent of the amount represented by the cheque (plus any tax required to be deducted and withheld from the payment) unless such cheque is not paid on due presentation. A dividend represented by a cheque
which has not been duly presented for payment within two&nbsp;years after it was issued or that otherwise remains unclaimed for a period of two years from the date on which it was declared to be payable and set apart for payment will be forfeited to
the Corporation. The Corporation may pay dividends in any other manner as it may agree with any particular holder. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Redemption</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)
<B>No Redemption Before September&nbsp;19, 2018.</B> The Corporation may not redeem any of the Class 1 Shares Series 13 prior to September&nbsp;19, 2018. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Redemption On and After September&nbsp;19, 2018.</B> On September&nbsp;19, 2018 and on September&nbsp;19 every fifth year thereafter, but subject to section&nbsp;6 and to the provisions of the
Insurance Act, including the requirement for prior approval of the Superintendent, the Corporation may redeem at any time all or from time to time any part of the Class 1 Shares Series 13 then outstanding without the consent of the holders. The
Corporation may effect the redemption, the details of which are to be stipulated in the Redemption Notice as described below, by the payment of an amount in cash for each Class 1 Share Series 13 so redeemed equal to $25.00 (the &#147;<U>Redemption
Price</U>&#148;) in each case, together with the Accrued Amount up to but excluding the Redemption Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) <B>Partial
Redemptions.</B> In the case of partial redemptions, Class 1 Shares Series 13 to be redeemed will be selected on a proportionate basis or in any other manner that the Board of Directors may determine, subject to approval of the Toronto Stock
Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) <B>Notice of Redemption.</B> The Corporation will give to each holder of Class 1 Shares Series 13 to be
redeemed a notice in writing of the intention of the Corporation to redeem such shares (the &#147;<U>Redemption Notice</U>&#148;). The Redemption Notice must be given at least 30&nbsp;days but not more than 60&nbsp;days before the Redemption Date.
The Redemption Notice must set out the number of Class 1 Shares Series 13 held by the person to whom it is addressed which are to be redeemed, the Redemption Price and the Accrued Amount and the date on which the redemption is to occur (the
&#147;<U>Redemption Date</U>&#148;). In addition to the Redemption Notice, if the Corporation proposes to redeem less than all of the Class 1 Shares Series 13 then outstanding, the Corporation will publish a single notice, in the manner in which it
publishes dividend notices, of its intention to complete a partial redemption of such shares and the manner in which shares will be selected for such redemption. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;3&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) <B>Method of Payment.</B> The Corporation will either pay or cause to be paid to the
holders of the Class 1 Shares Series 13 to be redeemed, in respect of each Class 1 Share Series 13 to be redeemed, the Redemption Price and the Accrued Amount on presentation and surrender at any principal transfer office of the Transfer Agent, or
at any other place or places within Canada designated in the Redemption Notice, of the certificate or certificates for the Class 1 Shares Series 13 so called for redemption, together with such other documents as may be reasonably required to effect
a transfer of Class 1 Shares Series 13. Payment by cash will be made by cheque payable at par at any branch in Canada of a chartered bank or trust company. If a part only of the Class 1 Shares Series 13 represented by any certificate is redeemed, a
new certificate for the balance will be issued at the expense of the Corporation. Subject to subsection&nbsp;(6) below, from and after the date specified in any Redemption Notice, the Class 1 Shares Series 13 called for redemption will be deemed to
be redeemed and the holders of those Class 1 Shares Series 13 will cease to be entitled to dividends and will not be entitled to exercise any of the rights of shareholders in respect of those Class 1 Shares Series 13 unless payment of the Redemption
Price and the Accrued Amount is not duly made by the Corporation on presentation and surrender of the certificate or certificates representing the Class 1 Shares Series 13. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(6) <B>Deposit of Redemption Price and Accrued Amount.</B> At any time after the Redemption Notice is given, the Corporation will have the right to deposit the Redemption Price and the Accrued Amount of
any or all Class 1 Shares Series 13 called for redemption with any chartered bank or trust company in Canada named in the Redemption Notice, including the Transfer Agent, to the credit of a special account for the respective holders of those Class 1
Shares Series 13, to be paid on surrender to the Corporation or that chartered bank or trust company of the certificate or certificates representing those Class 1 Shares Series 13. Any such deposit will constitute payment and satisfaction of the
Redemption Price and the Accrued Amount of the Class 1 Shares Series 13 for which the deposit is made and the rights of the holders of those shares will be limited to receiving the proportion (less any tax required to be deducted and withheld by the
person holding such deposit) of the Redemption Price and the Accrued Amount so deposited applicable to those shares, without interest, on presentation and surrender of the certificate or certificates representing the Class 1 Shares Series 13 being
redeemed. The Corporation will be entitled to any interest on such deposit. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Conversion of Class 1 Shares Series 13</U></B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Conversion at the Option of the Holder.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of Class 1 Shares Series 13 will have the right, at their option, on September&nbsp;19, 2018 and on September&nbsp;19 in every fifth year thereafter (a
&#147;<U>Series 13 Conversion Date</U>&#148;), to convert, subject to the terms and provisions hereof and to the provisions of the Insurance Act, all or any Class 1 Shares Series 13 registered in their name into Class 1 Shares Series 14 on the basis
of one (1)&nbsp;Class 1 Share Series 14 for each Class 1 Share Series 13. The Corporation will give notice in writing to the then holders of the Class 1 Shares Series 13 of the conversion privilege provided for herein (the &#147;<U>Conversion
Privilege</U>&#148;) and such notice will (i)&nbsp;set out the Series 13 Conversion Date, (ii)&nbsp;include instructions to such holders as to the method by which such Conversion Privilege may be exercised, as described in section&nbsp;4(3), and
(iii)&nbsp;be given at least 30&nbsp;days and not more than 60&nbsp;days prior to the applicable Series 13 Conversion Date. On the 30th day prior to each Series 13 Conversion Date, the Corporation will give notice in writing to the then holders of
the Class 1 Shares Series 13 of the Annual Fixed Dividend Rate for the next succeeding Subsequent Fixed Rate Period and the Floating Quarterly Dividend Rate applicable to the Class 1 Shares Series 14 for the next succeeding Quarterly Floating Rate
Period, in each case as determined by the Corporation. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;4&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Corporation gives notice as provided in section&nbsp;3(4) to the holders of the Class 1 Shares Series 13 of the redemption of all the Class 1 Shares Series 13,
the Corporation will not be required to give notice as provided in this section&nbsp;4(1) to the holders of the Class 1 Shares Series 13 of the Annual Fixed Dividend Rate, Floating Quarterly Dividend Rate or Conversion Privilege and the right of any
holder of Class 1 Shares Series 13 to convert such Class 1 Shares Series 13 as herein provided will cease and terminate in that event. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of Class 1 Shares Series 13 will not be entitled to convert their shares into Class 1 Shares Series 14 on a Series 13 Conversion Date if the Corporation
determines that there would remain outstanding on the Series 13 Conversion Date less than 1,000,000 Class 1 Shares Series 14 after taking into account all Class 1 Shares Series 13 tendered for conversion into Class 1 Shares Series 14 and all Class 1
Shares Series 14 tendered for conversion into Class 1 Shares Series 13. The Corporation will give notice in writing thereof, in accordance with the provisions of section&nbsp;4(1)(a), <I>mutatis mutandis</I>, to all affected holders of Class 1
Shares Series 13 at least seven (7)&nbsp;days prior to the applicable Series 13 Conversion Date and, subject to the provisions of section&nbsp;16, will issue and deliver, or cause to be delivered, prior to such Series 13 Conversion Date, at the
expense of the Corporation, to such holders of Class 1 Shares Series 13, who have surrendered for conversion any certificate or certificates representing Class 1 Shares Series 13, new certificates representing the Class 1 Shares Series 13
represented by any certificate or certificates surrendered as aforesaid. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Automatic Conversion.</B> If
the Corporation determines that there would remain outstanding on a Series 13 Conversion Date less than 1,000,000 Class 1 Shares Series 13 after taking into account all Class 1 Shares Series 13 tendered for conversion into Class 1 Shares Series 14
and all Class 1 Shares Series 14 tendered for conversion into Class 1 Shares Series 13, then, all, but not part, of the remaining outstanding Class 1 Shares Series 13 will automatically be converted into Class 1 Shares Series 14 on the basis of one
(1)&nbsp;Class 1 Share Series 14 for each Class 1 Share Series 13 on the applicable Series 13 Conversion Date and the Corporation will give notice in writing thereof, in accordance with the provisions of section&nbsp;4(1)(a), <I>mutatis
mutandis</I>, to the holders of such remaining Class 1 Shares Series 13 at least seven (7)&nbsp;days prior to the Series 13 Conversion Date. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;5&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Manner of Exercise of Conversion Privilege.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, the Conversion Privilege may be exercised by notice in writing (a &#147;<U>Conversion Notice</U>&#148;) given not earlier
than 30&nbsp;days prior to a Series 13 Conversion Date but not later than 5:00&nbsp;p.m. (Toronto time) on the 15th day preceding a Series 13 Conversion Date during usual business hours at any principal transfer office of the Transfer Agent, or such
other place or places in Canada as the Corporation may agree, accompanied by: (1)&nbsp;payment or evidence of payment of the tax (if any) payable as provided in this section&nbsp;4(3); and (2)&nbsp;the certificate or certificates representing the
Class 1 Shares Series 13 in respect of which the holder thereof desires to exercise the Conversion Privilege with the transfer form on the back thereof or other appropriate stock transfer power of attorney duly endorsed by the holder, or his or her
attorney duly authorized in writing, in which Conversion Notice such holder may also elect to convert part only of the Class 1 Shares Series 13 represented by such certificate or certificates not theretofore called for redemption in which event the
Corporation will issue and deliver or cause to be delivered to such holder, at the expense of the Corporation, a new certificate representing the Class 1 Shares Series 13 represented by such certificate or certificates that have not been converted.
