<SEC-DOCUMENT>0001086888-14-000088.txt : 20141203
<SEC-HEADER>0001086888-14-000088.hdr.sgml : 20141203
<ACCEPTANCE-DATETIME>20141203105008
ACCESSION NUMBER:		0001086888-14-000088
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20141203
FILED AS OF DATE:		20141203
DATE AS OF CHANGE:		20141203

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:		141262445

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR ST EAST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
		BUSINESS PHONE:		416-926-3000

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR ST EAST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
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<DESCRIPTION>FORM6K-3DEC14-MFC-S19&S20
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Form 6-K</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">REPORT OF <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">FOREIGN</font> PRIVATE ISSUER PURSUANT TO RULE 13<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">a</font>-16 OR <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">15d</font>-16 UNDER </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">THE SECURITIES EXCHANGE ACT OF 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the month of <font style="DISPLAY: inline; TEXT-DECORATION: underline">December 2014</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commission File Number: 1-14942</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 16pt; FONT-WEIGHT: bold">MANULIFE FINANCIAL CORPORATION</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Translation of registrant's name into English)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">200 Bloor Street East,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Toronto, Ontario, Canada M4W 1E5</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 12pt">(416) 926-3000</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of principal executive office)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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): <font style="DISPLAY: inline;" face="Wingdings">&#168;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="DISPLAY: inline;" face="Wingdings">&#168;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Terms of Class 1 Shares Series 20</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MANULIFE FINANCIAL CORPORATION</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: underline">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-STYLE: italic; DISPLAY: inline">/s/</font><font style="DISPLAY: inline">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">Kay Song</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Kay Song</font></div>
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<div style="TEXT-INDENT: -45pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Title:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160; Assistant Corporate Secretary</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date:&#160;&#160;December 3, 2014</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Class 1 Shares Series 19</font></font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following are the rights, privileges, restrictions and conditions (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class 1 Shares Series 19 Provisions</font>&#8221;) attaching to the Class 1 Shares Series 19 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class 1 Shares Series 19</font>&#8221;) of the Corporation.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Consideration for Issue</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Dividends</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Payment of Dividends</font><a name="paymentofdividends"><!--EFPlaceholder--></a><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The holders of Class 1 Shares Series 19 will be entitled to receive, and the Corporation will pay on the Class 1 Shares Series 19, 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></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the Initial Fixed Rate Period, dividends on the Class 1 Shares Series 19 will be payable quarterly at the Initial Fixed Dividend Rate.&#160;&#160;Accordingly, on each Dividend Payment Date during the Initial Fixed Rate Period, other than December 19, 2014 and March 19, 2015, the dividend payable, if declared, will be equal to $0.2375 per share. No amount will be payable on December 19, 2014. The amount payable from and including the Issue Date up to, but excluding, March 19, 2015, 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, March 19, 2015, and the denominator of which is 365.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During each Subsequent Fixed Rate Period, dividends on the Class 1 Shares Series 19 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 19.&#160;&#160;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 19.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Board of Directors does not declare the dividends, or any part thereof, on the Class 1 Shares Series 19 on or before the Dividend Payment Date for a particular Dividend Period, the entitlement of the holders of the Class 1 Shares Series 19 to such dividends, or to any part thereof, for the Dividend Period will be forever extinguished.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Method of Payment.</font>&#160;&#160;Dividends on the Class 1 Shares Series 19 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.&#160;&#160;The mailing by ordinary unregistered first class prepaid mail of such a cheque to a holder of Class 1 Shares Series 19 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.&#160;&#160;A dividend represented by a cheque which has not been duly presented for payment within two&#160;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.&#160;&#160;The Corporation may pay dividends in any other manner as it may agree with any particular holder.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">No Redemption Before March 19, 2020.</font>&#160;&#160;The Corporation may not redeem any of the Class 1 Shares Series 19 prior to March 19, 2020.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Redemption On and After March 19, 2020.</font>&#160;&#160;On March<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>19, 2020 and on March 19 every fifth year thereafter, but subject to section&#160;<a href="#_Ref231446228">6</a> and to the provisions of the Insurance Act, including the requirement for prior approval of the Superintendent, the Corporation may redeem all or from time to time any part of the Class 1 Shares Series 19 then outstanding without the consent of the holders.&#160;&#160;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 19 so redeemed equal to $25.00 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Redemption Price</font>&#8221;) in each case, together with the Accrued Amount up to but excluding the Redemption Date.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partial Redemptions.</font>&#160;&#160;In the case of partial redemptions, Class 1 Shares Series 19 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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notice of Redemption.</font>&#160;&#160;The Corporation will give to each holder of Class 1 Shares Series 19 to be redeemed a notice in writing of the intention of the Corporation to redeem such shares (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Redemption Notice</font>&#8221;).&#160;&#160;The Redemption Notice must be given at least 30&#160;days but not more than 60&#160;days before the Redemption Date.&#160;&#160;The Redemption Notice must set out the number of Class 1 Shares Series 19 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 &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Redemption Date</font>&#8221;).&#160;&#160;In addition to the Redemption Notice, if the Corporation proposes to redeem less than all of the Class 1 Shares Series 19 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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Method of Payment.</font>&#160;&#160;The Corporation will either pay or cause to be paid to the holders of the Class 1 Shares Series 19 to be redeemed, in respect of each Class 1 Share Series 19 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 19 so called for redemption, together with such other documents as may be reasonably required to effect a transfer of Class 1 Shares Series 19.&#160;&#160;Payment by cash will be made by cheque payable at par at any branch in Canada of a chartered bank or trust company.&#160;&#160;If a part only of the Class 1 Shares Series 19 represented by any certificate is redeemed, a new certificate for the balance will be issued at the expense of the Corporation.&#160;&#160;Subject to subsection&#160;<a href="#_Ref95138324">(6)</a> below, from and after the date specified in any Redemption Notice, the Class 1 Shares Series 19 called for redemption will be deemed to be redeemed and the holders of those Class 1 Shares Series 19 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 19 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 19.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Holders of Class 1 Shares Series 19 will have the right, at their option, on March 19, 2020 and on March 19 in every fifth year thereafter (a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Series 19 Conversion Date</font>&#8221;), to convert, subject to the terms and provisions hereof and to the provisions of the Insurance Act, all or any Class 1 Shares Series 19 registered in their name into Class 1 Shares Series 20 on the basis of one (1) Class 1 Share Series 20 for each Class 1 Share Series 19.&#160;&#160;The Corporation will give notice in writing to the then holders of the Class 1 Shares Series 19 of the conversion privilege provided for herein (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Conversion Privilege</font>&#8221;) and such notice will (i)&#160;set out the Series 19 Conversion Date, (ii)&#160;include instructions to such holders as to the method by which such Conversion Privilege may be exercised, as described in section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221359978">(3)</a>, and (iii)&#160;be given at least 30&#160;days and not more than</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">60&#160;days prior to the applicable Series 19 Conversion Date.&#160;&#160;On the 30th day prior to each Series 19 Conversion Date, the Corporation will give notice in writing to the then holders of the Class 1 Shares Series 19 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 20 for the next succeeding Quarterly Floating Rate Period, in each case as determined by the Corporation.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Corporation gives notice as provided in section&#160;<a href="#_Ref95145582">3(4)</a> to the holders of the Class 1 Shares Series 19 of the redemption of all the Class 1 Shares Series 19, the Corporation will not be required to give notice as provided in this section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360028">(1)</a> to the holders of the Class 1 Shares Series 19 of the Annual Fixed Dividend Rate, Floating Quarterly Dividend Rate or Conversion Privilege and the right of any holder of Class 1 Shares Series 19 to convert such Class 1 Shares Series 19 as herein provided will cease and terminate in that event.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Holders of Class 1 Shares Series 19 will not be entitled to convert their shares into Class 1 Shares Series 20 on a Series 19 Conversion Date if the Corporation determines that there would remain outstanding on the Series 19 Conversion Date less than 1,000,000 Class 1 Shares Series 20 after taking into account all Class 1 Shares Series 19 tendered for conversion into Class 1 Shares Series 20 and all Class 1 Shares Series 20 tendered for conversion into Class 1 Shares Series 19.&#160;&#160;The Corporation will give notice in writing thereof, in accordance with the provisions of section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360028">(1)</a><a href="#_Ref221360030">(a)</a>, <font style="FONT-STYLE: italic; DISPLAY: inline">mutatis mutandis</font>, to all affected holders of Class 1 Shares Series 19 at least seven (7) days prior to the applicable Series 19 Conversion Date and, subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, will issue and deliver, or cause to be delivered, prior to such Series 19 Conversion Date, at the expense of the Corporation, to such holders of Class 1 Shares Series 19, who have surrendered for conversion any certificate or certificates representing Class 1 Shares Series 19, new certificates representing the Class 1 Shares Series 19 represented by any certificate or certificates surrendered as aforesaid.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, the Conversion Privilege may be exercised by notice in writing (a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Conversion Notice</font>&#8221;) given not earlier than 30&#160;days prior to a Series 19 Conversion Date but not later than 5:00&#160;p.m. (Toronto time) on the </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15th day preceding a Series 19 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)&#160;payment or evidence of payment of the tax (if any) payable as provided in this section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221359978">(3)</a>; and (2)&#160;the certificate or certificates representing the Class 1 Shares Series 19 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 19 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 19 represented by such certificate or certificates that have not been converted.&#160;&#160;Each Conversion Notice will be irrevocable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, in the event the Corporation is required to convert all remaining outstanding Class 1 Shares Series 19 into Class 1 Shares Series 20 on the applicable Series 19 Conversion Date as provided for in section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360329">(2)</a>, the Class 1 Shares Series 19 in respect of which the holders have not previously elected to convert will be converted on the Series 19 Conversion Date into Class 1 Shares Series 20 and the holders thereof will be deemed to be holders of Class 1 Shares Series 20 at 5:00&#160;p.m. (Toronto time) on the Series 19 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 19 not previously surrendered for conversion, to receive a certificate or certificates representing the same number of Class 1 Shares Series 20 in the manner and subject to the terms and provisions as provided in this section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221359978">(3)</a>.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, as promptly as practicable after the Series 19 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 19 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 20 and the number of remaining Class 1 Shares Series 19, if any, to which such holder is entitled.&#160;&#160;Such conversion will be deemed to have been made at 5:00&#160;p.m. (Toronto time) on the Series 19 Conversion Date, so that the rights of the holder of such Class 1 Shares Series 19 as the holder thereof will cease at such time and the person or persons entitled to receive Class 1 Shares Series 20 upon such conversion will be treated for all purposes as having become the holder or holders of record of such Class 1 Shares Series 20 at such time.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that such share is converted into Class 1 Shares Series 20 after such record date and on or before the date of the payment of such dividend.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, the issuance of certificates for the Class 1 Shares Series 20 upon the conversion of Class 1 Shares Series 19 will be made without charge to the converting holders of Class 1 Shares Series 19 for any fee or tax in respect of the issuance of such certificates or the Class 1 Shares Series 20 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 20 are issued in respect of the issuance of such Class 1 Shares Series 20 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 19 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On the exercise of the Conversion Privilege by a holder of Class 1 Shares Series 19, or upon an automatic conversion, pursuant to section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360329">(2)</a>, of Class 1 Shares Series 19, the Corporation reserves the right not to (i) deliver Class 1 Shares Series 20 to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder or (ii) record in its securities register a transfer or issue of Class 1 Shares Series 20 to any person whom the Corporation or the Transfer Agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Corporation or the Transfer Agent by or on behalf of such person.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 19, and the Corporation will attempt to sell such Class 1 Shares Series 19 to parties other than the Corporation and its affiliates on behalf of any such person.&#160;&#160;Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.&#160;&#160;The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 19 on behalf of any such person or at any particular price on any particular day.&#160;&#160;The net proceeds received by the Corporation from the sale of any such Class 1 Shares Series 19 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes.&#160;&#160;The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the Class 1 Shares Series 19 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></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Conversion into Another Series of Class 1 Shares</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Conversion into New Shares at the Option of the Holder.</font>&#160;&#160;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 19 notice in writing (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">New Share Conversion Notice</font>&#8221;) that they thereafter will have the right, at their option, to convert all or any of the Class 1 Shares Series 19 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 &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">New Share Conversion Date</font>&#8221;).&#160;&#160;The New Share Conversion Notice must be given at least 30 days and not more than 60 days before the New Share Conversion Date.