Each Conversion Notice will be irrevocable. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, in the event the Corporation is required to convert all remaining outstanding Class 1 Shares Series 13 into Class 1 Shares
Series 14 on the applicable Series 13 Conversion Date as provided for in section&nbsp;4(2), the Class 1 Shares Series 13 in respect of which the holders have not previously elected to convert will be converted on the Series 13 Conversion Date into
Class 1 Shares Series 14 and the holders thereof will be deemed to be holders of Class 1 Shares Series 14 at 5:00&nbsp;p.m. (Toronto time) on the Series 13 Conversion Date and will be entitled, upon surrender during usual business hours at any
principal transfer office of the Transfer Agent, or such other place or places in Canada as the Corporation may agree, of the certificate or certificates representing Class 1 Shares Series 13 not previously surrendered for conversion, to receive a
certificate or certificates representing the same number of Class 1 Shares Series 14 in the manner and subject to the terms and provisions as provided in this section&nbsp;4(3). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, as promptly as practicable after the Series 13 Conversion Date, the Corporation will issue and deliver, or cause to be
delivered to or upon the written order of the holder of the Class 1 Shares Series 13 so surrendered, a certificate or certificates, issued in the name of, or in such name or names as may be directed by, such holder representing the number of
fully-paid and non-assessable Class 1 Shares Series 14 and the number of remaining Class 1 Shares Series 13, if any, to which such holder is entitled. Such conversion will be deemed to have been made at 5:00&nbsp;p.m. (Toronto time) on the Series 13
Conversion Date, so that the rights of the holder of such Class 1 Shares Series 13 as the holder thereof will cease at such time and the person or persons entitled to receive Class 1 Shares Series 14 upon such conversion will be treated for all
purposes as having become the holder or holders of record of such Class 1 Shares Series 14 at such time. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;6&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The holder of any Class 1 Shares Series 13 on the record date for any dividend declared payable on such share will be entitled to such dividend notwithstanding that
such share is converted into Class 1 Shares Series 14 after such record date and on or before the date of the payment of such dividend. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, the issuance of certificates for the Class 1 Shares Series 14 upon the conversion of Class 1 Shares Series 13 will be made
without charge to the converting holders of Class 1 Shares Series 13 for any fee or tax in respect of the issuance of such certificates or the Class 1 Shares Series 14 represented thereby; provided, however, that the Corporation will not be required
to pay any tax that may be imposed upon the person or persons to whom such Class 1 Shares Series 14 are issued in respect of the issuance of such Class 1 Shares Series 14 or the certificate therefor or any security transfer taxes, and the
Corporation will not be required to issue or deliver a certificate or certificates in a name or names other than that of the holder of the Class 1 Shares Series 13 converted unless the person or persons requesting the issuance thereof has paid to
the Corporation the amount of any such security transfer tax or has established to the satisfaction of the Corporation that such tax has been paid. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Right Not to Deliver Class 1 Shares Series 14.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">On the exercise of the Conversion Privilege by a holder of Class 1 Shares Series 13, or upon an automatic conversion, pursuant to section&nbsp;4(2), of Class 1 Shares
Series 13, the Corporation reserves the right not to deliver Class 1 Shares Series 14 to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 13, and the Corporation will attempt
to sell such Class 1 Shares Series 13 to parties other than the Corporation and its affiliates on behalf of any such person. Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.
The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 13 on behalf of any such person or at any particular price on any particular day. The net proceeds received by the Corporation from the sale of
any such Class 1 Shares Series 13 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes. The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the
Class 1 Shares Series 13 are then held in the Book-Entry System) or in all other cases to the Transfer Agent in accordance with the regular practices and procedures of the Depository or the Transfer Agent, as applicable. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;7&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Conversion into Another Series of Class 1 Shares</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B>(1) <B>Conversion into New Shares at the Option of the Holder.</B> Subject to the provisions of the Insurance Act, including the requirement of any necessary consent of the Superintendent and the
New Shares being listed on a stock exchange, the Corporation may give holders of Class 1 Shares Series 13 notice in writing (the &#147;<U>New Share Conversion Notice</U>&#148;) that they thereafter will have the right, at their option, to convert
all or any of the Class 1 Shares Series 13 registered in the name of the holder into fully-paid New Shares on a share for share basis on the date specified in the notice or, if the date specified in the notice is not a Business Day, the immediately
succeeding Business Day (the &#147;<U>New Share Conversion Date</U>&#148;). The New Share Conversion Notice must be given at least 30 days and not more than 60 days before the New Share Conversion Date. The New Share Conversion Notice must set out
the number of Class 1 Shares Series 13 held by such holder which may be converted on the New Share Conversion Date, the particulars of such New Shares, including a description of the series attributes of such shares, and the New Share Conversion
Date. A holder of Class 1 Shares Series 13 may exercise their conversion right by delivering a conversion notice in accordance with the instructions to holders in the New Share Conversion Notice. If a holder of Class 1 Shares Series 13 does not
deliver such conversion notice in accordance with the instructions to holders in the New Share Conversion Notice, the holder shall be deemed not to have elected to convert their Class 1 Shares Series 13 into New Shares.<B> </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Delivery of Certificates Representing New Shares.</B> Subject to subsection&nbsp;(3) below, the Corporation shall, on presentation
and surrender at the registered office of the Corporation or at any principal transfer office of the Transfer Agent, or such other place or places in Canada as the Corporation may agree, of the certificate or certificates representing the Class 1
Shares Series 13 being converted into New Shares by the holder, give or cause to be given on the New Share Conversion Date to each holder of Class 1 Shares Series 13 being converted or as such holder may have otherwise directed a certificate
representing the whole number of New Shares into which such Class 1 Shares Series 13 are being converted, registered in the name of the holder, or as such holder may have otherwise directed. If on any conversion less than all of the Class 1 Shares
Series 13 represented by a certificate are to be converted, a new certificate representing the balance of such Class 1 Shares Series 13 shall be issued by the Corporation without cost to the holder. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B>Right Not to Deliver New Shares.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">On exercise by a holder of Class 1 Shares Series 13 of the right to convert Class 1 Shares Series 13 into New Shares, the Corporation reserves the right not to deliver
New Shares to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 13, and the Corporation will attempt
to sell such Class 1 Shares Series 13 to parties other than the Corporation and its affiliates on behalf of any such person. Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.
The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 13 on behalf of any such person or at any particular price on any particular day. The net proceeds received by the Corporation from the sale of
any such Class 1 Shares Series 13 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes. The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the
Class 1 Shares Series 13 are then held in the Book-Entry System) or in all other cases to the Transfer Agent in accordance with the regular practices and procedures of the Depository or the Transfer Agent, as applicable. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;8&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Restrictions on Dividends and Retirement and Issue of Shares</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As long as any Class 1 Shares Series 13 are outstanding, the Corporation will not at any time, without the approval of the holders of the Class 1 Shares Series 13 given as provided in section&nbsp;11:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">declare, pay or set apart for payment any dividend on its Common Shares or any other shares ranking junior to the Class 1 Shares Series 13 (other than stock dividends
in any shares ranking junior to the Class 1 Shares Series 13); </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">redeem, purchase or otherwise retire any of its Common Shares or any other shares ranking junior to the Class 1 Shares Series 13 (except out of the net cash proceeds of
a substantially concurrent issue of shares ranking junior to the Class 1 Shares Series 13); </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">redeem, purchase or otherwise retire less than all the Class 1 Shares Series 13; or </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of preferred shares of the
Corporation, redeem, purchase or otherwise retire any other shares ranking on a parity with the Class 1 Shares Series 13; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">unless, in each case, all dividends on the Class 1 Shares Series 13 up to and including those payable on the Dividend Payment Date for the last completed
Dividend Period and in respect of which the rights of holders have not been extinguished, and all dividends then accrued on all other shares ranking senior to or on a parity with the Class 1 Shares Series 13 up to the immediately preceding
respective date or dates for payment and in respect of which the rights of holders of those shares have not been extinguished, have been declared and paid or set apart for payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the provisions attaching to the Class 1 Shares, the Corporation will not create any class of shares superior to the Class 1 Shares without the approval of the holders of the series of
Class 1 Shares voting together as a class. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Issue of Additional Shares and Amendments to Class 1 Shares Series 13</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) <B>Issue of Additional Shares.</B> The Corporation may issue shares of any other series of Class 1 Shares or shares of any other
class or series of the Corporation without authorization of the holders of the Class 1 Shares Series 13. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendments to Class 1 Shares Series 13.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation will not without, but may from time to time with, the approval of holders of the Class 1 Shares Series 13 given as specified in section&nbsp;11, delete,
amend or vary any of these Class 1 Shares Series 13 Provisions. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;9&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the approval in paragraph&nbsp;(a) above, the Corporation will not without, but may from time to time with, the prior approval of the Superintendent make
any such deletion, amendment or variation which might affect the classification afforded the Class 1 Shares Series 13 from time to time for capital adequacy purposes pursuant to the Insurance Act or the MCCSR. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Purchase for Cancellation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Subject to section&nbsp;6 and to the provisions of the Insurance Act, including the requirement for the prior approval of the Superintendent, the Corporation may purchase for cancellation at any time all
or from time to time any part of the Class 1 Shares Series 13 then outstanding in the open market or by private contract or tender at any price. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Rights on Liquidation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of assets of the Corporation for the purpose of winding-up its
affairs, the holders of the Class 1 Shares Series 13 will be entitled to receive $25.00 for each Class 1 Share Series 13 held by them, plus any dividends declared and unpaid to the date of distribution, before any amounts are paid or any assets of
the Corporation distributed to the holders of any shares ranking junior to the Class 1 Shares Series 13. After payment of those amounts, the holders of Class 1 Shares Series 13 will not be entitled to share in any further distribution of the
property or assets of the Corporation. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Voting Rights</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as hereinafter referred to or as required by law, holders of Class 1 Shares Series 13 will not be entitled as such to receive
notice of or to attend or to vote at any meeting of shareholders of the Corporation unless and until the first time at which the Board of Directors has not declared the dividend in full on the Class 1 Shares Series 13 in any Dividend Period. In that
event, subject to the provisions of the Insurance Act, the holders of Class 1 Shares Series 13 will be entitled to receive notice of and to attend only meetings of shareholders of the Corporation at which directors are to be elected and will be
entitled to one vote for each Class 1 Share Series 13 held at such meetings, but only in respect of the election of directors voting together with all other shareholders of the Corporation who are entitled to vote at such meetings, and the holders
of Class 1 Shares Series 13 will not be entitled to vote in respect of any other business conducted at such meetings (the &#147;<U>Voting Rights</U>&#148;). The Voting Rights of the holders of the Class 1 Shares Series 13 will cease on payment by
the Corporation of the first dividend on the Class 1 Shares Series 13 to which the holders are entitled under these Class 1 Shares Series 13 Provisions after the time the Voting Rights first arose until such time as the Corporation may again fail to
declare the dividend in full on the Class 1 Shares Series 13 in any Dividend Period, in which event the Voting Rights will become effective again and so on from time to time. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;10&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Approval of Holders of Class 1 Shares Series 13</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">Any approval given by the holders of Class 1 Shares Series 13 will be deemed to have been sufficiently given if
given by a resolution passed at a meeting of the holders of Class 1 Shares Series 13 duly called and held on not less than 21&nbsp;days&#146; notice at which the holders of at least 25% of the outstanding Class 1 Shares Series 13 are present or are
represented by proxy and carried by the affirmative vote of not less than 66<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.1ex">3</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% of the votes cast at the meeting. If at the meeting the holders of at least 25% of the outstanding Class 1 Shares Series
13 are not present or represented by proxy within 30 minutes after the time appointed for the meeting, the meeting will be adjourned to such date, not less than 10&nbsp;days afterwards, and to such time and place as the Chairman may designate, and
no notice need be given of the adjourned meeting. At the adjourned meeting, the holders of Class 1 Shares Series 13 present or represented by proxy may transact the business for which the meeting was originally called and a resolution passed at the
adjourned meeting by the affirmative vote of not less than 66<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.1ex">3</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% of the votes cast at the meeting will constitute the approval of the holders of Class 1 Shares Series 13. On every poll
taken at any meeting or adjourned meeting, every holder of Class 1 Shares Series 13 will be entitled to one vote in respect of each Class 1 Share Series 13 held. Subject to the foregoing, the formalities to be observed in respect of the giving of
notice of any meeting or adjourned meeting and the conduct of any such meeting will be those from time to time as may be prescribed in the by-laws of the Corporation with respect to meetings of shareholders or under the Insurance Act.