&#160;&#160;The New Share Conversion Notice must set out the number of Class 1 Shares Series 19 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.&#160;&#160;A holder of Class 1 Shares Series 19 may exercise their conversion right by delivering a conversion notice in accordance with the instructions to holders in the New Share Conversion Notice.&#160;&#160;If a holder of Class 1 Shares Series 19 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 19 into New Shares.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Delivery of Certificates Representing New Shares.</font>&#160;&#160;Subject to subsection&#160;<a href="#_Ref231447553">(3)</a> 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 19 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 19 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 19 are being converted, registered in the name of the holder, or as such holder may have otherwise directed.&#160;&#160;If on any conversion less than all of the Class 1 Shares Series 19 represented by a certificate are to be converted, a new certificate representing the balance of such Class 1 Shares Series 19 shall be issued by the Corporation without cost to the holder.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On exercise by a holder of Class 1 Shares Series 19 of the right to convert Class 1 Shares Series 19 into New Shares, the Corporation reserves the right not to (i) deliver New Shares to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder or (ii) record in its securities register a transfer or issue of New Shares to any person whom the Corporation or the Transfer Agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Corporation or the Transfer Agent by or on behalf of such person.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 19, and the Corporation will attempt to sell such Class 1 Shares Series 19 to parties other than the Corporation</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and its affiliates on behalf of any such person.&#160;&#160;Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.&#160;&#160;The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 19 on behalf of any such person or at any particular price on any particular day.&#160;&#160;The net proceeds received by the Corporation from the sale of any such Class 1 Shares Series 19 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes.&#160;&#160;The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the Class 1 Shares Series 19 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></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Restrictions on Dividends and Retirement and Issue of Shares</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As long as any Class 1 Shares Series 19 are outstanding, the Corporation will not at any time, without the approval of the holders of the Class 1 Shares Series 19 given as provided in section&#160;<a href="#_Ref94969235">11</a>:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 19 (other than stock dividends in any shares ranking junior to the Class 1 Shares Series 19);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">redeem, purchase or otherwise retire any of its Common Shares or any other shares ranking junior to the Class 1 Shares Series 19 (except out of the net cash proceeds of a substantially concurrent issue of shares ranking junior to the Class 1 Shares Series 19);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">redeem, purchase or otherwise retire less than all the Class 1 Shares Series 19; or</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 19;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">unless, in each case, all dividends on the Class 1 Shares Series 19 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 19 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></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Issue of Additional Shares and Amendments to Class 1 Shares Series 19</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Issue of Additional Shares.</font>&#160;&#160;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 19.<a name="IssueOfAdditionalShares"><!--EFPlaceholder--></a></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Corporation will not without, but may from time to time with, the approval of holders of the Class 1 Shares Series 19 given as specified in section&#160;<a href="#_Ref94969235">11</a>, delete, amend or vary any of these Class 1 Shares Series 19 Provisions.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to the approval in paragraph&#160;<a href="#_Ref94969313">(a)</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 19 from time to time for capital adequacy purposes pursuant to the Insurance Act or the MCCSR.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Purchase for Cancellation</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to section&#160;<a href="#_Ref231446228">6</a> 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 19 then outstanding in the open market or by private contract or tender at any price.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Rights on Liquidation</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 19 will be entitled to receive $25.00 for each Class 1 Share Series 19 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 19.&#160;&#160;After payment of those amounts, the holders of Class 1 Shares Series 19 will not be entitled to share in any further distribution of the property or assets of the Corporation.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Voting Rights</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as hereinafter referred to or as required by law, holders of Class 1 Shares Series 19 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 19 in any Dividend Period.&#160;&#160;In that event, subject to the provisions of the Insurance Act, the holders of Class 1 Shares Series 19 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 19 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 19 will not be entitled to vote in respect of any other</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Approval of Holders of Class 1 Shares </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Series 19</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any approval given by the holders of Class 1 Shares Series 19 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 19 duly called and held on not less than 21&#160;days&#8217; notice at which the holders of at least 25% of the outstanding Class 1 Shares Series 19 are present or are represented by proxy and carried by the affirmative vote of not less than 66<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>/<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">3</font>% of the votes cast at the meeting.&#160;&#160;If at the meeting the holders of at least 25% of the outstanding Class 1 Shares Series 19 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&#160;days afterwards, and to such time and place as the Chairman may designate, and no notice need be given of the adjourned meeting.&#160;&#160;At the adjourned meeting, the holders of Class 1 Shares Series 19 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 style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>/<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">3</font>% of the votes cast at the meeting will constitute the approval of the holders of Class 1 Shares Series 19.&#160;&#160;On every poll taken at any meeting or adjourned meeting, every holder of Class 1 Shares Series 19 will be entitled to one vote in respect of each Class 1 Share Series 19 held.&#160;&#160;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></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Tax Election</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Corporation will elect, in the manner and within the time provided under section&#160;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&#160;VI.1 of the Tax Act at a rate such that holders of the Class 1 Shares Series 19 will not be required to pay tax on dividends received (or deemed to be received) on the Class 1 Shares Series 19 under Part&#160;IV.1 of the Tax Act or any successor or replacement provision of similar effect.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Presentation and Surrender of Certificates.</font>&#160;&#160;Any presentation and surrender by a holder of Class 1 Shares Series 19 to the Corporation or the Transfer Agent of certificates representing Class 1 Shares Series 19 in connection with the redemption or conversion of Class 1 Shares Series 19 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.&#160;&#160;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.&#160;&#160;Any such presentation and surrender of certificates made by registered mail will be at the sole risk of the holder mailing the same.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notice to Holders of Class 1 Shares Series 19.</font>&#160;&#160;Subject to applicable law, any notice, request or other communication to be given to a holder of Class 1 Shares Series 19 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.&#160;&#160;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.&#160;&#160;Accidental failure or omission to give any notice, request or other communication to one or more holders of Class 1 Shares Series 19, 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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Defined Terms.</font>&#160;&#160;In these Class 1 Shares Series 19 Provisions:<a name="DefinedTerms"><!--EFPlaceholder--></a></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Accrued Amount</font>&#8221; means, at any date, an amount equal to the sum of (a)&#160;all declared and unpaid dividends in respect of completed Dividend Periods preceding the date fixed for redemption and (b)&#160;an amount in cash equal to one-quarter of the Initial Fixed Dividend Rate or the then current Annual Fixed Dividend Rate, as applicable, 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) 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 19.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal">&#8220;</font>Conversion Notice<font style="FONT-WEIGHT: normal">&#8221;</font></font> has the meaning attributed to it in section <a href="#_Ref220829735">4(3)(a)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fixed Rate Calculation Date</font>&#8221; means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Floating Quarterly Dividend Rate</font>&#8221; 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 2.30%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Floating Rate Calculation Date</font>&#8221; means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Global Certificate</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref94969654">16(1)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Government of Canada Yield</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ineligible Person</font>&#8221; means any person whose address is in, or whom the Corporation or the Transfer Agent for the Class 1 Shares Series 19 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 19 or Class 1 Shares Series 20 would require the Corporation to take any action to comply with insurance, securities or analogous laws of that jurisdiction or would give rise to a liability for withholding tax in connection with such issuance or delivery.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ineligible Government Holder</font>&#8221; means any person who is the federal or a provincial government in Canada or agent or agency thereof, or the government of a foreign country or any political subdivision of a foreign country, or any agent or agency of a foreign government, in each case to the extent that the recording in the Corporation&#8217;s securities register of a transfer or issue of any share of the Corporation to such person would cause the Corporation to contravene the Insurance Act.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Initial Fixed Dividend Rate</font>&#8221; means 3.80% per annum.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Initial Fixed Rate Period</font>&#8221; means the period commencing on the Issue Date and ending on and including March 19, 2020.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Insurance Act</font>&#8221; means the <font style="FONT-STYLE: italic; DISPLAY: inline">Insurance Companies Act</font> (Canada).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">MCCSR</font>&#8221; means the Minimum Continuing Capital Surplus Requirements (or its equivalent) for Canadian federally regulated insurance companies.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Shares</font>&#8221; means a further series of Class&#160;1 Shares constituted by the Board of Directors having rights, privileges, restrictions and conditions attaching thereto which would qualify such New Shares as Tier&#160;1 capital or equivalent of the Corporation under the then current capital adequacy guidelines established by the Superintendent.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Share Conversion Date</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref316028926">5(1)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Share Conversion Notice</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref316028926">5(1)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Participant</font>&#8221; means a participant in the Book-Entry System that has an interest in Class 1 Shares Series 19.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Quarterly Commencement Date</font>&#8221; means the 20th day of each of March, June, September and December in each year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Quarterly Floating Rate Period</font>&#8221; means, for the initial Quarterly Floating Rate Period, the period commencing on March 20, 2020 and ending on and including June&#160;19, 2020, 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Redemption Date</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref95145582">3(4)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Redemption Notice</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref95145582">3(4)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Redemption Price</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref95145781">3(2)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Series 19 Conversion Date</font>&#8221; has the meaning attributed to it in section <a href="#_Ref221360030">4(1)(a)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Significant Shareholder</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Subsequent Fixed Rate Period</font>&#8221; means, for the initial Subsequent Fixed Rate Period, the period commencing on March&#160;20, 2020 and ending on and including March 19, 2025, 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 March 19 in the fifth year thereafter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ranking of Shares.</font>&#160;&#160;The expressions &#8220;superior to&#8221;, &#8220;on a parity with&#8221; and &#8220;ranking junior to&#8221; 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></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If any date on which any dividend on the Class 1 Shares Series 19 is payable or on or by which any other action is required to be taken by the Corporation under these Class 1 Shares Series 19 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event of the non-receipt of a cheque by a holder of Class 1 Shares Series 19 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Corporation will be entitled to deduct or withhold from any amount payable to a holder of Class 1 Shares Series 19 under these Class 1 Shares Series 19 Provisions any amount required by law to be deducted or withheld from that payment.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Registration of Class 1 Shares Series 19 and Transfer, Redemption</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchase and Exchanges Through the Book-Entry System</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Global Certificate.</font>&#160;&#160;Subject to subsections&#160;(2) and (3) below and notwithstanding any other provision of these Class 1 Shares Series 19 Provisions, the Class 1 Shares Series 19 will be represented in the form of a single fully-registered global certificate in the aggregate number of Class 1 Shares Series 19 issued by the Corporation and outstanding from time to time (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Global Certificate</font>&#8221;) 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 &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">CDS &amp; Co.</font>&#8221; (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 19 will be made only through the Book-Entry System to another nominee of the Depository for the Class 1 Shares Series 19 or to a successor Depository for the Class 1 Shares Series 19 approved by the Corporation or to a nominee of such successor Depository.&#160;&#160;Accordingly, subject to subsection&#160;(3) below, the beneficial owners of Class 1 Shares Series 19 will not receive a certificate or other instrument from the Corporation or the Depository evidencing their ownership of Class 1 Shares Series 19, 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.<a name="subjecttoparagraphs2and3ofthissection"><!--EFPlaceholder--></a></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Depository, or its nominee, as the case may be, will be considered the sole owner of the Class 1 Shares Series 19 for the purpose of receiving notices or payments on or in respect of the Class 1 Shares Series 19, including payments of dividends, the Redemption Price or the Accrued Amount, and the delivery of Class 1 Shares Series 20 and certificates for those shares on the conversion into Class 1 Shares Series 20; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Corporation, pursuant to the exercise by it of its right to redeem Class 1 Shares Series 19, 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 19, the Accrued Amount and the Redemption Price and certificates for the Class 1 Shares Series 20, against delivery, if applicable, to the Corporation&#8217;s account with the Depository, or its nominee, of such holder&#8217;s Class 1 Shares Series 19.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Return of Unclaimed Funds to Corporation</font></font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT99-2-3DEC14-MFC-S20
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    <title>exhibit99-2.htm</title>