</FONT></FONT></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Tax Election</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Corporation will elect, in the manner and within the time provided under section&nbsp;191.2 of the Tax Act or any successor or replacement provision of similar effect, and take all other necessary action under the Tax Act, to pay tax under
Part&nbsp;VI.1 of the Tax Act at a rate such that holders of the Class 1 Shares Series 13 will not be required to pay tax on dividends received (or deemed to be received) on the Class 1 Shares Series 13 under Part&nbsp;IV.1 of the Tax Act or any
successor or replacement provision of similar effect. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Notices</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)
<B>Notice to the Corporation.</B> Subject to applicable law, any notice, request or other communication to be given to the Corporation by a holder of Class 1 Shares Series 13 must be in writing and will be valid and effective if given by mail
(postage prepaid) or by electronic communication or by delivery to the registered office of the Corporation and addressed to the attention of the Secretary. Any such notice, request or other communication, if given by mail, electronic communication
or delivery, will be deemed to have been given and received only on actual receipt by the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Presentation
and Surrender of Certificates.</B> Any presentation and surrender by a holder of Class 1 Shares Series 13 to the Corporation or the Transfer Agent of certificates representing Class 1 Shares Series 13 in connection with the redemption or conversion
of Class 1 Shares Series 13 must be made by registered mail (postage prepaid) or by delivery to the registered office of the Corporation or to such office of the Transfer Agent as may be specified by the Corporation, in each case addressed to the
attention of the Secretary of the Corporation. Any such presentation and surrender of certificates will be deemed to have been made and to be effective only on actual receipt by the Corporation or the Transfer Agent, as the case may be. Any such
presentation and surrender of certificates made by registered mail will be at the sole risk of the holder mailing the same. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;11&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) <B>Notice to Holders of Class 1 Shares Series 13.</B> Subject to applicable law, any
notice, request or other communication to be given to a holder of Class 1 Shares Series 13 by or on behalf of the Corporation must be in writing and will be valid and effective if given by ordinary unregistered first class mail (postage prepaid) or
by electronic communication or by delivery to the address of the holder recorded in the securities register of the Corporation or, in the event of the address of any such holder not being so recorded, then at the last known address of such holder.
Any such notice, request or other communication, if given by mail, will be deemed to have been given and received on the fifth Business Day following the date of mailing and, if given by electronic communication or by delivery, will be deemed to
have been given and received on the date of electronic communication or delivery. Accidental failure or omission to give any notice, request or other communication to one or more holders of Class 1 Shares Series 13, or any defect in such notice,
will not invalidate or otherwise alter or affect any action or proceeding to be taken by the Corporation pursuant to that notice, request or other communication. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Number of Class 1 Shares Series 13</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Corporation is authorized to issue an unlimited number of Class 1 Shares Series 13. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Interpretation</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) <B>Defined Terms.</B> In these Class 1 Shares Series 13 Provisions: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Accrued Amount</B>&#148; means, at any date, an amount equal to the sum of (a)&nbsp;all declared and unpaid dividends in respect
of completed Dividend Periods preceding the date fixed for redemption and (b)&nbsp;an amount in cash equal to one-quarter of the then current Annual Fixed Dividend Rate multiplied by a fraction, the numerator of which is the number of calendar days
that will have elapsed in the then current Dividend Period as of, but excluding, the then relevant Redemption Date, and the denominator of which is the number of days in the then current Dividend Period; provided in the case of each of (a)&nbsp;and
(b), no amount shall be included in the Accrued Amount that would result in the duplication in payment by the Corporation of the amount of any dividend on the Class 1 Shares Series 13. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Annual Fixed Dividend Rate</B>&#148; means, for any Subsequent Fixed Rate Period, the rate (expressed as a percentage rate
rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the Government of Canada Yield on the applicable Fixed Rate Calculation Date plus 2.22%. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Bloomberg Screen GCAN5YR Page</B>&#148; means the display designated as page &#147;GCAN5YR&lt;INDEX&gt;&#148; on the Bloomberg
Financial L.P. service (or such other page as may replace the GCAN5YR page on that service) for purposes of displaying Government of Canada bond yields. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Board of Directors</B>&#148; means the board of directors of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Book-Entry System</B>&#148; means the record entry securities transfer and pledge system administered by the Depository in accordance with its operating rules and procedures in force from time to
time or any successor system thereof. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;12&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Business Day</B>&#148; means a day other than a Saturday, a Sunday or any other day
which is a statutory or civic holiday in Toronto, Ontario. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Class 1 Shares Series 13</B>&#148; has the meaning
attributed to it in the introductory paragraph to these Class 1 Shares Series 13 Provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Class 1 Shares Series
13 Provisions</B>&#148; has the meaning attributed to it in the introductory paragraph to these terms and conditions attaching to the Class 1 Shares Series 13. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Class 1 Shares Series 14</B>&#148; means the Class 1 Shares Series 14 of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Common Shares</B>&#148; means the Common Shares of the Corporation, and any other securities into which those shares may be changed or for which those shares may be exchanged (whether or not the
Corporation is the issuer of such other securities) or any other consideration which may be received by the holders of such shares pursuant to a capital reorganization, merger or amalgamation of the Corporation or comparable transaction affecting
the Common Shares of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Conversion Notice</B>&#148; has the meaning attributed to it in section
4(3)(a). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Conversion Privilege</B>&#148; has the meaning attributed to it in section 4(1)(a). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Depository</B>&#148; means CDS Clearing and Depository Services Inc. and its nominees or any successor carrying on the business
as a depository, which is approved by the Corporation pursuant to section&nbsp;16(3). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Dividend
Payment Date</B>&#148; means the 19</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of the months of
March, June, September and December in each year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Dividend Period</B>&#148; means the period from and including the
Issue Date up to but excluding September&nbsp;19, 2013 and, thereafter, the three-month period commencing on and including a Dividend Payment Date and ending on the day immediately preceding the next Dividend Payment Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Fixed Rate Calculation Date</B>&#148; means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such
Subsequent Fixed Rate Period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Floating Quarterly Dividend Rate</B>&#148; means, for any Quarterly Floating Rate
Period, the rate (expressed as a percentage rate rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the T-Bill Rate on the applicable Floating Rate Calculation Date plus 2.22%.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Floating Rate Calculation Date</B>&#148; means, for any Quarterly Floating Rate Period, the 30th day prior to the
first day of such Quarterly Floating Rate Period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Global Certificate</B>&#148; has the meaning attributed to it in
section&nbsp;16(1). </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;13&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Government of Canada Yield</B>&#148; on any date means the yield to maturity on
such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and which appears on the Bloomberg
Screen GCAN5YR Page on such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, the Government of Canada Yield will mean the average of the yields determined by two registered Canadian investment
dealers selected by the Corporation, as being the yield to maturity on such date (assuming semi-annual compounding) which a Canadian dollar denominated non-callable Government of Canada bond would carry if issued in Canadian dollars at 100% of its
principal amount on such date with a term to maturity of five years. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Ineligible Person</B>&#148; means any person
whose address is in, or whom the Corporation or the Transfer Agent for the Class&nbsp;1 Shares Series 13 has reason to believe is a resident of, any jurisdiction outside Canada where the issue or delivery to that person of Class&nbsp;1 Shares
Series&nbsp;13 or Class&nbsp;1 Shares Series&nbsp;14 would require the Corporation to take any action to comply with insurance, securities or analogous laws of that jurisdiction. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Initial Fixed Dividend Rate</B>&#148; means 3.80%&nbsp;per annum. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Initial Fixed Rate Period</B>&#148; means the period commencing on the Issue Date and ending on and including September&nbsp;19,
2018. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Insurance Act</B>&#148; means the <I>Insurance Companies Act</I> (Canada). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Issue Date</B>&#148; means the date any of the Class 1 Shares Series 13 are first issued. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>MCCSR</B>&#148; means the Minimum Continuing Capital Surplus Requirements (or its equivalent) for Canadian federally regulated
insurance companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>New Shares</B>&#148; means a further series of Class&nbsp;1 Shares constituted by the Board of
Directors having rights, privileges, restrictions and conditions attaching thereto which would qualify such New Shares as Tier&nbsp;1 capital or equivalent of the Corporation under the then current capital adequacy guidelines established by the
Superintendent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>New Share Conversion Date</B>&#148; has the meaning attributed to it in section&nbsp;5(1).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>New Share Conversion Notice</B>&#148; has the meaning attributed to it in section&nbsp;5(1). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Participant</B>&#148; means a participant in the Book-Entry System that has an interest in Class 1 Shares Series 13. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Quarterly Commencement Date</B>&#148; means the 20th day of each of March, June, September and December in each year.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Quarterly Floating Rate Period</B>&#148; means, for the initial Quarterly Floating Rate Period, the period
commencing on September&nbsp;20, 2018 and ending on and including December&nbsp;19, 2018, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding
the next succeeding Quarterly Commencement Date. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;14&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Redemption Date</B>&#148; has the meaning attributed to it in section&nbsp;3(4).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Redemption Notice</B>&#148; has the meaning attributed to it in section&nbsp;3(4). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Redemption Price</B>&#148; has the meaning attributed to it in section&nbsp;3(2). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Series 13 Conversion Date</B>&#148; has the meaning attributed to it in section 4(1)(a). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Significant Shareholder</B>&#148; means any person who beneficially owns directly, or indirectly through entities controlled by
such person or persons associated with or acting jointly or in concert with such person, shares of any class of the Corporation in excess of 10% of the total number of outstanding shares of that class. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Subsequent Fixed Rate Period</B>&#148; means, for the initial Subsequent Fixed Rate Period, the period commencing on
September&nbsp;20, 2018 and ending on and including September&nbsp;19, 2023, and for each succeeding Subsequent Fixed Rate Period, the period commencing on the day immediately following the end of the immediately preceding Subsequent Fixed Rate
Period and ending on and including September&nbsp;19 in the fifth year thereafter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Superintendent</B>&#148; means
the Superintendent of Financial Institutions and any successor appointed pursuant to the <I>Office of the Superintendent of Financial Institutions&nbsp;Act</I> (Canada). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>T-Bill Rate</B>&#148; means, for any Quarterly Floating Rate Period, the average yield expressed as a percentage per annum on three-month Government of Canada treasury bills, as reported by the
Bank of Canada, for the most recent treasury bills auction preceding the applicable Floating Rate Calculation Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer Agent</B>&#148; means CIBC Mellon Trust Company, a trust company existing under the laws of Canada, or such other
person as from time to time may be the registrar and transfer agent for the Class 1 Shares Series 13. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Voting
Rights</B>&#148; has the meaning attributed to it in section&nbsp;10. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Ranking of Shares.</B> The expressions
&#147;superior to&#148;, &#147;on a parity with&#148; and &#147;ranking junior to&#148; and similar expressions refer to the order of priority only in payment of dividends or in the distribution of assets in the event of any liquidation, dissolution
or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation for the purpose of winding-up its affairs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) <B>Holder.</B> References to a &#147;<U>holder</U>&#148; in relation to Class 1 Shares Series 13 means a registered holder of those shares. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;15&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) <B>References to Statutes.</B> Reference to any statute is to that statute as in force
from time to time, including any regulations, rules, policy statements or guidelines made under that statute, and includes any statute which may be enacted in substitution of that statute. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) <B>Other Payment Matters.</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any date on which any dividend on the Class 1 Shares Series 13 is payable or on or by which any other action is required to be taken by the Corporation under these
Class 1 Shares Series 13 Provisions is not a Business Day, then the dividend will be payable, or such other action will be required to be taken, on or by the next day that is a Business Day. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event of the non-receipt of a cheque by a holder of Class 1 Shares Series 13 entitled to the cheque, or the loss or destruction of the cheque, the Corporation,
on being furnished with reasonable evidence of non-receipt, loss or destruction, and an indemnity reasonably satisfactory to the Corporation, will issue to the holder a replacement cheque for the amount of the original cheque.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation will be entitled to deduct or withhold from any amount payable to a holder of Class 1 Shares Series 13 under these Class 1 Shares Series 13 Provisions
any amount required by law to be deducted or withheld from that payment. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) <B>Currency Conversion.</B> If it
is necessary to convert any other amount into Canadian dollars, the Board of Directors will select an appropriate method and rate of exchange to convert any non-Canadian currency into Canadian dollars. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Registration of Class 1 Shares Series 13 and Transfer, Redemption Purchase and Exchanges Through the Book-Entry&nbsp;System</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) <B>Global Certificate.</B> Subject to subsections&nbsp;(2) and (3)&nbsp;below and notwithstanding any other provision of these Class
1 Shares Series 13 Provisions, the Class 1 Shares Series 13 will be represented in the form of a single fully-registered global certificate in the aggregate number of Class 1 Shares Series 13 issued by the Corporation and outstanding from time to
time (the &#147;<U>Global Certificate</U>&#148;) held by, or on behalf of, the Depository as custodian of the Global Certificate for the Participants, and will be registered in the name of &#147;<U>CDS&nbsp;&amp; Co.</U>&#148; (or such other name as
the Depository may use from time to time as its nominee name for purposes of the Book-Entry System) and registrations of ownership, transfers, purchases, surrenders and exchanges of Class 1 Shares Series 13 will be made only through the Book-Entry
System to another nominee of the Depository for the Class 1 Shares Series 13 or to a successor Depository for the Class 1 Shares Series 13 approved by the Corporation or to a nominee of such successor Depository. Accordingly, subject to
subsection&nbsp;(3) below, the beneficial owners of Class 1 Shares Series 13 will not receive a certificate or other instrument from the Corporation or the Depository evidencing their ownership of Class 1 Shares Series 13, and beneficial owners will
not be shown on the records maintained by the Depository, except through a book-entry account of a Participant acting on behalf of a beneficial owner. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;16&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) <B>Depository is Owner of Class 1 Shares Series 13.</B> For purposes of these Class 1
Shares Series 13 Provisions, as long as the Depository, or its nominee, is the registered holder of the Class 1 Shares Series 13: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Depository, or its nominee, as the case may be, will be considered the sole owner of the Class 1 Shares Series 13 for the purpose of receiving notices or payments
on or in respect of the Class 1 Shares Series 13, including payments of dividends, the Redemption Price or the Accrued Amount, and the delivery of Class 1 Shares Series 14 and certificates for those shares on the conversion into Class 1 Shares
Series 14; and </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Corporation, pursuant to the exercise by it of its right to redeem Class 1 Shares Series 13, will deliver or cause to be delivered to the Depository, or its
nominee, for the benefit of the beneficial owners of the Class 1 Shares Series 13, the Accrued Amount and the Redemption Price and certificates for the Class 1 Shares Series 14, against delivery, if applicable, to the Corporation&#146;s account with
the Depository, or its nominee, of such holder&#146;s Class 1 Shares Series 13. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) <B>Termination of
Book-Entry System.</B> If at any time the Corporation determines or the Depository notifies the Corporation in writing that the Depository is no longer willing or able to discharge properly its responsibility as depository and, in either case, the
Corporation is unable to determine a qualified successor, or the Corporation, at its option, elects, or is required by law, to terminate the Book-Entry System, subsections&nbsp;(1) and (2)&nbsp;above will no longer be applicable to the Class 1
Shares Series 13. In that case, the Corporation will execute and deliver certificates for the Class 1 Shares Series 13 in definitive registered form equal to the aggregate number of Class 1 Shares Series 13 represented by the Global Certificate in
the Book-Entry System. On such exchange, the Transfer Agent will cancel the Global Certificate. Certificates for Class 1 Shares Series 13 in definitive registered form issued in exchange for the Global Certificate will be registered in such names
and in such number of Class 1 Shares Series 13 as instructed in writing by the Depository to the Transfer Agent. The Transfer Agent will deliver or cause to be delivered such definitive certificates to the persons in whose names the Depository has
so instructed. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Return of Unclaimed Funds to Corporation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Corporation shall have the right, with respect to any funds deposited by the Corporation to any chartered bank or trust company in respect of amounts due to holders of Class 1 Shares Series 13, on or
after the first anniversary date of the deposit of such funds to any chartered bank or trust company, to require that such chartered bank or trust company return to the Corporation any funds which remain unclaimed by holders of the Class 1 Shares
Series 13. If at any time following the return of the unclaimed funds to the Corporation, either the Corporation or the chartered bank or trust company receives a request from a holder of Class 1 Shares Series 13 for the holder&#146;s unclaimed
entitlement to any amount due to the holder in respect of the holder&#146;s Class 1 Shares Series 13, the Corporation shall promptly arrange for the payment of such amount to the holder. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Class 1 Shares Series 14 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following are the rights, privileges,
restrictions and conditions (the &#147;<U>Class&nbsp;1 Shares Series 14 Provisions</U>&#148;) attaching to the Class&nbsp;1 Shares Series 14 (the &#147;<U>Class 1 Shares Series 14</U>&#148;) of the Corporation. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Consideration for Issue</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The consideration for the issue of each Class 1 Share Series 14 shall be $25.00. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Dividends</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)<B>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Dividends.</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The holders of Class&nbsp;1 Shares Series 14 will be entitled to receive, and the Corporation will pay on the Class 1 Shares Series 14, as and when declared by the
Board of Directors, but subject to the provisions of the Insurance Act, quarterly non-cumulative preferential cash dividends payable quarterly at the Floating Quarterly Dividend Rate as calculated from time to time. Accordingly, on each Dividend
Payment Date, the dividend payable on the Class&nbsp;1 Shares Series 14, if declared, will be in the amount per share determined by multiplying: </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the product obtained by multiplying $25.00 by the Floating Quarterly Dividend Rate applicable to the Quarterly Floating Rate Period immediately preceding such Dividend
Payment Date; by </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a fraction, the numerator of which is the actual number of days elapsed in such Quarterly Floating Rate Period and the denominator of which is 365.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation will, in respect of each Quarterly Floating Rate Period, calculate on each Floating Rate Calculation Date the Floating Quarterly Dividend Rate for such
Floating Quarterly Rate Period and will, on the Floating Rate Calculation Date, give written notice thereof to the then holders of Class 1 Shares Series 14. Each such determination by the Corporation of the Floating Quarterly Dividend Rate will, in
the absence of manifest error, be final and binding upon the Corporation and upon all holders of Class 1 Shares Series 14. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Board of Directors does not declare the dividends, or any part thereof, on the Class 1 Shares Series 14 on or before the Dividend Payment Date for a Quarterly
Floating Rate Period, the entitlement of the holders of the Class 1 Shares Series 14 to such dividends, or to any part thereof, for the Quarterly Floating Rate Period will be forever extinguished. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;2&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Method of Payment.</B> Dividends on the Class 1 Shares Series