    <!--Licensed to: Manulife Financial Corporation-->
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Class 1 Shares Series 20</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following are the rights, privileges, restrictions and conditions (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class&#160;1 Shares Series 20 Provisions</font>&#8221;) attaching to the Class&#160;1 Shares Series 20 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class 1 Shares Series 20</font>&#8221;) of the Corporation.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Consideration for Issue</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The consideration for the issue of each Class 1 Share Series 20 shall be $25.00.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Dividends</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Payment of Dividends</font><a name="paymentofdividends"><!--EFPlaceholder--></a><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The holders of Class&#160;1 Shares Series 20 will be entitled to receive, and the Corporation will pay on the Class 1 Shares Series 20, 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.&#160;&#160;Accordingly, on each Dividend Payment Date, the dividend payable on the Class&#160;1 Shares Series 20, if declared, will be in the amount per share determined by multiplying:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(B)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 20.&#160;&#160;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 20.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Board of Directors does not declare the dividends, or any part thereof, on the Class 1 Shares Series 20 on or before the Dividend Payment Date for a Quarterly Floating Rate Period, the entitlement of the holders of the Class 1 Shares Series 20 to such dividends, or to any part thereof, for the Quarterly Floating Rate Period will be forever extinguished.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Method of Payment.</font>&#160;&#160;Dividends on the Class 1 Shares Series 20 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.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The mailing by ordinary unregistered first class prepaid mail of such a cheque to a holder of Class 1 Shares Series 20 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.&#160;&#160;A dividend represented by a cheque which has not been duly presented for payment within two&#160;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.&#160;&#160;The Corporation may pay dividends in any other manner as it may agree with any particular holder.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Redemption</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Redemption After March 19, 2020.</font>&#160;&#160;After March<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>19, 2020, but subject to section&#160;<a href="#_Ref94969334">6</a> 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 20 then outstanding without the consent of the holders.&#160;&#160;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 20 so redeemed equal to:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">$25.00 in the case of redemptions on March 19, 2025 and on March 19 in every fifth year thereafter; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">$25.50 in the case of redemptions on any other date after March 19, 2020;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Redemption Price</font>&#8221;) in each case, together with the Accrued Amount up to but excluding the Redemption Date.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partial Redemptions.</font>&#160;&#160;In the case of partial redemptions, Class 1 Shares Series 20 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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notice of Redemption.</font>&#160;&#160;The Corporation will give to each holder of Class&#160;1 Shares Series 20 to be redeemed a notice in writing of the intention of the Corporation to redeem such shares (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Redemption Notice</font>&#8221;).&#160;&#160;The Redemption Notice must be given at least 30&#160;days but not more than 60&#160;days before the Redemption Date.&#160;&#160;The Redemption Notice must set out the number of Class&#160;1 Shares Series 20 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 &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Redemption Date</font>&#8221;).&#160;&#160;In addition to the Redemption Notice, if the Corporation proposes to redeem less than all of the Class&#160;1 Shares Series 20 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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Method of Payment.</font>&#160;&#160;The Corporation will either pay or cause to be paid to the holders of the Class&#160;1 Shares Series 20 to be redeemed, in respect of each Class&#160;1 Share Series 20 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&#160;1 Shares Series 20 so called for redemption, together with such other documents as may be reasonably required to effect a transfer of Class&#160;1 Shares Series 20.&#160;&#160;Payment by cash will be made by cheque payable at par at any branch in Canada of a chartered bank or trust company.&#160;&#160;If a part only of the Class&#160;1 Shares Series 20 represented by any certificate is redeemed, a new certificate for the balance will be issued at the expense of the Corporation.&#160;&#160;Subject to subsection&#160;<a href="#_Ref95138324">(5)</a> below, from and after the date specified in any Redemption Notice, the Class&#160;1 Shares Series 20 called for redemption will be deemed to be redeemed and the holders of those Class&#160;1 Shares Series 20 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&#160;1 Shares Series 20 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&#160;1 Shares Series 20.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Deposit of Redemption Price and Accrued Amount.</font>&#160;&#160;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&#160;1 Shares Series 20 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&#160;1 Shares Series 20, to be paid on surrender to the Corporation or that chartered bank or trust company of the certificate or certificates representing those Class&#160;1 Shares Series 20.&#160;&#160;Any such deposit will constitute payment and satisfaction of the Redemption Price and the Accrued Amount of the Class&#160;1 Shares Series 20 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&#160;1 Shares Series 20 being redeemed.&#160;&#160;The Corporation will be entitled to any interest on such deposit.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Conversion of Class 1 Shares </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Series 20</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Holders of Class 1 Shares Series 20 will have the right, at their option, on March 19, 2025 and on March 19 in every fifth year thereafter (a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Series 20 Conversion Date</font>&#8221;), to convert, subject to the terms and provisions hereof and to the provisions of the Insurance Act, all or any Class&#160;1 Shares Series 20 registered in their name into Class&#160;1 Shares Series 19 on the basis of one (1) Class 1 Share Series 19 for each Class 1 Share Series 20.&#160;&#160;The Corporation will give notice in writing to the then holders of the Class 1 Shares Series 20 of the conversion privilege provided for herein (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Conversion Privilege</font>&#8221;) and such notice will (i)&#160;set out the Series 20 Conversion Date, (ii)&#160;include instructions to such holders as to the method by which such Conversion Privilege may be exercised, as described in section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221359978">(3)</a>, and (iii)&#160;be given at least 30&#160;days and not more than</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">60&#160;days prior to the applicable Series 20 Conversion Date.&#160;&#160;On the 30th day prior to each Series 20 Conversion Date, the Corporation will give notice in writing to the then holders of the Class 1 Shares Series 20 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 19 for the next succeeding Subsequent Fixed Rate Period, in each case as determined by the Corporation.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Corporation gives notice as provided in section&#160;<a href="#_Ref95145582">3(3)</a> to the holders of the Class 1 Shares Series 20 of the redemption of all the Class 1 Shares Series 20, the Corporation will not be required to give notice as provided in this section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360028">(1)</a> to the holders of the Class 1 Shares Series 20 of the Floating Quarterly Dividend Rate, Annual Fixed Dividend Rate or Conversion Privilege and the right of any holder of Class 1 Shares Series 20 to convert such Class 1 Shares Series 20 as herein provided will cease and terminate in that event.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Holders of Class 1 Shares Series 20 will not be entitled to convert their shares into Class&#160;1 Shares Series 19 on a Series 20 Conversion Date if the Corporation determines that there would remain outstanding on the Series 20 Conversion Date less than 1,000,000 Class 1 Shares Series 19 after taking into account all Class&#160;1 Shares Series 20 tendered for conversion into Class 1 Shares Series 19 and all Class 1 Shares Series 19 tendered for conversion into Class 1 Shares Series 20.&#160;&#160;The Corporation will give notice in writing thereof, in accordance with the provisions of section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360028">(1)</a><a href="#_Ref221360030">(a)</a>, <font style="FONT-STYLE: italic; DISPLAY: inline">mutatis mutandis</font>, to all affected holders of Class&#160;1 Shares Series 20 at least seven (7) days prior to the applicable Series 20 Conversion Date and, subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, will issue and deliver, or cause to be delivered, prior to such Series 20 Conversion Date, at the expense of the Corporation, to such holders of Class 1 Shares Series 20, who have surrendered for conversion any certificate or certificates representing Class 1 Shares Series 20, new certificates representing the Class&#160;1 Shares Series 20 represented by any certificate or certificates surrendered as aforesaid.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Automatic Conversion.</font>&#160;&#160;If the Corporation determines that there would remain outstanding on a Series 20 Conversion Date less than 1,000,000 Class 1 Shares Series 20 after taking into account all Class 1 Shares Series 20 tendered for conversion into Class&#160;1 Shares Series 19 and all Class 1 Shares Series 19 tendered for conversion into Class 1 Shares Series 20, then, all, but not part, of the remaining outstanding Class 1 Shares Series 20 will automatically be converted into Class 1 Shares Series 19 on the basis of one (1) Class 1 Share Series 19 for each Class 1 Share Series 20 on the applicable Series 20 Conversion Date and the Corporation will give notice in writing thereof, in accordance with the provisions of section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360030">(1)(a)</a>, <font style="FONT-STYLE: italic; DISPLAY: inline">mutatis mutandis</font>, to the holders of such remaining Class 1 Shares Series 20 at least seven (7) days prior to the Series 20 Conversion Date.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Manner of Exercise of Conversion Privilege.</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, the Conversion Privilege may be exercised by notice in writing (a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Conversion Notice</font>&#8221;) given not earlier than 30&#160;days prior to a Series 20 Conversion Date but not later than 5:00&#160;p.m. (Toronto time) on the </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15th day preceding a Series 20 Conversion Date during usual business hours at&#160;any principal transfer office of the Transfer Agent, or such other place or places in Canada as the Corporation may agree, accompanied by: (1)&#160;payment or evidence of payment of the tax (if any) payable as provided in this section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221359978">(3)</a>; and (2)&#160;the certificate or certificates representing the Class 1 Shares Series 20 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 20 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 20 represented by such certificate or certificates that have not been converted.&#160;&#160;Each Conversion Notice will be irrevocable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, in the event the Corporation is required to convert all remaining outstanding Class 1 Shares Series 20 into Class 1 Shares Series 19 on the applicable Series 20 Conversion Date as provided for in section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360329">(2)</a>, the Class 1 Shares Series 20 in respect of which the holders have not previously elected to convert will be converted on the Series 20 Conversion Date into Class 1 Shares Series 19 and the holders thereof will be deemed to be holders of Class 1 Shares Series 19 at 5:00&#160;p.m. (Toronto time) on the Series 20 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 20 not previously surrendered for conversion, to receive a certificate or certificates representing the same number of Class 1 Shares Series 19 in the manner and subject to the terms and provisions as provided in this section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221359978">(3)</a>.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, as promptly as practicable after the Series 20 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 20 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 19 and the number of remaining Class 1 Shares Series 20, if any, to which such holder is entitled.&#160;&#160;Such conversion will be deemed to have been made at 5:00&#160;p.m. (Toronto time) on the Series 20 Conversion Date, so that the rights of the holder of such Class 1 Shares Series 20 as the holder thereof will cease at such time and the person or persons entitled to receive Class 1 Shares Series 19 upon such conversion will be treated for all purposes as having become the holder or holders of record of such Class 1 Shares Series 19 at such time.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The holder of any Class 1 Shares Series 20 on the record date for any dividend declared payable on such share will be entitled to such dividend notwithstanding</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that such share is converted into Class 1 Shares Series 19 after such record date and on or before the date of the payment of such dividend.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the provisions of section&#160;<a href="#_Ref94969560">16</a>, the issuance of certificates for the Class 1 Shares Series 19 upon the conversion of Class 1 Shares Series 20 will be made without charge to the converting holders of Class 1 Shares Series 20 for any fee or tax in respect of the issuance of such certificates or the Class 1 Shares Series 19 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 19 are issued in respect of the issuance of such Class 1 Shares Series 19 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 20 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On the exercise of the Conversion Privilege by a holder of Class 1 Shares Series 20, or upon an automatic conversion, pursuant to section&#160;<a href="#_Ref94969722">4</a><a href="#_Ref221360329">(2)</a>, of Class 1 Shares Series 20, the Corporation reserves the right not to (i) deliver Class 1 Shares Series 19 to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder or (ii) record in its securities register a transfer or issue of Class 1 Shares Series 19 to any person whom the Corporation or the Transfer Agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Corporation or the Transfer Agent by or on behalf of such person.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 20, and the Corporation will attempt to sell such Class 1 Shares Series 20 to parties other than the Corporation and its affiliates on behalf of any such person.&#160;&#160;Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.&#160;&#160;The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 20 on behalf of any such person or at any particular price on any particular day.&#160;&#160;The net proceeds received by the Corporation from the sale of any such Class 1 Shares Series 20 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes.&#160;&#160;The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the Class 1 Shares Series 20 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></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Delivery of Certificates Representing New Shares.</font>&#160;&#160;Subject to subsection&#160;<a href="#_Ref231447553">(3)</a> 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 20 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 20 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 20 are being converted, registered in the name of the holder, or as such holder may have otherwise directed.&#160;&#160;If on any conversion less than all of the Class 1 Shares Series 20 represented by a certificate are to be converted, a new certificate representing the balance of such Class 1 Shares Series 20 shall be issued by the Corporation without cost to the holder.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On exercise by a holder of Class 1 Shares Series 20 of the right to convert Class 1 Shares Series 20 into New Shares, the Corporation reserves the right not to (i) deliver New Shares to any Ineligible Person or any person who, by virtue of that conversion, would become a Significant Shareholder or (ii) record in its securities register a transfer or issue of New Shares to any person whom the Corporation or the Transfer Agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Corporation or the Transfer Agent by or on behalf of such person.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In those circumstances, the Corporation will hold, as agent of any such person, all or the relevant number of Class 1 Shares Series 20, and the Corporation will attempt to sell such Class 1 Shares Series 20 to parties other than the Corporation</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and its affiliates on behalf of any such person.