14 will be paid by cheque of the Corporation, in lawful money of Canada payable at par at any branch in Canada of a chartered bank or trust company, in the amount of the applicable dividend, rounded to the nearest whole cent ($0.01), less any tax
required to be deducted and withheld by the Corporation. The mailing by ordinary unregistered first class prepaid mail of such a cheque to a holder of Class 1 Shares Series 14 to the address of the holder as it appears on the register of holders, or
if the address of any such holder does not so appear, then to the last known address of such holder, on or before the fifth Business Day before the Dividend Payment Date will be deemed to be payment and will satisfy and discharge all liabilities for
dividends payable on that Dividend Payment Date to the extent of the amount represented by the cheque (plus any tax required to be deducted and withheld from the payment) unless such cheque is not paid on due presentation. A dividend represented by
a cheque which has not been duly presented for payment within two&nbsp;years after it was issued or that otherwise remains unclaimed for a period of two years from the date on which it was declared to be payable and set apart for payment will be
forfeited to the Corporation. The Corporation may pay dividends in any other manner as it may agree with any particular holder. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Redemption</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Redemption After September&nbsp;19, 2018.</B> After September&nbsp;19, 2018, but subject to section&nbsp;6
and to the provisions of the Insurance Act, including the requirement for prior approval of the Superintendent, the Corporation may redeem at any time all or from time to time any part of the Class 1 Shares Series 14 then outstanding without the
consent of the holders. The Corporation may effect the redemption, the details of which are to be stipulated in the Redemption Notice as described below, by the payment of an amount in cash for each Class 1 Share Series 14 so redeemed equal to:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$25.00 in the case of redemptions on September&nbsp;19, 2023 and on September&nbsp;19 in every fifth year thereafter; or </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$25.50 in the case of redemptions on any other date after September&nbsp;19, 2018; </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(the &#147;<U>Redemption Price</U>&#148;) in each case, together with the Accrued Amount up to but excluding the Redemption Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Partial Redemptions.</B> In the case of partial redemptions, Class 1 Shares Series 14 to be redeemed will be selected on a proportionate basis or in any other manner that the
Board of Directors may determine, subject to approval of the Toronto Stock Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice of
Redemption.</B> The Corporation will give to each holder of Class&nbsp;1 Shares Series 14 to be redeemed a notice in writing of the intention of the Corporation to redeem such shares (the &#147;<U>Redemption Notice</U>&#148;). The Redemption Notice
must be given at least 30&nbsp;days but not more than 60&nbsp;days before the Redemption Date. The Redemption Notice must set out the number of Class&nbsp;1 Shares Series 14 held by the person to whom it is addressed which are to be redeemed, the
Redemption Price and the Accrued Amount and the date on which the redemption is to occur (the &#147;<U>Redemption Date</U>&#148;). In addition to the Redemption Notice, if the Corporation proposes to redeem less than all of the Class&nbsp;1 Shares
Series 14 then outstanding, the Corporation will publish a single notice, in the manner in which it publishes dividend notices, of its intention to complete a partial redemption of such shares and the manner in which shares will be selected for such
redemption. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;3&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;<B>Method of Payment.</B> The Corporation will either pay or
cause to be paid to the holders of the Class&nbsp;1 Shares Series 14 to be redeemed, in respect of each Class&nbsp;1 Share Series 14 to be redeemed, the Redemption Price and the Accrued Amount on presentation and surrender at any principal transfer
office of the Transfer Agent, or at any other place or places within Canada designated in the Redemption Notice, of the certificate or certificates for the Class&nbsp;1 Shares Series 14 so called for redemption, together with such other documents as
may be reasonably required to effect a transfer of Class&nbsp;1 Shares Series 14. Payment by cash will be made by cheque payable at par at any branch in Canada of a chartered bank or trust company. If a part only of the Class&nbsp;1 Shares Series 14
represented by any certificate is redeemed, a new certificate for the balance will be issued at the expense of the Corporation. Subject to subsection&nbsp;(5) below, from and after the date specified in any Redemption Notice, the Class&nbsp;1 Shares
Series 14 called for redemption will be deemed to be redeemed and the holders of those Class&nbsp;1 Shares Series 14 will cease to be entitled to dividends and will not be entitled to exercise any of the rights of shareholders in respect of those
Class&nbsp;1 Shares Series 14 unless payment of the Redemption Price and the Accrued Amount is not duly made by the Corporation on presentation and surrender of the certificate or certificates representing the Class&nbsp;1 Shares Series&nbsp;14.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;<B>Deposit of Redemption Price and Accrued Amount.</B> At any time after the Redemption Notice is
given, the Corporation will have the right to deposit the Redemption Price and the Accrued Amount of any or all Class&nbsp;1 Shares Series 14 called for redemption with any chartered bank or trust company in Canada named in the Redemption Notice,
including the Transfer Agent, to the credit of a special account for the respective holders of those Class&nbsp;1 Shares Series 14, to be paid on surrender to the Corporation or that chartered bank or trust company of the certificate or certificates
representing those Class&nbsp;1 Shares Series 14. Any such deposit will constitute payment and satisfaction of the Redemption Price and the Accrued Amount of the Class&nbsp;1 Shares Series 14 for which the deposit is made and the rights of the
holders of those shares will be limited to receiving the proportion (less any tax required to be deducted and withheld by the person holding such deposit) of the Redemption Price and the Accrued Amount so deposited applicable to those shares,
without interest, on presentation and surrender of the certificate or certificates representing the Class&nbsp;1 Shares Series 14 being redeemed. The Corporation will be entitled to any interest on such deposit. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Conversion of Class 1 Shares Series 14</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Conversion at the Option of the Holder.</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of Class 1 Shares Series 14 will have the right, at their option, on September&nbsp;19, 2023 and on September&nbsp;19 in every fifth year thereafter (a
&#147;<U>Series 14 Conversion Date</U>&#148;), to convert, subject to the terms and provisions hereof and to the provisions of the Insurance Act, all or any Class&nbsp;1 Shares Series 14 registered in their name into Class&nbsp;1 Shares Series 13 on
the basis of one (1)&nbsp;Class 1 Share Series 13 for each Class 1 Share Series 14. The Corporation will give notice in writing to the then holders of the Class 1 Shares Series 14 of the conversion privilege provided for herein (the
&#147;<U>Conversion Privilege</U>&#148;) and such notice will (i)&nbsp;set out the Series 14 Conversion Date, (ii)&nbsp;include instructions to such holders as to the method by which such Conversion Privilege may be exercised, as described in
section&nbsp;4(3), and (iii)&nbsp;be given at least 30&nbsp;days and not more than 60&nbsp;days prior to the applicable Series 14 Conversion Date. On the 30th day prior to each Series 14 Conversion Date, the Corporation will give notice in writing
to the then holders of the Class 1 Shares Series 14 of the Floating Quarterly Dividend Rate for the next succeeding Quarterly Floating Rate Period and the Annual Fixed Dividend Rate applicable to the Class 1 Shares Series 13 for the next succeeding
Subsequent Fixed Rate Period, in each case as determined by the Corporation. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;4&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Corporation gives notice as provided in section&nbsp;3(3) to the holders of the Class 1 Shares Series 14 of the redemption of all the Class 1 Shares Series 14,
the Corporation will not be required to give notice as provided in this section&nbsp;4(1) to the holders of the Class 1 Shares Series 14 of the Floating Quarterly Dividend Rate, Annual Fixed Dividend Rate or Conversion Privilege and the right of any
holder of Class 1 Shares Series 14 to convert such Class 1 Shares Series 14 as herein provided will cease and terminate in that event. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of Class 1 Shares Series 14 will not be entitled to convert their shares into Class&nbsp;1 Shares Series 13 on a Series 14 Conversion Date if the Corporation
determines that there would remain outstanding on the Series 14 Conversion Date less than 1,000,000 Class 1 Shares Series 13 after taking into account all Class&nbsp;1 Shares Series 14 tendered for conversion into Class 1 Shares Series 13 and all
Class 1 Shares Series 13 tendered for conversion into Class 1 Shares Series 14. The Corporation will give notice in writing thereof, in accordance with the provisions of section&nbsp;4(1)(a), <I>mutatis mutandis</I>, to all affected holders of
Class&nbsp;1 Shares Series 14 at least seven (7)&nbsp;days prior to the applicable Series 14 Conversion Date and, subject to the provisions of section&nbsp;16, will issue and deliver, or cause to be delivered, prior to such Series 14 Conversion
Date, at the expense of the Corporation, to such holders of Class 1 Shares Series 14, who have surrendered for conversion any certificate or certificates representing Class 1 Shares Series 14, new certificates representing the Class&nbsp;1 Shares
Series 14 represented by any certificate or certificates surrendered as aforesaid. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Automatic Conversion.</B> If the Corporation determines that there would remain outstanding on a Series 14
Conversion Date less than 1,000,000 Class 1 Shares Series 14 after taking into account all Class 1 Shares Series 14 tendered for conversion into Class&nbsp;1 Shares Series 13 and all Class 1 Shares Series 13 tendered for conversion into Class 1
Shares Series 14, then, all, but not part, of the remaining outstanding Class 1 Shares Series 14 will automatically be converted into Class 1 Shares Series 13 on the basis of one (1)&nbsp;Class 1 Share Series 13 for each Class 1 Share Series 14 on
the applicable Series 14 Conversion Date and the Corporation will give notice in writing thereof, in accordance with the provisions of section&nbsp;4(1)(a), <I>mutatis mutandis</I>, to the holders of such remaining Class 1 Shares Series 14 at least
seven (7)&nbsp;days prior to the Series 14 Conversion Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;<B>Manner of Exercise of Conversion
Privilege.</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, the Conversion Privilege may be exercised by notice in writing (a &#147;<U>Conversion Notice</U>&#148;) given not earlier
than 30&nbsp;days prior to a Series 14 Conversion Date but not later than 5:00&nbsp;p.m. (Toronto time) on the 15th day preceding a Series 14 Conversion Date during usual business hours at any principal transfer office of the Transfer Agent, or such
other place or places in Canada as the Corporation may agree, accompanied by: (1)&nbsp;payment or evidence of payment of the tax (if any) payable as provided in this section&nbsp;4(3); and (2)&nbsp;the certificate or certificates representing the
Class 1 Shares Series 14 in respect of which the holder thereof desires to exercise the Conversion Privilege with the transfer form on the back thereof or other appropriate stock transfer power of attorney duly endorsed by the holder, or his or her
attorney duly authorized in writing, in which Conversion Notice such holder may also elect to convert part only of the Class 1 Shares Series 14 represented by such certificate or certificates not theretofore called for redemption in which event the
Corporation will issue and deliver or cause to be delivered to such holder, at the expense of the Corporation, a new certificate representing the Class 1 Shares Series 14 represented by such certificate or certificates that have not been converted.
Each Conversion Notice will be irrevocable. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;5&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, in the event the Corporation is required to convert all remaining outstanding Class 1 Shares Series 14 into Class 1 Shares
Series 13 on the applicable Series 14 Conversion Date as provided for in section&nbsp;4(2), the Class 1 Shares Series 14 in respect of which the holders have not previously elected to convert will be converted on the Series 14 Conversion Date into
Class 1 Shares Series 13 and the holders thereof will be deemed to be holders of Class 1 Shares Series 13 at 5:00&nbsp;p.m. (Toronto time) on the Series 14 Conversion Date and will be entitled, upon surrender during usual business hours at any
principal transfer office of the Transfer Agent, or such other place or places in Canada as the Corporation may agree, of the certificate or certificates representing Class 1 Shares Series 14 not previously surrendered for conversion, to receive a
certificate or certificates representing the same number of Class 1 Shares Series 13 in the manner and subject to the terms and provisions as provided in this section&nbsp;4(3). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, as promptly as practicable after the Series 14 Conversion Date, the Corporation will issue and deliver, or cause to be
delivered to or upon the written order of the holder of the Class 1 Shares Series 14 so surrendered, a certificate or certificates, issued in the name of, or in such name or names as may be directed by, such holder representing the number of
fully-paid and non-assessable Class 1 Shares Series 13 and the number of remaining Class 1 Shares Series 14, if any, to which such holder is entitled. Such conversion will be deemed to have been made at 5:00&nbsp;p.m. (Toronto time) on the Series 14
Conversion Date, so that the rights of the holder of such Class 1 Shares Series 14 as the holder thereof will cease at such time and the person or persons entitled to receive Class 1 Shares Series 13 upon such conversion will be treated for all
purposes as having become the holder or holders of record of such Class 1 Shares Series 13 at such time. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The holder of any Class 1 Shares Series 14 on the record date for any dividend declared payable on such share will be entitled to such dividend notwithstanding that
such share is converted into Class 1 Shares Series 13 after such record date and on or before the date of the payment of such dividend. </FONT></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;6&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the provisions of section&nbsp;16, the issuance of certificates for the Class 1 Shares Series 13 upon the conversion of Class 1 Shares Series 14 will be made
without charge to the converting holders of Class 1 Shares Series 14 for any fee or tax in respect of the issuance of such certificates or the Class 1 Shares Series 13 represented thereby; provided, however, that the Corporation will not be required
to pay any tax that may be imposed upon the person or persons to whom such Class 1 Shares Series 13 are issued in respect of the issuance of such Class 1 Shares Series 13 or the certificate therefor or any security transfer taxes, and the
Corporation will not be required to issue or deliver a certificate or certificates in a name or names other than that of the holder of the Class 1 Shares Series 14 converted unless the person or persons requesting the issuance thereof has paid to
the Corporation the amount of any such security transfer tax or has established to the satisfaction of the Corporation that such tax has been paid. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;<B>Right Not to Deliver Class 1 Shares Series 13.</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">On the exercise of the Conversion Privilege by a holder of Class 1 Shares Series 14, or upon an automatic conversion, pursuant to section&nbsp;4(2), of Class 1 Shares
Series 14, the Corporation reserves the right not to deliver Class 1 Shares Series 13 to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 14, and the Corporation will attempt
to sell such Class 1 Shares Series 14 to parties other than the Corporation and its affiliates on behalf of any such person. Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.
The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 14 on behalf of any such person or at any particular price on any particular day. The net proceeds received by the Corporation from the sale of
any such Class 1 Shares Series 14 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes. The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the
Class 1 Shares Series 14 are then held in the Book-Entry System) or in all other cases to the Transfer Agent in accordance with the regular practices and procedures of the Depository or the Transfer Agent, as applicable. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Conversion into Another Series of Class 1 Shares</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Conversion into New Shares at the Option of the Holder.</B> Subject to the provisions of the Insurance Act, including the requirement of any necessary consent of the
Superintendent and the New Shares being listed on a stock exchange, the Corporation may give holders of Class 1 Shares Series 14 notice in writing (the &#147;<U>New Share Conversion Notice</U>&#148;) that they thereafter will have the right, at
their option, to convert all or any of the Class 1 Shares Series 14 registered in the name of the holder into fully-paid New Shares on a share for share basis on the date specified in the notice or, if the date specified in the notice is not a
Business Day, the immediately succeeding Business Day (the &#147;<U>New Share Conversion Date</U>&#148;). The New Share Conversion Notice must be given at least 30 days and not more than 60 days before the New Share Conversion Date. The New Share
Conversion Notice must set out the number of Class 1 Shares Series 14 held by such holder which may be converted on the New Share Conversion Date, the particulars of such New Shares, including a description of the series attributes of such shares,
and the New Share Conversion Date. A holder of Class 1 Shares Series 14 may exercise their conversion right by delivering a conversion notice in accordance with the instructions to holders in the New Share Conversion Notice. If a holder of Class 1
Shares Series 14 does not deliver such conversion notice in accordance with the instructions to holders in the New Share Conversion Notice, the holder shall be deemed not to have elected to convert their Class 1 Shares Series 14 into New Shares.
</FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;7&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Delivery of Certificates Representing New Shares.</B> Subject
to subsection&nbsp;(3) below, the Corporation shall, on presentation and surrender at the registered office of the Corporation or at any principal transfer office of the Transfer Agent, or such other place or places in Canada as the Corporation may
agree, of the certificate or certificates representing the Class 1 Shares Series 14 being converted into New Shares by the holder, give or cause to be given on the New Share Conversion Date to each holder of Class 1 Shares Series 14 being converted
or as such holder may have otherwise directed a certificate representing the whole number of New Shares into which such Class 1 Shares Series 14 are being converted, registered in the name of the holder, or as such holder may have otherwise
directed. If on any conversion less than all of the Class 1 Shares Series 14 represented by a certificate are to be converted, a new certificate representing the balance of such Class 1 Shares Series 14 shall be issued by the Corporation without
cost to the holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;<B>Right Not to Deliver New Shares.</B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">On exercise by a holder of Class 1 Shares Series 14 of the right to convert Class 1 Shares Series 14 into New Shares, the Corporation reserves the right not to deliver
New Shares to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 14, and the Corporation will attempt
to sell such Class 1 Shares Series 14 to parties other than the Corporation and its affiliates on behalf of any such person. Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.