&#160;&#160;Such sales (if any) will be made at such times and at such prices as the Corporation, in its sole discretion, may determine.&#160;&#160;The Corporation will not be subject to any liability for failure to sell any such Class 1 Shares Series 20 on behalf of any such person or at any particular price on any particular day.&#160;&#160;The net proceeds received by the Corporation from the sale of any such Class 1 Shares Series 20 will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes.&#160;&#160;The Corporation will provide a cheque representing the aggregate net proceeds to the Depository (if the Class 1 Shares Series 20 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 20 (other than stock dividends in any shares ranking junior to the Class 1 Shares Series 20);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">redeem, purchase or otherwise retire any of its Common Shares or any other shares ranking junior to the Class 1 Shares Series 20 (except out of the net cash proceeds of a substantially concurrent issue of shares ranking junior to the Class 1 Shares Series 20);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">redeem, purchase or otherwise retire less than all the Class 1 Shares Series 20; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 20;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Corporation will not without, but may from time to time with, the approval of holders of the Class 1 Shares Series 20 given as specified in section&#160;<a href="#_Ref94969235">11</a>, delete, amend or vary any of these Class 1 Shares Series 20 Provisions.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to the approval in paragraph&#160;<a href="#_Ref94969313">(a)</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 20 from time to time for capital adequacy purposes pursuant to the Insurance Act or the MCCSR.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to section&#160;<a href="#_Ref94969334">6</a> 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 20 then outstanding in the open market or by private contract or tender at any price.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 20 will be entitled to receive $25.00 for each Class 1 Share Series 20 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 20.&#160;&#160;After payment of those amounts, the holders of Class 1 Shares Series 20 will not be entitled to share in any further distribution of the property or assets of the Corporation.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Voting Rights</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as hereinafter referred to or as required by law, holders of Class 1 Shares Series 20 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 20 in any Quarterly Floating Rate Period.&#160;&#160;In that event, subject to the provisions of the Insurance Act, the holders of Class 1 Shares Series 20 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 20 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 20 will not be entitled to vote in respect of any</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">other business conducted at such meetings (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting Rights</font>&#8221;).&#160;&#160;The Voting Rights of the holders of the Class 1 Shares Series 20 will cease on payment by the Corporation of the first dividend on the Class 1 Shares Series 20 to which the holders are entitled under these Class 1 Shares Series 20 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 20 in any Quarterly Floating Rate Period, in which event the Voting Rights will become effective again and so on from time to time.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Approval of Holders of Class 1 Shares Series 20</font></font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any approval given by the holders of Class 1 Shares Series 20 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 20 duly called and held on not less than 21&#160;days&#8217; notice at which the holders of at least 25% of the outstanding Class 1 Shares Series 20 are present or are represented by proxy and carried by the affirmative vote of not less than 66<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>/<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">3</font>% of the votes cast at the meeting.&#160;&#160;If at the meeting the holders of at least 25% of the outstanding Class 1 Shares Series 20 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&#160;days afterwards, and to such time and place as the Chairman may designate, and no notice need be given of the adjourned meeting.&#160;&#160;At the adjourned meeting, the holders of Class 1 Shares Series 20 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 style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>/<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">3</font>% of the votes cast at the meeting will constitute the approval of the holders of Class 1 Shares Series 20.&#160;&#160;On every poll taken at any meeting or adjourned meeting, every holder of Class 1 Shares Series 20 will be entitled to one vote in respect of each Class 1 Share Series 20 held.&#160;&#160;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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Presentation and Surrender of Certificates.</font>&#160;&#160;Any presentation and surrender by a holder of Class 1 Shares Series 20 to the Corporation or the Transfer Agent of certificates representing Class 1 Shares Series 20 in connection with the redemption or conversion of Class 1 Shares Series 20 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.&#160;&#160;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.&#160;&#160;Any such presentation and surrender of certificates made by registered mail will be at the sole risk of the holder mailing the same.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notice to Holders of Class 1 Shares Series 20.</font>&#160;&#160;Subject to applicable law, any notice, request or other communication to be given to a holder of Class 1 Shares Series 20 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.&#160;&#160;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.&#160;&#160;Accidental failure or omission to give any notice, request or other communication to one or more holders of Class 1 Shares Series 20, 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Accrued Amount</font>&#8221; means, at any date, an amount equal to the sum of (a)&#160;all declared and unpaid dividends in respect of completed Quarterly Floating Rate Periods preceding the date fixed for redemption and (b)&#160;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) 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 20.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 2.30%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Bloomberg Screen GCAN5YR Page</font>&#8221; means the display designated as page &#8220;GCAN5YR&lt;INDEX&gt;&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Board of Directors</font>&#8221; means the board of directors of the Corporation.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Book-Entry System</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Business Day</font>&#8221; means a day other than a Saturday, a Sunday or any other day which is a statutory or civic holiday in Toronto, Ontario.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Class 1 Shares Series 19</font>&#8221; means the Class 1 Shares Series 19 of the Corporation.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Class 1 Shares Series 20</font>&#8221; has the meaning attributed to it in the introductory paragraph to these Class 1 Shares Series 20 Provisions.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Class 1 Shares Series 20 Provisions</font>&#8221; has the meaning attributed to it in the introductory paragraph to these terms and conditions attaching to the Class 1 Shares Series 20.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Common Shares</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Conversion Notice</font>&#8221; has the meaning attributed to it in section <a href="#_Ref220829735">4(3)(a)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Conversion Privilege</font>&#8221; has the meaning attributed to it in section <a href="#_Ref221360030">4(1)(a)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Depository</font>&#8221; 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&#160;<a href="#_Ref94969520">16(3)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dividend Payment Date</font>&#8221; means the 19<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of the months of March, June, September and December in each year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fixed Rate Calculation Date</font>&#8221; means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 2.30%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Floating Rate Calculation Date</font>&#8221; means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Global Certificate</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref94969654">16(1)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Government of Canada Yield</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ineligible Person</font>&#8221; means any person whose address is in, or whom the Corporation or the Transfer Agent for the Class 1 Shares Series 20 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 20 or Class 1 Shares Series 19 would require the Corporation to take any action to comply with insurance, securities or analogous laws of that jurisdiction or would give rise to a liability for withholding tax in connection with such issuance or delivery.