The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 14 on behalf of any such person or at any particular price on any particular day. The net proceeds received by the Corporation from the sale of
any such Class 1 Shares Series 14 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes. The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the
Class 1 Shares Series 14 are then held in the Book-Entry System) or in all other cases to the Transfer Agent in accordance with the regular practices and procedures of the Depository or the Transfer Agent, as applicable. </FONT></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;8&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Restrictions on Dividends and Retirement and Issue of Shares</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As long as any Class 1 Shares Series 14 are outstanding, the Corporation will not at any time, without the approval of the holders of the Class 1 Shares Series 14 given as provided in section&nbsp;11:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">declare, pay or set apart for payment any dividend on its Common Shares or any other shares ranking junior to the Class&nbsp;1 Shares Series 14 (other than stock
dividends in any shares ranking junior to the Class 1 Shares Series 14); </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">redeem, purchase or otherwise retire any of its Common Shares or any other shares ranking junior to the Class 1 Shares Series 14 (except out of the net cash proceeds of
a substantially concurrent issue of shares ranking junior to the Class&nbsp;1 Shares Series 14); </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">redeem, purchase or otherwise retire less than all the Class 1 Shares Series 14; or </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of preferred shares of the
Corporation, redeem, purchase or otherwise retire any other shares ranking on a parity with the Class 1 Shares Series 14; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">unless, in each case, all dividends on the Class 1 Shares Series 14 up to and including those payable on the Dividend Payment Date for the last completed
Quarterly Floating Rate Period and in respect of which the rights of holders have not been extinguished, and all dividends then accrued on all other shares ranking senior to or on a parity with the Class 1 Shares Series 14 up to the immediately
preceding respective date or dates for payment and in respect of which the rights of holders of those shares have not been extinguished, have been declared and paid or set apart for payment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the provisions attaching to the Class 1 Shares, the Corporation will not create any class of shares superior to the Class 1 Shares without the approval of the holders of the series of
Class 1 Shares voting together as a class. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Issue of Additional Shares and Amendments to Class 1 Shares Series 14</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Issue of Additional Shares.</B> The Corporation may issue shares of any other series of Class 1 Shares or
shares of any other class or series of the Corporation without authorization of the holders of the Class 1 Shares Series 14. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Amendments to Class 1 Shares Series 14.</B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation will not without, but may from time to time with, the approval of holders of the Class 1 Shares Series 14 given as specified in section&nbsp;11, delete,
amend or vary any of these Class 1 Shares Series 14 Provisions. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;9&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the approval in paragraph&nbsp;(a) above, the Corporation will not without, but may from time to time with, the prior approval of the Superintendent make
any such deletion, amendment or variation which might affect the classification afforded the Class 1 Shares Series 14 from time to time for capital adequacy purposes pursuant to the Insurance Act or the MCCSR. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Purchase for Cancellation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Subject to section&nbsp;6 and to the provisions of the Insurance Act, including the requirement for the prior approval of the Superintendent, the Corporation may purchase for cancellation at any time all
or from time to time any part of the Class 1 Shares Series 14 then outstanding in the open market or by private contract or tender at any price. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Rights on Liquidation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of assets of the Corporation for the purpose of winding-up its
affairs, the holders of the Class 1 Shares Series 14 will be entitled to receive $25.00 for each Class 1 Share Series 14 held by them, plus any dividends declared and unpaid to the date of distribution, before any amounts are paid or any assets of
the Corporation distributed to the holders of any shares ranking junior to the Class 1 Shares Series 14. After payment of those amounts, the holders of Class 1 Shares Series 14 will not be entitled to share in any further distribution of the
property or assets of the Corporation. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Voting Rights</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as hereinafter referred to or as required by law, holders of Class 1 Shares Series 14 will not be entitled as such to receive
notice of or to attend or to vote at any meeting of shareholders of the Corporation unless and until the first time at which the Board of Directors has not declared the dividend in full on the Class 1 Shares Series 14 in any Quarterly Floating Rate
Period. In that event, subject to the provisions of the Insurance Act, the holders of Class 1 Shares Series 14 will be entitled to receive notice of and to attend only meetings of shareholders of the Corporation at which directors are to be elected
and will be entitled to one vote for each Class 1 Share Series 14 held at such meetings, but only in respect of the election of directors voting together with all other shareholders of the Corporation who are entitled to vote at such meetings, and
the holders of Class 1 Shares Series 14 will not be entitled to vote in respect of any other business conducted at such meetings (the &#147;<U>Voting Rights</U>&#148;). The Voting Rights of the holders of the Class 1 Shares Series 14 will cease on
payment by the Corporation of the first dividend on the Class 1 Shares Series 14 to which the holders are entitled under these Class 1 Shares Series 14 Provisions after the time the Voting Rights first arose until such time as the Corporation may
again fail to declare the dividend in full on the Class 1 Shares Series 14 in any Quarterly Floating Rate Period, in which event the Voting Rights will become effective again and so on from time to time. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;10&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Approval of Holders of Class 1 Shares Series 14</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">Any approval given by the holders of Class 1 Shares Series 14 will be deemed to have been sufficiently given if
given by a resolution passed at a meeting of the holders of Class 1 Shares Series 14 duly called and held on not less than 21&nbsp;days&#146; notice at which the holders of at least 25% of the outstanding Class 1 Shares Series 14 are present or are
represented by proxy and carried by the affirmative vote of not less than 66<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.1ex">3</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% of the votes cast at the meeting. If at the meeting the holders of at least 25% of the outstanding Class 1 Shares Series
14 are not present or represented by proxy within 30 minutes after the time appointed for the meeting, the meeting will be adjourned to such date, not less than 10&nbsp;days afterwards, and to such time and place as the Chairman may designate, and
no notice need be given of the adjourned meeting. At the adjourned meeting, the holders of Class&nbsp;1 Shares Series&nbsp;14 present or represented by proxy may transact the business for which the meeting was originally called and a resolution
passed at the adjourned meeting by the affirmative vote of not less than 66<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.1ex">3</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% of the votes cast at the meeting will constitute the approval of the holders of Class 1 Shares Series 14. On every poll
taken at any meeting or adjourned meeting, every holder of Class 1 Shares Series 14 will be entitled to one vote in respect of each Class 1 Share Series 14 held. Subject to the foregoing, the formalities to be observed in respect of the giving of
notice of any meeting or adjourned meeting and the conduct of any such meeting will be those from time to time as may be prescribed in the by-laws of the Corporation with respect to meetings of shareholders or under the Insurance Act.
</FONT></FONT></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Tax Election</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Corporation will elect, in the manner and within the time provided under section&nbsp;191.2 of the Tax Act or any successor or replacement provision of similar effect, and take all other necessary action under the Tax Act, to pay tax under
Part&nbsp;VI.1 of the Tax Act at a rate such that holders of the Class 1 Shares Series 14 will not be required to pay tax on dividends received (or deemed to be received) on the Class 1 Shares Series 14 under Part&nbsp;IV.1 of the Tax Act or any
successor or replacement provision of similar effect. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Notices</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice to the Corporation.</B> Subject to applicable law, any notice, request or other communication to be
given to the Corporation by a holder of Class 1 Shares Series 14 must be in writing and will be valid and effective if given by mail (postage prepaid) or by electronic communication or by delivery to the registered office of the Corporation and
addressed to the attention of the Secretary. Any such notice, request or other communication, if given by mail, electronic communication or delivery, will be deemed to have been given and received only on actual receipt by the Corporation.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Presentation and Surrender of Certificates.</B> Any presentation and surrender by a holder of
Class 1 Shares Series&nbsp;14 to the Corporation or the Transfer Agent of certificates representing Class 1 Shares Series 14 in connection with the redemption or conversion of Class&nbsp;1 Shares Series&nbsp;14 must be made by registered mail
(postage prepaid) or by delivery to the registered office of the Corporation or to such office of the Transfer Agent as may be specified by the Corporation, in each case addressed to the attention of the Secretary of the Corporation. Any such
presentation and surrender of certificates will be deemed to have been made and to be effective only on actual receipt by the Corporation or the Transfer Agent, as the case may be. Any such presentation and surrender of certificates made by
registered mail will be at the sole risk of the holder mailing the same. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;11&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice to Holders of Class 1 Shares Series 14.</B> Subject to
applicable law, any notice, request or other communication to be given to a holder of Class 1 Shares Series 14 by or on behalf of the Corporation must be in writing and will be valid and effective if given by ordinary unregistered first class mail
(postage prepaid) or by electronic communication or by delivery to the address of the holder recorded in the securities register of the Corporation or, in the event of the address of any such holder not being so recorded, then at the last known
address of such holder. Any such notice, request or other communication, if given by mail, will be deemed to have been given and received on the fifth Business Day following the date of mailing and, if given by electronic communication or by
delivery, will be deemed to have been given and received on the date of electronic communication or delivery. Accidental failure or omission to give any notice, request or other communication to one or more holders of Class 1 Shares Series 14, or
any defect in such notice, will not invalidate or otherwise alter or affect any action or proceeding to be taken by the Corporation pursuant to that notice, request or other communication. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Number of Class 1 Shares Series 14</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Corporation is authorized to issue an unlimited number of Class 1 Shares Series 14. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Interpretation</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Defined Terms.</B> In these Class 1 Shares Series 14 Provisions: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Accrued Amount</B>&#148; means, at any date, an amount equal to the sum of (a)&nbsp;all declared and unpaid dividends in respect
of completed Quarterly Floating Rate Periods preceding the date fixed for redemption and (b)&nbsp;an amount in cash equal to the then current Floating Quarterly Dividend Rate multiplied by a fraction, the numerator of which is the number of calendar
days that will have elapsed in the then current Quarterly Floating Rate Period as of, but excluding, the then relevant Redemption Date, and the denominator of which is the number of days in the then current Quarterly Floating Rate Period; provided
in the case of each of (a)&nbsp;and (b), no amount shall be included in the Accrued Amount that would result in the duplication in payment by the Corporation of the amount of any dividend on the Class 1 Shares Series 14. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Annual Fixed Dividend Rate</B>&#148; means, for any Subsequent Fixed Rate Period, the rate (expressed as a percentage rate
rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the Government of Canada Yield on the applicable Fixed Rate Calculation Date plus 2.22%. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Bloomberg Screen GCAN5YR Page</B>&#148; means the display designated as page &#147;GCAN5YR&lt;INDEX&gt;&#148; on the Bloomberg
Financial L.P. service (or such other page as may replace the GCAN5YR page on that service) for purposes of displaying Government of Canada bond yields. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Board of Directors</B>&#148; means the board of directors of the Corporation. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;12&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Book-Entry System</B>&#148; means the record entry securities transfer and pledge
system administered by the Depository in accordance with its operating rules and procedures in force from time to time or any successor system thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Business Day</B>&#148; means a day other than a Saturday, a Sunday or any other day which is a statutory or civic holiday in Toronto, Ontario. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Class 1 Shares Series 13</B>&#148; means the Class 1 Shares Series 13 of the Corporation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Class 1 Shares Series 14</B>&#148; has the meaning attributed to it in the introductory paragraph to these Class 1 Shares Series