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ineligible Government Holder</font>&#8221; means any person who is the federal or a provincial government in Canada or agent or agency thereof, or the government of a foreign country or any political subdivision of a foreign country, or any agent or agency of a foreign government, in each case to the extent that the recording in the Corporation&#8217;s securities register of a transfer or issue of any share of the Corporation to such person would cause the Corporation to contravene the Insurance Act.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Insurance Act</font>&#8221; means the <font style="FONT-STYLE: italic; DISPLAY: inline">Insurance Companies Act</font> (Canada).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">MCCSR</font>&#8221; means the Minimum Continuing Capital Surplus Requirements (or its equivalent) for Canadian federally regulated insurance companies.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Shares</font>&#8221; means a further series of Class&#160;1 Shares constituted by the Board of Directors having rights, privileges, restrictions and conditions attaching thereto which would qualify such New Shares as Tier&#160;1 capital or equivalent of the Corporation under the then current capital adequacy guidelines established by the Superintendent.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Share Conversion Date</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref316029082">5(1)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Share Conversion Notice</font>&#8221; has the meaning attributed to it in section&#160;<a href="#_Ref316029082">5(1)</a>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Participant</font>&#8221; means a participant in the Book-Entry System that has an interest in Class 1 Shares Series 20.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Quarterly Floating Rate Period</font>&#8221; means, for the initial Quarterly Floating Rate Period, the period commencing on March 20, 2020 and ending on and including June<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>19, 2020, 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Significant Shareholder</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Subsequent Fixed Rate Period</font>&#8221; means, for the initial Subsequent Fixed Rate Period, the period commencing on March 20, 2020 and ending on and including March<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>19, 2025, 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 March 19 in the fifth year thereafter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Superintendent</font>&#8221; means the Superintendent of Financial Institutions and any successor appointed pursuant to the <font style="FONT-STYLE: italic; DISPLAY: inline">Office of the Superintendent of Financial Institutions&#160;Act</font> (Canada).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">T-Bill Rate</font>&#8221; 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></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax Act</font>&#8221; means the <font style="FONT-STYLE: italic; DISPLAY: inline">Income Tax Act </font>(Canada).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ranking of Shares.</font>&#160;&#160;The expressions &#8220;superior to&#8221;, &#8220;on a parity with&#8221; and &#8220;ranking junior to&#8221; 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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Holder.</font>&#160;&#160;References to a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">holder</font>&#8221; in relation to Class 1 Shares Series 20 means a registered holder of those shares.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">References to Statutes.</font>&#160;&#160;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></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Other Payment Matters</font><a name="otherpaymentmatters"><!--EFPlaceholder--></a><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If any date on which any dividend on the Class 1 Shares Series 20 is payable or on or by which any other action is required to be taken by the Corporation under these Class 1 Shares Series 20 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event of the non-receipt of a cheque by a holder of Class 1 Shares Series 20 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></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Corporation will be entitled to deduct or withhold from any amount payable to a holder of Class 1 Shares Series 20 under these Class 1 Shares Series 20 Provisions any amount required by law to be deducted or withheld from that payment.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Global Certificate.</font>&#160;&#160;Subject to subsections&#160;(2) and (3) below and notwithstanding any other provision of these Class 1 Shares Series 20 Provisions, the Class 1 Shares Series 20 will be represented in the form of a single fully-registered global certificate in the aggregate number of Class 1 Shares Series 20 issued by the Corporation and outstanding from time to time (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Global Certificate</font>&#8221;) 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 &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">CDS &amp; Co.</font>&#8221; (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 20 will be made only through the Book-Entry System to </font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">another nominee of the Depository for the Class 1 Shares Series 20 or to a successor Depository for the Class 1 Shares Series 20 approved by the Corporation or to a nominee of such successor Depository.&#160;&#160;Accordingly, subject to subsection&#160;(3) below, the beneficial owners of Class 1 Shares Series 20 will not receive a certificate or other instrument from the Corporation or the Depository evidencing their ownership of Class 1 Shares Series 20, 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.<a name="subjecttoparagraphs2and3ofthissection"><!--EFPlaceholder--></a></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Depository is Owner of Class 1 Shares Series 20.</font>&#160;&#160;For purposes of these Class 1 Shares Series 20 Provisions, as long as the Depository, or its nominee, is the registered holder of the Class 1 Shares Series 20:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Depository, or its nominee, as the case may be, will be considered the sole owner of the Class 1 Shares Series 20 for the purpose of receiving notices or payments on or in respect of the Class 1 Shares Series 20, including payments of dividends, the Redemption Price or the Accrued Amount, and the delivery of Class 1 Shares Series 19 and certificates for those shares on the conversion into Class 1 Shares Series 19; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Corporation, pursuant to the exercise by it of its right to redeem Class 1 Shares Series 20, 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 20, the Accrued Amount and the Redemption Price and certificates for the Class 1 Shares Series 19, against delivery, if applicable, to the Corporation&#8217;s account with the Depository, or its nominee, of such holder&#8217;s Class 1 Shares Series 20.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Termination of Book-Entry System.</font>&#160;&#160;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&#160;(1) and (2) above will no longer be applicable to the Class 1 Shares Series 20.&#160;&#160;In that case, the Corporation will execute and deliver certificates for the Class 1 Shares Series 20 in definitive registered form equal to the aggregate number of Class 1 Shares Series 20 represented by the Global Certificate in the Book-Entry System.&#160;&#160;On such exchange, the Transfer Agent will cancel the Global Certificate.&#160;&#160;Certificates for Class 1 Shares Series 20 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 20 as instructed in writing by the Depository to the Transfer Agent.&#160;&#160;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></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Return of Unclaimed Funds to Corporation</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 20, 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 20.&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 20 for the holder&#8217;s unclaimed entitlement to any amount due to the holder in respect of the holder&#8217;s Class 1 Shares Series 20, the Corporation shall promptly arrange for the payment of such amount to the holder.</font></div>

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