14 Provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Class 1 Shares Series 14 Provisions</B>&#148; has the meaning attributed to it in the introductory
paragraph to these terms and conditions attaching to the Class 1 Shares Series 14. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Common Shares</B>&#148; means the
Common Shares of the Corporation, and any other securities into which those shares may be changed or for which those shares may be exchanged (whether or not the Corporation is the issuer of such other securities) or any other consideration which may
be received by the holders of such shares pursuant to a capital reorganization, merger or amalgamation of the Corporation or comparable transaction affecting the Common Shares of the Corporation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Conversion Notice</B>&#148; has the meaning attributed to it in section 4(3)(a). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Conversion Privilege</B>&#148; has the meaning attributed to it in section 4(1)(a). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Depository</B>&#148; means CDS Clearing and Depository Services Inc. and its nominees or any successor carrying on the business
as a depository, which is approved by the Corporation pursuant to section&nbsp;16(3). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Dividend
Payment Date</B>&#148; means the 19</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of the months of
March, June, September and December in each year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Fixed Rate Calculation Date</B>&#148; means, for any Subsequent
Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Floating Quarterly
Dividend Rate</B>&#148; means, for any Quarterly Floating Rate Period, the rate (expressed as a percentage rate rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the T-Bill Rate
on the applicable Floating Rate Calculation Date plus 2.22%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Floating Rate Calculation Date</B>&#148; means, for any
Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Global
Certificate</B>&#148; has the meaning attributed to it in section&nbsp;16(1). </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;13&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Government of Canada Yield</B>&#148; on any date means the yield to maturity on
such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and which appears on the Bloomberg
Screen GCAN5YR Page on such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, the Government of Canada Yield will mean the average of the yields determined by two registered Canadian investment
dealers selected by the Corporation, as being the yield to maturity on such date (assuming semi-annual compounding) which a Canadian dollar denominated non-callable Government of Canada bond would carry if issued in Canadian dollars at 100% of its
principal amount on such date with a term to maturity of five years. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Ineligible Person</B>&#148; means any person
whose address is in, or whom the Corporation or the Transfer Agent for the Class 1 Shares Series 14 has reason to believe is a resident of, any jurisdiction outside Canada where the issue or delivery to that person of Class 1 Shares Series 14 or
Class 1 Shares Series 13 would require the Corporation to take any action to comply with insurance, securities or analogous laws of that jurisdiction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Insurance Act</B>&#148; means the <I>Insurance Companies Act</I> (Canada). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>MCCSR</B>&#148; means the Minimum Continuing Capital Surplus Requirements (or its equivalent) for Canadian federally regulated insurance companies. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>New Shares</B>&#148; means a further series of Class&nbsp;1 Shares constituted by the Board of Directors having rights,
privileges, restrictions and conditions attaching thereto which would qualify such New Shares as Tier&nbsp;1 capital or equivalent of the Corporation under the then current capital adequacy guidelines established by the Superintendent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>New Share Conversion Date</B>&#148; has the meaning attributed to it in section&nbsp;5(1). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>New Share Conversion Notice</B>&#148; has the meaning attributed to it in section&nbsp;5(1). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Participant</B>&#148; means a participant in the Book-Entry System that has an interest in Class 1 Shares Series 14. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Quarterly Commencement Date</B>&#148; means the 20th day of each of March, June, September and December in each year.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Quarterly Floating Rate Period</B>&#148; means, for the initial Quarterly Floating Rate Period, the period
commencing on September&nbsp;20, 2018 and ending on and including December&nbsp;19, 2018, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding
the next succeeding Quarterly Commencement Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Redemption Date</B>&#148; has the meaning attributed to it in
section&nbsp;3(3). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Redemption Notice</B>&#148; has the meaning attributed to it in section&nbsp;3(3). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Redemption Price</B>&#148; has the meaning attributed to it in section 3(1). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Series 14 Conversion Date</B>&#148; has the meaning attributed to it in section 4(1)(a). </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;14&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Significant Shareholder</B>&#148; means any person who beneficially owns directly,
or indirectly through entities controlled by such person or persons associated with or acting jointly or in concert with such person, shares of any class of the Corporation in excess of 10% of the total number of outstanding shares of that class.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Subsequent Fixed Rate Period</B>&#148; means, for the initial Subsequent Fixed Rate Period, the period commencing on
September&nbsp;20, 2018 and ending on and including September&nbsp;19, 2023, and for each succeeding Subsequent Fixed Rate Period, the period commencing on the day immediately following the end of the immediately preceding Subsequent Fixed Rate
Period and ending on and including September&nbsp;19 in the fifth year thereafter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Superintendent</B>&#148; means
the Superintendent of Financial Institutions and any successor appointed pursuant to the <I>Office of the Superintendent of Financial Institutions&nbsp;Act</I> (Canada). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>T-Bill Rate</B>&#148; means, for any Quarterly Floating Rate Period, the average yield expressed as a percentage per annum on three-month Government of Canada treasury bills, as reported by the
Bank of Canada, for the most recent treasury bills auction preceding the applicable Floating Rate Calculation Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer Agent</B>&#148; means CIBC Mellon Trust Company, a trust company existing under the laws of Canada, or such other
person as from time to time may be the registrar and transfer agent for the Class 1 Shares Series 14. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Voting
Rights</B>&#148; has the meaning attributed to it in section&nbsp;10. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Ranking of Shares.</B>
The expressions &#147;superior to&#148;, &#147;on a parity with&#148; and &#147;ranking junior to&#148; and similar expressions refer to the order of priority only in payment of dividends or in the distribution of assets in the event of any
liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation for the purpose of winding-up its affairs. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;<B>Holder.</B> References to a &#147;<U>holder</U>&#148; in relation to Class 1 Shares Series 14 means a
registered holder of those shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;<B>References to Statutes.</B> Reference to any statute is to
that statute as in force from time to time, including any regulations, rules, policy statements or guidelines made under that statute, and includes any statute which may be enacted in substitution of that statute. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Payment Matters.</B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any date on which any dividend on the Class 1 Shares Series 14 is payable or on or by which any other action is required to be taken by the Corporation under these
Class 1 Shares Series 14 Provisions is not a Business Day, then the dividend will be payable, or such other action will be required to be taken, on or by the next day that is a Business Day. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;15&nbsp;- </FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event of the non-receipt of a cheque by a holder of Class 1 Shares Series 14 entitled to the cheque, or the loss or destruction of the cheque, the Corporation,
on being furnished with reasonable evidence of non-receipt, loss or destruction, and an indemnity reasonably satisfactory to the Corporation, will issue to the holder a replacement cheque for the amount of the original cheque.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation will be entitled to deduct or withhold from any amount payable to a holder of Class 1 Shares Series 14 under these Class 1 Shares Series 14 Provisions
any amount required by law to be deducted or withheld from that payment. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;<B>Currency
Conversion.</B> If it is necessary to convert any other amount into Canadian dollars, the Board of Directors will select an appropriate method and rate of exchange to convert any non-Canadian currency into Canadian dollars. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Registration of Class 1 Shares Series 14 and Transfer, Redemption Purchase and Exchanges Through the Book-Entry System</U></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;<B>Global Certificate.</B> Subject to subsections&nbsp;(2) and (3)&nbsp;below and notwithstanding any other
provision of these Class 1 Shares Series 14 Provisions, the Class 1 Shares Series 14 will be represented in the form of a single fully-registered global certificate in the aggregate number of Class 1 Shares Series 14 issued by the Corporation and
outstanding from time to time (the &#147;<U>Global Certificate</U>&#148;) held by, or on behalf of, the Depository as custodian of the Global Certificate for the Participants, and will be registered in the name of &#147;<U>CDS&nbsp;&amp;
Co.</U>&#148; (or such other name as the Depository may use from time to time as its nominee name for purposes of the Book-Entry System) and registrations of ownership, transfers, purchases, surrenders and exchanges of Class 1 Shares Series 14 will
be made only through the Book-Entry System to another nominee of the Depository for the Class 1 Shares Series 14 or to a successor Depository for the Class 1 Shares Series 14 approved by the Corporation or to a nominee of such successor Depository.
Accordingly, subject to subsection&nbsp;(3) below, the beneficial owners of Class 1 Shares Series 14 will not receive a certificate or other instrument from the Corporation or the Depository evidencing their ownership of Class 1 Shares Series 14,
and beneficial owners will not be shown on the records maintained by the Depository, except through a book-entry account of a Participant acting on behalf of a beneficial owner. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;<B>Depository is Owner of Class 1 Shares Series 14.</B> For purposes of these Class 1 Shares Series 14
Provisions, as long as the Depository, or its nominee, is the registered holder of the Class 1 Shares Series 14: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Depository, or its nominee, as the case may be, will be considered the sole owner of the Class 1 Shares Series 14 for the purpose of receiving notices or payments
on or in respect of the Class 1 Shares Series 14, including payments of dividends, the Redemption Price or the Accrued Amount, and the delivery of Class 1 Shares Series 13 and certificates for those shares on the conversion into Class 1 Shares
Series 13; and </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Corporation, pursuant to the exercise by it of its right to redeem Class 1 Shares Series 14, will deliver or cause to be delivered to the Depository, or its
nominee, for the benefit of the beneficial owners of the Class 1 Shares Series 14, the Accrued Amount and the Redemption Price and certificates for the Class 1 Shares Series 13, against delivery, if applicable, to the Corporation&#146;s account with
the Depository, or its nominee, of such holder&#146;s Class 1 Shares Series 14. </FONT></TD></TR></TABLE>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-&nbsp;16&nbsp;- </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination of Book-Entry System.</B> If at any time the
Corporation determines or the Depository notifies the Corporation in writing that the Depository is no longer willing or able to discharge properly its responsibility as depository and, in either case, the Corporation is unable to determine a
qualified successor, or the Corporation, at its option, elects, or is required by law, to terminate the Book-Entry System, subsections&nbsp;(1) and (2)&nbsp;above will no longer be applicable to the Class 1 Shares Series 14. In that case, the
Corporation will execute and deliver certificates for the Class 1 Shares Series 14 in definitive registered form equal to the aggregate number of Class 1 Shares Series 14 represented by the Global Certificate in the Book-Entry System. On such
exchange, the Transfer Agent will cancel the Global Certificate. Certificates for Class 1 Shares Series 14 in definitive registered form issued in exchange for the Global Certificate will be registered in such names and in such number of Class 1
Shares Series 14 as instructed in writing by the Depository to the Transfer Agent. The Transfer Agent will deliver or cause to be delivered such definitive certificates to the persons in whose names the Depository has so instructed. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Return of Unclaimed Funds to Corporation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Corporation shall have the right, with respect to any funds deposited by the Corporation to any chartered bank or trust company in respect of amounts due to holders of Class 1 Shares Series 14, on or
after the first anniversary date of the deposit of such funds to any chartered bank or trust company, to require that such chartered bank or trust company return to the Corporation any funds which remain unclaimed by holders of the Class 1 Shares
Series 14. If at any time following the return of the unclaimed funds to the Corporation, either the Corporation or the chartered bank or trust company receives a request from a holder of Class 1 Shares Series 14 for the holder&#146;s unclaimed
entitlement to any amount due to the holder in respect of the holder&#146;s Class 1 Shares Series 14, the Corporation shall promptly arrange for the payment of such amount to the holder. </FONT></P>
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